report boulder - commercial real estate brokers in denver, … · 2019-10-28 · louisville plaza...

FULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONSPrivately-Owned and Operated for Over 40 Years

400 south broadway | denver, colorado 80209 | www.uniqueprop.com

OFFICEINDUSTRIAL RETAILMULTIFAMILY

MARKETREPORT

BOULDER

Q3|2019

MARKETREPORT

RETAIL MARKET REPORT

Market Key Statistics 2

Leasing 3

Rent 7

Construction 9

Under Construction Properties 10

Sales 11

Sales Past 12 Months 12

Economy 14

Market Submarkets 17

Supply & Demand Trends 19

Rent & Vacancy 22

Sale Trends 25

Boulder Retail

10/28/2019Copyrighted report licensed to Unique Properties, Inc. - 1010488.

OverviewBoulder Retail

47.3 K (36.8 K) 6.1% 1.9%12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth

Moving into the third quarter of 2019, the retail vacancyrate in Boulder was in the 6% range. While thisrepresents a continuation of tight conditions, both theavailability vacancy rates are up moderately from thelows reached about two years ago. Development playeda small role in the uptick, but a larger contribution camefrom a handful of large block spaces that recently hit themarket.

Nationally, store closings rose fairly substantially in 2017and accelerated again in 2018 as e-commercecontinues to pressure big box retailers. Even a metro likeBoulder with strong economic and demographicfundamentals is not immune to these structuralheadwinds.

Rents posted an average annual gain of nearly 4% from2015-2017, and outperformed the national average formore than five straight years ending in 2017. Rentgrowth has continued to outpace the national average in2018 and 2019 to-date. Following the national trend,however, rent growth has cooled from the gains realizedearlier in the cycle.

Also mirroring the national trend, investment activity hasdropped off in Boulder's retail sector after peaking in2016. Dollar sales volume came in at a six year low in2018, but Denver is poised to bounce back based onyear-to-date figures in 2019.

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$29.0016.5%1,229,165Malls 16.5% 0 0 0

$26.153.6%1,140,375Power Center 6.0% (3,845) 0 0

$23.438.4%6,015,609Neighborhood Center 10.0% 10,838 0 7,500

$18.755.1%1,219,596Strip Center 7.7% 1,054 0 0

$21.283.2%7,691,297General Retail 4.2% (25,285) 0 56,500

--0Other - 0 0 0

$22.716.1%17,296,042Market 7.4% (17,238) 0 64,000

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

5.6%6.2%0.5%Vacancy Change (YOY) 8.6% 2009 Q2 3.7% 2017 Q1

55,210117,751(36.8 K)Net Absorption SF 825,096 2007 Q2 (294,815) 2018 Q1

53,431162,15847.3 KDeliveries SF 1,327,441 2006 Q4 5,500 2012 Q3

0.7%0.9%1.9%Rent Growth 4.2% 2017 Q4 -5.0% 2009 Q2

N/A$87.2M$108 MSales Volume $175.8M 2015 Q4 $24.0M 2011 Q3


Page 2

LeasingBoulder Retail

Boulder's retail market posted negative net absorptionduring five out of the past eight quarters ending in 19Q1.This marks a clear turnaround from a 12 quarterconsecutive stretch of positive net absorption ending in17Q1.

The retail vacancy rate has edged up from a cycle low ofjust under 4% at the start of 2017 to the mid-5% rangemoving into 19Q2. Several larger move-outs haveplayed an outsized role in the uptick.

In March 2017, JCPenney announced it would be closingits 100,000-SF Longmont location at the St. VrainCentre and vacated the space in 17Q3. In a positive July2018 surprise, the entire space vacated by JC Penneywas leased by At Home, a Texas-based home decorchain.

Sports Authority closed all of its stores nationally over ayear ago, including a 40,000-SF location at 301 MarshallRoad in Superior. As has been the case with otherrelatively large blocks, the space was marketed asdivisible to smaller tenants that are more typical intoday's retail environment. In 18Q3, the property secureda 23,000-SF lease from Stickley Furniture, and a 17,000SF lease from Goldfish Swim School later in the quarter.

In May of 2017, Walmart announced it would close a54,000-SF Walmart Neighborhood Market location at theDiagonal Plaza shopping center in Boulder. The storeofficially closed in June 2017, and remained vacant andavailable at the onset of 2019.

Since the beginning of 2014, Boulder’s retail inventoryhas expanded by just over 4%, placing it in the top 20%of the 200 largest metro areas. A host of keydemographic and economic metrics such as job, income,and population growth (although population growth hasrecently slowed), suggest that this development wascertainly warranted. Boulder has the highest medianincome in the Front Range, and has posted strongeremployment and population growth than the nationalaverage over the past five years.

