Denver Retail Figures Q1 2024

‒      Q1 2024 posted just over 356,000 sq. ft. of positive net absorption, a sharp increase from the 52,000 sq. ft. in the previous quarter and an increase of 3.6% year-over-year.

‒      Direct vacancy decreased 20 basis points (bps) quarter-over-quarter to 5.7%, while the total availability rate increased 30 bps to 6.2%.

‒      The direct average asking rent in metro Denver saw a slight 1.5% increase quarter-over-quarter to $20.95 per sq. ft. NNN.

‒      The construction pipeline saw approximately 400,000 sq. ft. under construction in Q1 2024. Four projects totaling just over 134,000 sq. ft. delivered this quarter, a sizable 703.9% increase quarter-over-quarter from the 16,000 sq. ft. that delivered in Q4 2023, but a 32.1% decrease year-over-year.

‒      Sales volume totaled $182.3 million in the first quarter of 2024, a 16.6% decrease quarter-over-quarter and a more moderate decrease of 7.3% year-over-year.