A new report summarizing downtown Denver's economic health has found that employment growth is strong, consumers are spending at a healthy pace and the commercial real estate market has lower vacancy rates and higher lease rates than a year ago.
Highlights from the
Downtown Denver November Economic Update include:
- Downtown employment levels increased 4.5 percent, with levels in the Business Improvement District (BID) increasing 1.4 percent between the first quarters of 2013 and 2014.
- Retail sales increased 10 percent between the second quarters of 2013 and 2014.
- Hotels and other accommodation services increased nearly 40 percent during between the second quarters of 2013 and 2014.
- Home sales increased 9.7 percent year-over-year, compared with a 0.5 percent decline throughout metro Denver.
- Office and retail vacancy rates declined 1.2 and 1.1 percentage points, respectively. The average office lease rate rose 8 percent, and retail lease rates rose 26.3 percent.
"The November Economic Update paints a clear picture: People want to be in downtown Denver," says Tami Door, president and CEO of the Downtown Denver Partnership, which compiled the report. "With the average lease rate for office space growing by 8 percent and retail space by 26.3 percent, over 1,400 new residential units created and hotel occupancy and average daily room rates higher than 2013 year-to-date levels, we see the popularity of the city center continuing to grow."
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.