The availability rate has alternatively been controlled bythe demolition or redevelopment of large block vacantbuildings. In 2017, a former 90,000-SF Walmart inLongmont was demolished (that building had beenvacant since 2011, when Walmart opened up a largercenter down the street). A contact involved in thedecision to demolish the building noted a lack of interestfrom tenants following Walmart's exit, and furthermorethat it wasn't the right type of store for the current retailenvironment.

NET ABSORPTION, NET DELIVERIES & VACANCY


Page 3


VACANCY RATE

AVAILABILITY RATE


Page 4


12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

3rd QtrBuilding Name/Address Submarket Bldg SF Vacant SF

1st Qtr 2nd Qtr 4th Qtr 12 Month

Net Absorption SF

Boulder Ret 40,000 0 0 0 0 0 27,826Superior Marketplace

Boulder Ret 169,106 34,317 0 0 25,683 0 27,213Louisville Plaza

Boulder Ret 22,000 0 22,000 0 0 0 22,000Marshall Rd & McCaslin Blvd

Boulder Ret 60,126 5,197 (5,197) 0 0 0 9,463Pearl Street Mall

Boulder Ret 38,643 0 8,386 0 0 0 8,386Walnut Gardens

Boulder Ret 12,000 0 0 0 0 0 8,347500 Marshall Rd

Longmont Ret 36,548 5,629 3,170 4,419 0 0 7,589Diagonal Service Center

Boulder Ret 17,856 0 0 7,000 0 0 7,000Art Mart

Longmont Ret 6,247 0 0 6,247 0 0 6,2471125 Neon Forest Cir

Boulder Ret 14,733 0 6,000 0 0 0 6,000Unit B

Longmont Ret 42,790 3,566 5,133 0 500 0 5,6331430-1440 Nelson Rd

Boulder Ret 5,500 0 5,500 0 0 0 5,5006315 Lookout Rd

Boulder Ret 5,400 0 5,400 0 0 0 5,400Alpine Bank

Boulder Ret 57,386 0 5,354 0 0 0 5,354Twenty Ninth Street

Boulder Ret 27,450 15,025 0 2,948 2,181 0 5,129Diagonal Plaza

Longmont Ret 8,443 0 0 5,109 0 0 5,109Parkway Promenade

Boulder Ret 5,066 0 5,066 0 0 0 5,0661630 Pearl St

569,294 63,734 60,812 25,723 28,364 0 167,262Subtotal Primary Competitors

16,726,748 990,087 5,224 (84,506) (112,449) (17,238) (204,072)Remaining Boulder Market

17,296,042 1,053,821 66,036 (58,783) (84,085) (17,238) (36,810)Total Boulder Market


Page 5


TOP RETAIL LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Tenant Name Tenant Rep Company Leasing Rep CompanyQtr

2400 E Cherrywood Dr Boulder 21,930 Tractor Supply Company - -Q4 18

1135 Broadway St Boulder 9,530 Meininger - Dean Callan & Compan…Q4 18

Parkway Promenade Longmont 9,500 Sears - SullivanHayes BrokerageQ3 19

The District Boulder 7,169 - - The Colorado Group, Inc.Q1 19

700 Ken Pratt Blvd Longmont 6,703 Longs Peak Academy Be… - SullivanHayes BrokerageQ3 19

Parkway Promenade Longmont 6,664 Benjamin Moore - SullivanHayes BrokerageQ3 19

Unit B Boulder 6,000 Rack Starz Ltd. - RE/MAX AllianceQ4 18

Pearl Street Mall Boulder 5,779 - - Gibbons-White, Inc.Q3 19

1701 Pearl St Boulder 5,512 Rio Grande Mexian Resta… - -Q1 19

1630 Pearl St Boulder 5,066 - - Boston Pace, IncQ4 18

202-220 Kimbark St Longmont 5,000 - - Gibbons-White, Inc.Q3 19

3rd & Lashley Longmont 4,990 - - RIO CommercialQ3 19

Twin Peaks Square Longmont 4,616 Leenie's Cafe - Colliers InternationalQ2 19

Parkway Promenade Longmont 4,558 - - SullivanHayes BrokerageQ3 19

Meadows on the Parkway Boulder 4,412 - - Phillips Edison & Comp…Q1 19

Christopher Plaza Boulder 4,249 - - Tebo Development CoQ2 19

1124-1130 Pearl St Boulder 4,130 - - Boston Pace, IncQ4 18

Table Mesa Shopping Center Boulder 4,105 - - The W.W. Reynolds Co…Q3 19

1500 Coalton Rd Boulder 3,903 Rock Creek After School - -Q1 19

Twin Peaks Square Longmont 3,600 - - PB Roche SolutionsQ1 19

Table Mesa Shopping Center Boulder 3,527 - - The W.W. Reynolds Co…Q3 19

Superior Marketplace Boulder 3,500 The Niche - Brixmor Property Grou…Q2 19

1102 Pearl St Boulder 3,500 - - Market Real EstateQ2 19

Gas and Shop Boulder 3,242 - - Tebo Development CoQ1 19

Meadows on the Parkway Boulder 3,241 Vegan Fusion Academy - Phillips Edison & Comp…Q4 19

