CoStar pegged Denver's retail real-estate market as the "rock star" of the industry.
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The clear "rock star" of the retail real estate world was Denver, with strong demand momentum and outsized vacancy compression that has fallen below the U.S. average and below its own previous low in pre-recession 2007.
Led by the technology and energy sectors, the Mile High City's net absorption , while still below levels seen in the market heyday of 2006-2008, comes closest to being what's considered "normal" among the major markets. Retailers such as Wal-Mart, H&M and Cabela’s have been particularly active in Denver, leasing significant amounts of space.
"We’re seeing sales volume near peak levels and pricing that’s close to peak level. Investors and retailers are taking note and it’s kind of a new dawn for Denver," McCullough said.
All leading indicators suggest that the Denver's retail recovery will continue led by employment growth. In addition, Mulvee noted that $6 billion is being spent on expanding Denver's Fast Track transit system, which in turn is creating intersections and neighborhoods that retailers will find attractive.
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