Denver Retail Market Report
Catalysts Emerge for Near-Term Boost in Retail Spending and Leisure and Hospitality Hiring
Recovery off to a hot start. The rollback of business restrictions during the early portion of 2021 has boosted spending at restaurants, bars, and entertainment venues, with residents returning in person at a faster rate than many other U.S. markets. The increase in patrons is reflected in the number of leisure and hospitality positions marketwide, which increased by more than 25,000 during the first two months of this year. With vaccination eligibility now expanded to all Colorado adults and the state planning to pass control of COVID-19 protocols over to local governments in April, a further rollback or elimination of certain restrictions is eminent. This along with a sparse volume of retail supply additions this year will further aid a sector that entered 2021 with its highest vacancy rate since 2014.