The Village Boulder 3,228 - - Gart PropertiesQ4 18

1615 Pearl St Boulder 3,184 BoCo Life, LLC - Dean Callan & Compan…Q2 19

4700 Pearl St Boulder 3,096 Boulder Valley Automotiv… - Regel & Associates LLCQ1 19

Parkway Promenade Longmont 3,005 Foster Management - SullivanHayes BrokerageQ2 19

Louisville Plaza Boulder 3,000 Urgent Care - Crosbie Real Estate Gr…Q1 19

Bluff Plaza Boulder 3,000 - - Gibbons-White, Inc.Q4 19

2030 Ionosphere St Longmont 3,000 Babettes - Gat Investments LlcQ4 18

The District Boulder 2,958 Front Range Brewing Co - The Colorado Group, Inc.Q2 19

North Hover Centre Longmont 2,955 Comfort Dental - Colliers InternationalQ4 19

Diagonal Plaza Boulder 2,948 Nopalitos - Gibbons-White, Inc.Q2 19

Parkway Promenade Longmont 2,810 WT Excavating - SullivanHayes BrokerageQ3 19

Marshalls Plaza Boulder 2,766 - - Tebo Development CoQ1 19

Parkway Promenade Longmont 2,600 - - SullivanHayes BrokerageQ3 19

1313-1335 Broadway St Boulder 2,593 - - WP Westpark IV, LLCQ3 19

Village at the Peaks Longmont 2,523 Nothing Bundt Cakes - NewMark Merrill Comp…Q3 19

*Renewal


Page 6

RentBoulder Retail

Strong fundamentals and solid demand drivers havetranslated into respectable, but not truly outsized rentgains this cycle. Rents posted average annual gains justshy of 4% from 2015-2017, the best three year stretchof this cycle, and well in excess of the national average.Mirroring the national trend, rent growth has moderatedmaterially since then, although gains continue to outpacethe national average in 2019.

Following a national trend, the priciest and mostdesirable submarkets have outperformed this cycle.Rents in the cities of Boulder, Louisville, and Superiorhad surpassed last cycle’s highs by around 12%, thethree best performances in the metro. These cities alsocommand the highest retail rents in the metro (about$24/SF in both Boulder and Louisville, or a near 20%premium over the metro average).

MARKET RENT GROWTH (YOY)


Page 7

RentBoulder Retail

MARKET RENT PER SQUARE FOOT


Page 8

ConstructionBoulder Retail

Construction activity was close to five year lows headinginto 2019, and one of the biggest deliveries of the yearwas a 22,000-SF Tesla sales and service center inSuperior. The dealership is only the second of its kind inthe state of Colorado, joining a Littleton, CO showroomand service center that opened in 2017. The Superiorlocation was listed for sale before construction wrappedup.

In early 2019, a 25,000 SF retail component of themixed-use (and long proposed) REVE developmentbroke ground in Downtown Boulder. That retailcomponent will join 244 apartment units and 109,000 SFof office space.

The bulk of this cycle’s supply additions came from theVillage at the Peaks, a 425,000-SF Lifestyle Center thatdelivered from 2015–16 in Longmont. The center is theredevelopment of the former Twin Peaks mall, a

450,000-SF center built in 1985 that was 50% vacantwhen it was acquired by for $8.5 million in 2011 by NewMark Merrill, which developed the new center. The mallis now essentially fully leased.

In the city of Boulder itself, development this cycle hasbeen minimal: Just 75,000 SF has delivered here sincethe start of 2013 (a 1.5% inventory expansion). Thisincludes just two developments in excess of 10,000 SF:A 14,000-SF Trader Joe’s that was built on the site of aformer Applebees at the Twenty Ninth Street mall, and a25,000-SF Jeep dealership that delivered in 2017 in thecity’s far east.

Tough zoning and planning rules make the city ofBoulder a difficult place to build in. Large-footprinttenants seeking to establish a presence in the core partof the city may need to demolish an existing building tofind buildable land, as was the case with Trader Joe's.

DELIVERIES & DEMOLITIONS

SUBMARKET CONSTRUCTION

Average Building Size

RankUnder Constr

Under Construction Inventory

All ExistingSF (000) Pre-Leased SF (000)SubmarketNo. RankBldgs Pre-Leased %

1 Boulder 2 32 16,000100% 1 13,77232 1

2 Longmont 3 32 10,66737.6% 2 11,29112 2

Totals 5 64 12,80068.8% 12,80444


Page 9

Under Construction PropertiesBoulder Retail

5 64,000 0.4% 68.8%Properties Square Feet Percent of Inventory Preleased

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Apr-20193000 Pearl St

RÊVE Boulder24,500 5 Jun-2020

Southern Land Company

Southern Land Company1

Apr-20191419 Airport Rd

12,000 1 Nov-2020ACTIS Shores, Inc.

