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Market Report

Denver Retail Market Report

2Q 2022

Suburban Denver Retail Still Thriving;
Turnaround in Urban Locales Imminent

High incomes bring national retailers to Denver. Due to its diverse landscape of high-skill employment sectors, the metro is home to the largest median household income in the U.S., outside of Washington, D.C. and the Bay Area. The market also boasts a top 10 rate of income growth among major American metros. A wealthier populace has enticed national brands to establish footprints and expand operations in Denver. The health crisis shifted tenant demand outwards, as vendors looked to mitigate the distance between stores and clientele, tightening vacancy in most of the metro's suburban pockets. Southeast, Northeast, Central Denver and Aurora are all reporting year-over-year vacancy drops of at least 100 basis points in March. Buildings in Downtown Denver, Cherry Creek and areas near DTC stand to benefit most from a return-to-office movement.
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