Breaking will be offline for scheduled maintenance Saturday July 24 5 AM US EST to 8:30 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-The retail market in the Denver area improved slightly in the first quarter of 2003, according to a report by the Trammell Crow Co.The overall vacancy rate dropped slightly to 6.6%, with the south submarket boasting the lowest vacancy rate at 3%, down slightly from 3.1% in the fourth quarter. The highest vacancy rate was in the northeast submarket, where it stood at 10.7%, up from 10.6% in the fourth quarter.

Most encouraging was that that market posted 984,600 sf of net absorption in1Q03, compared with 906,095 sf in the fourth quarter of last year.The strongest first quarter net absorption was in the south market, accounting for 801,897 sf of the total.

“Metro Denver’s retail absorption performance is nothing short of remarkable, especially in light of the uncertainty caused by the soft employment outlook and the war with Iraq,” the report notes.The report goes on to note that the average rental rate rose 1% during the first quarter to an average of $13.88 per square foot, triple net.

As far as construction, 846,400 sf was added to the market in the first quarter, including two Wal-Mart-anchored centers and one Safeway-anchored center. A total of 1.7 million sf of retail space was added to the market in 2002, while Trammell Crow is projecting 2.3 million sf to be completed this year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.