ACTIS Shores, Inc.2

Jul-2018150 Main St

Building 210,000 4 Nov-2019

-

-3

Jul-2018150 Main St

10,000 4 Jan-2020-

-4

Feb-2018Highway 287 Hwy

7,500 1 Nov-2019Hix Snedeker Companies

Hix Snedeker Companies5


Page 10

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D9638480%26ProductMode%3DProperty%26external%3D1





SalesBoulder Retail

Investment activity is off to a slightly stronger start thisyear after a slow 2018. In June, Missouri-based KroenkeGroup acquired the 46,000 SF St. Vrain Centre fromlocally-based Macy Development Company for $12.25million ($268/SF). The 2000 built asset was fullyoccupied by Sprouts and Petsmart at the time of sale.

One of the more notable deals in 2019 to-date closed inMarch, when Beverly Hills, CA-abased AVG Partnersacquired 955 S Hover Street, a 98,000 SF building at theSt. Vrain Centre, for $6.8 million ($69/SF). JCPenneyclosed its store there in 2017, only for At Home to leasethe entire space in mid-2018. That location opened up inlate-2018, months before the deal closed.

Sales volume clocked in at a six-year low in 2018, andless than half of the 2015-2017 average. Same-storecap rates were flat year-over-year in 2018, marking theend of an eight year stretch of continuous cap ratecompression.

One of the larger 2018 deals involved a property thatsold as a redevelopment opportunity. The owners ofBackcountry Pizza & Taphouse, the long-term tenant of2319 Arapahoe Ave in Boulder, acquired the 6,900-SFbuilding for $4.5 million ($656/SF) in April 2018 withundisclosed plans to redevelop the property in the future.The price equated to about $100/SF for the land, whichhad been owned by the same local family for generationsstretching back to the 1930's.

SALES VOLUME & MARKET SALE PRICE PER SF


Page 11

Sales Past 12 MonthsBoulder Retail

91 7.1% $220 1.5%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $189,277 $2,123,769 $1,450,000 $12,250,000

Price Per SF $68 $220 $246 $943

Cap Rate 4.5% 7.1% 7.2% 8.1%

Time Since Sale in Months 0.2 6.5 6.7 11.9

Property Attributes Low Average Median High

Building SF 880 10,105 5,558 97,829

Stories 1 1 1 3

Typical Floor SF 0 7,201 4,122 97,829

Vacancy Rate At Sale 0% 1.5% 0% 100%

Year Built 1890 1973 1969 2018

Star Rating 2.3


Page 12

Sales Past 12 MonthsBoulder Retail

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 1011-1125 Hover St2000 45,755 0% $12,250,000 $2686/6/2019 -

-2 235 Alpine St2001 47,500 0% $9,000,000 $18910/1/2019 -

-3 At Home1993 97,829 0% $6,750,000 $69

955 S Hover St3/18/2019 7.2%

-4 Pearl Street Mall1949 12,300 0% $6,425,000 $522

1346 Pearl St9/6/2019 -

-5 2010 21st St- 18,828 0% $5,800,000 $3082/5/2019 -

-6 Summit Marketplace2004 14,339 9.8% $4,500,000 $314

385 Crossing Dr10/1/2019 7.4%

-7 1135 Broadway St1960 31,277 0% $4,000,000 $1281/16/2019 -

-8 1051 S Hover St1996 5,631 0% $3,500,000 $6222/27/2019 -

-9 Building B2014 8,291 0% $3,404,765 $411

765 E South Boulder Rd9/27/2019 -

-10 250 Pearl St- 4,016 0% $3,359,000 $8368/2/2019 -

-11 2718 Pine St1960 5,675 0% $2,850,000 $5023/5/2019 -

-12 D1974 17,316 4.6% $2,730,792 $158

7960 Niwot Rd1/15/2019 7.6%

-13 Centennial Marketplace1995 8,777 15.0% $2,710,000 $309

956 W Cherry St8/7/2019 7.1%

-14 900 West Pearl2004 4,695 0% $2,679,700 $571

900-908 W Pearl St8/28/2019 8.1%

-15 Concepts Furniture & Ac…1995 10,014 0% $2,500,000 $250

800 S Main St10/30/2018 -

-16 901 Pearl St2015 21,252 0% $2,100,000 $995/6/2019 -

-17 972 W Dillon Rd2000 7,000 0% $2,050,000 $2932/28/2019 7.0%

-18 Taco Bell2018 3,800 0% $1,860,000 $489

33 Ken Pratt Blvd5/3/2019 4.5%

-19 64 Ken Pratt Blvd2016 2,007 0% $1,718,000 $8566/3/2019 -

-20 795-805 30th St1980 5,284 0% $1,684,000 $3197/16/2019 -


Page 13

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=PPW&redirUrl=%2Fredir%2Fdefault.aspx%3Feid%3D5998976%26ProductMode%3DProperty%26SelectedTab%3Dsale%26external%3D1




















EconomyBoulder Retail

Boulder has a dynamic economy, and job growth hasoutperformed the national benchmark for the virtualentirety of this current cycle. Total nonfarm payrolls hadexceeded the prerecession peak by nearly 30,000 perDecember 2018 employment data, representingcumulative growth of almost 20%. Preliminary May 2019numbers showed jobs rowing at a near 3% annual rate.

