• Metro Denver retail-using employment—including retail trade and leisure and hospitality—suffered deep job losses in April and May 2020 while unemployment exceeded 10%.
  • Negative net absorption of over 278,000 sq. ft. was posted in Q2 2020, the largest quarterly decline in net absorption since 2009.
  • Direct vacancy rose by 52 bps quarter-over-quarter to 7.1%, just below the Q2 2019 rate. 
  • The average direct asking lease rate remained elevated at $20.33 per sq. ft. NNN, up 3.7% year-over-year.
  • The retail construction pipeline continued to be active with 944,000 sq. ft. underway and over 280,000 sq. ft. of new space was delivered in Q2 2020.