Affordability is an increasing concern, and likely apredominant factor in the population growth slowdownobserved over the past two years. Population datareleased in September 2018 pegged 2017 populationgrowth at a mere 0.4%, down from 1.0% in 2016. From2011 to 2015, the population grew by an average of1.5% per-year. Meanwhile, population growth heldsteady in more affordable Northern Colorado metros.Greeley (Weld County) posted 3.5% population growthfor a second straight year in 2017, a cyclical high. FortCollins saw its population rise by 1.6% in 2017, virtuallyunchanged from the 1.7% increase the prior year.

Notably, much of the explosive growth in the Greeleymetro is occurring in far southwest Weld County,bordering longmont, and easily within commutingdistance to central Boulder. Cities here such as Erie,Firestone, and Frederick each saw cumulative populationgrowth of 22% or more over the past five years, andresidential development is exploding. The SouthwestWeld County apartment submarket illustrates thedramatic growth here: The market-rate apartment stockis slated to climb from less than 150 units at the start of2016, to 1,500 units by year-end 2019, with many of thesmaller cities here now seeing their first ever largeapartment developments.

A takeaway from the growth in Weld County is thataffordable housing options are being created inclose—and commutable—proximity to the city of Boulder.This should facilitate economic expansion, and act assome counter to the headwinds posed by the difficulty ofresidential building (and increasing lack of affordableoptions) in the city of Boulder itself.

As of 18Q3, housing prices were a staggering 75% of thepeak of last cycle. According to the Federal Housing

Finance Agency's All-Transactions House Price Index,home prices have increased by more than 10% annuallyon average over the last five years, and have increasedat an annual rate north of 8% in every quarter since thestart of 2014.

A number of different industries have contributed to thisgrowth, but high tech companies continue to grab mostof the headlines, and for good reason. Tech companieshave flourished in Boulder thanks to a well-developedinfrastructure that stems from a synergistic relationshipwith the University of Colorado. Firms looking to hirehave no shortage of qualified graduates from which tochoose, although the labor market—both in Boulder andin the broader Colorado Front Range—has beenexceptionally tight for years.

The amount of flex space in Boulder speaks to howimportant the tech sector is to the economy. Flex space,which draws demand from high-tech tenants needingboth office and R&D space, represents just over half ofthe entire industrial stock. San Jose is the only othermetro in the country where flex space comprises at leasthalf of the industrial stock.

Several Fortune 500 companies also help solidify theeconomy, including GE, IBM, Lockheed Martin, andQualcomm. Google, which employed three or fourhundred employees in the metro earlier in the cycle, nowemploys upwards of 1,000 and is actively expanding withthe completion of its 200,000-SF campus. The firmbought the first phase of its campus in a record-breakingdeal, and further made its commitment to the area clearby announcing plans to move forward with a 100,000-SFexpansion of the campus.

Uber and Twitter also have a presence in the metro, andthe high tech backbone should continue to be animportant source of high-paying job growth in Boulder.Of course, there’s always the possibility of being overlyexposed to a certain sector, and high tech andinformation jobs do account for about 20% of office-using employment, in the neighborhood of SanFrancisco’s level.


Page 14


BOULDER EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast

-0.21%0.42%1.06%2.47%1.07%0.42%1.119Manufacturing

0.36%1.11%1.23%1.82%0.56%0.69%0.726Trade, Transportation and Utilities

0.26%0.58%0.88%1.42%-0.33%0.29%0.818 Retail Trade

0.34%0.39%1.13%-0.56%1.21%-0.49%0.67Financial Activities

0.66%1.49%0.04%1.97%0.51%-1.70%1.338Government

0.33%0.39%2.50%2.86%2.40%5.38%0.66Natural Resources, Mining and Construction

0.66%0.83%2.14%3.12%2.41%2.35%0.827Education and Health Services

0.93%1.31%2.72%3.52%2.06%7.24%1.439Professional and Business Services

0.50%0.53%0.23%-0.44%0.13%-0.11%2.28Information

0.65%0.71%2.54%3.81%2.06%11.21%1.124Leisure and Hospitality

0.26%0.56%1.07%2.05%1.58%2.90%0.87Other Services

Total Employment 202 1.0 2.95% 1.44% 2.44% 1.53% 0.98% 0.52%

Source: Oxford Economics

LQ = Location Quotient


YEAR OVER YEAR JOB GROWTH


Page 15


DEMOGRAPHIC TRENDS

Current ChangeCurrent Level

Metro U.S.Metro U.S.Demographic Category

10-Year Change

Metro U.S. Metro U.S.

Forecast Change (5 Yrs)

Population 329,689,375330,389 1.2% 0.7% 1.2% 0.7% 1.4% 0.7%

Households 121,374,891130,637 1.1% 0.5% 1.1% 0.6% 1.3% 0.6%

Median Household Income $65,293$89,104 5.2% 4.2% 3.4% 2.6% 4.2% 4.2%

Labor Force 163,676,484199,248 2.1% 0.8% 1.3% 0.6% 1.1% 0.5%

Unemployment 3.7%2.7% -0.3% -0.1% -0.4% -0.6% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH


Page 16

SubmarketsBoulder Retail

BOULDER SUBMARKETS


Page 17

SubmarketsBoulder Retail

SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs SF (000) Percent Rank

Inventory

Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.

1 Boulder 11,335 65.6% 1 2 32 0.3% 1823 3 36 0.3% 1

2 Longmont 5,951 34.4% 2 3 32 0.5% 1527 2 7 0.1% 2

SUBMARKET RENT

Growth

Market Rent

Per SFSubmarketNo.

12 Month Market Rent QTD Annualized Market Rent

RankRank GrowthRank

1 Boulder -1.9%1 1.8% 2$25.43 2

2 Longmont -1.3%2 2.2% 1$17.56 1

SUBMARKET VACANCY & NET ABSORPTION

12 Month Net Absorption

Rank Construct. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 Boulder 784,189 6.9% 0.739,113 0.3% 12

2 Longmont 269,632 4.5% -(80,379) -1.4% 21


Page 18

http://gateway.costar.com/Gateway/Redir/RedirectToProduct.aspx?productId=CMA&redirUrl=%2F%23%2Fsearch%2Fdetail%2Fsubmarket%2Ftype%2F0%2Fproperty%2F6%2Fgeography%2F4734%3Fnested%3Dfalse






Supply & Demand TrendsBoulder Retail

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2023 54,954 0.3% 0.4%66,859 0.817,511,088

2022 50,347 0.3% 0.5%81,648 0.617,456,134

2021 41,443 0.2% 0.6%99,586 0.417,405,787

2020 50,802 0.3% 0.5%85,020 0.617,364,344

2019 52,027 0.3% -0.5%(84,272) -17,313,542

YTD 34,527 0.2% -0.5%(94,070) -17,296,042

2018 63,453 0.4% 0.1%18,088 3.517,261,515

2017 (80,891) -0.5% -0.9%(147,887) -17,198,062

2016 288,535 1.7% 1.5%252,927 1.117,278,953

2015 200,916 1.2% 1.5%262,197 0.816,990,418

2014 (30,247) -0.2% 0.4%73,728 -16,789,502

2013 19,889 0.1% 1.2%201,575 0.116,819,749

2012 12,567 0.1% 0.9%154,692 0.116,799,860

2011 21,917 0.1% -0.2%(27,021) -16,787,293

2010 (157,051) -0.9% -0.3%(47,862) -16,765,376

2009 39,544 0.2% -0.2%(34,410) -16,922,427

2008 148,423 0.9% -0.1%(22,669) -16,882,883

2007 260,428 1.6% 2.0%338,829 0.816,734,460

MALLS SUPPLY & DEMAND



2023 3,598 0.3% 0.3%4,109 0.91,239,077

2022 3,297 0.3% 0.4%4,960 0.71,235,479

2021 2,716 0.2% 0.4%5,153 0.51,232,182

2020 301 0% 0.4%5,254 0.11,229,466

2019 0 0% 0.4%4,867 01,229,165

YTD 0 0% 0.4%4,695 01,229,165

2018 5,015 0.4% -12.0%(147,905) -1,229,165

2017 0 0% -0.3%(3,536) -1,224,150

2016 245,542 25.1% 18.4%224,995 1.11,224,150

2015 174,648 21.7% 14.7%144,065 1.2978,608

2014 14,000 1.8% 2.3%18,494 0.8803,960

2013 0 0% 0.8%6,198 0789,960

2012 7,067 0.9% 3.8%30,135 0.2789,960

2011 0 0% 5.4%42,360 0782,893

2010 4,185 0.5% -1.4%(10,870) -782,893

2009 0 0% 0.8%6,000 0778,708

2008 13,829 1.8% 5.5%42,929 0.3778,708

2007 48,510 6.8% 8.0%61,010 0.8764,879


Page 19


POWER CENTER SUPPLY & DEMAND



2023 1,559 0.1% 0.2%2,726 0.61,144,656

2022 1,424 0.1% 0.3%3,754 0.41,143,097

2021 1,176 0.1% 0.4%4,404 0.31,141,673

2020 122 0% 0.3%2,920 01,140,497

2019 0 0% -3.3%(37,128) -1,140,375

YTD 0 0% -3.1%(35,561) -1,140,375

2018 3,800 0.3% 5.0%56,967 0.11,140,375

2017 0 0% 1.1%11,952 01,136,575

2016 9,150 0.8% 3.3%37,449 0.21,136,575

2015 0 0% -2.7%(30,483) -1,127,425

2014 0 0% -2.1%(23,632) -1,127,425

2013 0 0% 0.7%7,636 01,127,425

2012 0 0% -0.6%(6,439) -1,127,425

2011 0 0% -0.3%(3,806) -1,127,425

2010 0 0% 1.1%12,914 01,127,425

2009 8,412 0.8% -0.2%(2,467) -1,127,425

2008 66,323 6.3% 11.9%133,458 0.51,119,013

2007 117,725 12.6% 3.6%37,426 3.11,052,690

NEIGHBORHOOD CENTER SUPPLY & DEMAND



2023 17,569 0.3% 0.4%22,310 0.86,071,522

2022 16,118 0.3% 0.4%26,713 0.66,053,953

2021 13,257 0.2% 0.5%27,624 0.56,037,835

2020 1,469 0% 0.4%22,456 0.16,024,578

2019 7,500 0.1% -0.5%(27,954) -6,023,109

YTD 0 0% -0.7%(39,732) -6,015,609

2018 21,930 0.4% 1.5%92,426 0.26,015,609

2017 9,024 0.2% -3.8%(230,453) -5,993,679

2016 2,300 0% 0.1%7,281 0.35,984,655

2015 0 0% -0.2%(14,199) -5,982,355

2014 22,291 0.4% 0.7%39,345 0.65,982,355

2013 0 0% 3.0%176,336 05,960,064

2012 5,500 0.1% 1.2%73,766 0.15,960,064

2011 0 0% -0.3%(17,335) -5,954,564

2010 0 0% -2.4%(141,021) -5,954,564

2009 0 0% 0.2%12,555 05,954,564

2008 41,238 0.7% -1.1%(67,281) -5,954,564

2007 32,150 0.5% 2.4%141,909 0.25,913,326


Page 20


STRIP CENTER SUPPLY & DEMAND



2023 846 0.1% 0.2%1,852 0.51,221,866

2022 767 0.1% 0.2%3,017 0.31,221,020

2021 624 0.1% 0.3%3,960 0.21,220,253

2020 33 0% 0.2%2,936 01,219,629

2019 0 0% -0.1%(1,133) -1,219,596

YTD 0 0% -0.6%(7,333) -1,219,596

2018 0 0% 0.1%1,452 01,219,596

2017 0 0% 1.8%21,635 01,219,596

2016 0 0% -1.1%(13,147) -1,219,596

2015 0 0% 2.4%29,573 01,219,596

2014 3,580 0.3% 2.4%29,671 0.11,219,596

2013 17,007 1.4% 1.2%14,705 1.21,216,016

2012 0 0% -0.4%(4,896) -1,199,009

2011 0 0% -0.8%(9,171) -1,199,009

2010 0 0% 1.5%18,004 01,199,009

2009 7,200 0.6% 4.6%55,143 0.11,199,009

2008 0 0% -3.7%(44,305) -1,191,809

2007 9,590 0.8% 0.3%3,142 3.11,191,809

GENERAL RETAIL SUPPLY & DEMAND



2023 31,382 0.4% 0.5%35,862 0.97,833,967

2022 28,741 0.4% 0.6%43,204 0.77,802,585

2021 23,670 0.3% 0.8%58,445 0.47,773,844

2020 48,877 0.6% 0.7%51,454 0.97,750,174

2019 44,527 0.6% -0.3%(22,924) -7,701,297

YTD 34,527 0.5% -0.2%(16,139) -7,691,297

2018 32,708 0.4% 0.2%15,148 2.27,656,770

2017 (89,915) -1.2% 0.7%52,515 -7,624,062

2016 31,543 0.4% 0%(3,651) -7,713,977

2015 26,268 0.3% 1.7%133,241 0.27,682,434

2014 (70,118) -0.9% 0.1%9,850 -7,656,166

2013 2,882 0% 0%(3,300) -7,726,284

2012 0 0% 0.8%62,126 07,723,402

2011 21,917 0.3% -0.5%(39,069) -7,723,402

2010 (161,236) -2.1% 0.9%73,111 -7,701,485

2009 23,932 0.3% -1.3%(105,641) -7,862,721

2008 27,033 0.3% -1.1%(87,470) -7,838,789

2007 52,453 0.7% 1.2%95,342 0.67,811,756


Page 21

Rent & VacancyBoulder Retail

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2023 117 0.4% 4.3%$23.34 922,227 5.3% -0.1%

2022 117 0.4% 4.0%$23.25 936,846 5.4% -0.2%

2021 116 0.6% 3.6%$23.16 970,696 5.6% -0.4%

2020 116 1.1% 3.0%$23.04 1,031,301 5.9% -0.2%

2019 114 1.9% 1.9%$22.79 1,065,483 6.2% 0.8%

YTD 114 1.5% 1.5%$22.71 1,053,821 6.1% 0.7%

2018 112 2.3% 0%$22.37 925,224 5.4% 0.2%

2017 110 4.2% -2.3%$21.86 879,859 5.1% 0.4%

2016 105 3.4% -6.2%$20.98 812,863 4.7% 0.1%

2015 102 4.1% -9.2%$20.30 777,255 4.6% -0.4%

2014 98 3.1% -12.8%$19.50 838,536 5.0% -0.6%

2013 95 2.5% -15.5%$18.91 943,087 5.6% -1.1%

2012 93 2.1% -17.5%$18.45 1,124,773 6.7% -0.9%

2011 91 -1.7% -19.3%$18.06 1,266,898 7.5% 0.3%

2010 92 -3.1% -17.8%$18.38 1,217,960 7.3% -0.6%

2009 95 -4.7% -15.2%$18.97 1,327,149 7.8% 0.4%

2008 100 -2.7% -11.0%$19.91 1,253,195 7.4% 1.0%

2007 103 0.4% -8.5%$20.46 1,082,103 6.5% -0.6%

MALLS RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 114 -0.3% 0%$28.91 192,913 15.6% -0.1%

2022 114 -0.3% 0.3%$28.98 193,507 15.7% -0.2%

2021 114 -0.2% 0.6%$29.07 195,255 15.8% -0.2%

2020 114 0.2% 0.8%$29.12 197,766 16.1% -0.4%

2019 114 0.5% 0.5%$29.05 202,719 16.5% -0.4%

YTD 114 0.4% 0.4%$29.00 202,891 16.5% -0.4%

2018 114 1.7% 0%$28.89 207,586 16.9% 12.4%

2017 112 7.0% -1.6%$28.42 54,666 4.5% 0.3%

2016 104 6.1% -8.1%$26.55 51,130 4.2% 1.1%

2015 98 7.7% -13.4%$25.02 30,583 3.1% 3.1%

2014 91 4.4% -19.6%$23.22 0 0% -0.6%

2013 87 5.3% -23.0%$22.25 4,494 0.6% -0.8%

2012 83 3.6% -26.8%$21.14 10,692 1.4% -3.0%

2011 80 -5.0% -29.4%$20.41 33,760 4.3% -5.4%

2010 84 -7.8% -25.7%$21.47 76,120 9.7% 1.9%

2009 91 -8.5% -19.4%$23.29 61,065 7.8% -0.8%

2008 100 -9.3% -11.9%$25.45 67,065 8.6% -4.0%

2007 110 -1.2% -2.9%$28.06 96,165 12.6% -2.6%


Page 22


POWER CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 113 0.5% 2.9%$26.74 32,854 2.9% -0.1%

2022 112 0.5% 2.4%$26.61 34,096 3.0% -0.2%

2021 112 0.5% 1.9%$26.49 36,493 3.2% -0.3%

2020 111 0.6% 1.4%$26.36 39,792 3.5% -0.2%

2019 111 0.8% 0.8%$26.20 42,589 3.7% 3.3%

YTD 110 0.6% 0.6%$26.15 41,022 3.6% 3.1%

2018 110 1.4% 0%$25.99 5,461 0.5% -4.7%

2017 108 5.5% -1.3%$25.65 58,628 5.2% -1.1%

2016 103 5.8% -6.5%$24.31 70,580 6.2% -2.6%

2015 97 7.0% -11.6%$22.98 98,879 8.8% 2.7%

2014 91 3.4% -17.4%$21.48 68,396 6.1% 2.1%

2013 88 4.7% -20.1%$20.77 44,764 4.0% -0.7%

2012 84 3.2% -23.7%$19.84 52,400 4.6% 0.6%

2011 81 -4.0% -26.0%$19.23 45,961 4.1% 0.3%

2010 85 -7.4% -22.9%$20.04 42,155 3.7% -1.1%

2009 91 -8.6% -16.8%$21.63 55,069 4.9% 0.9%

2008 100 -8.5% -8.9%$23.67 44,190 3.9% -6.6%

2007 109 -0.2% -0.5%$25.88 111,325 10.6% 7.3%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 126 0.3% 6.7%$24.35 447,126 7.4% -0.1%

2022 126 0.4% 6.4%$24.28 452,309 7.5% -0.2%

2021 126 0.8% 5.9%$24.17 463,316 7.7% -0.3%

2020 125 1.8% 5.1%$23.99 478,091 7.9% -0.4%

2019 122 3.2% 3.2%$23.56 499,074 8.3% 0.6%

YTD 122 2.6% 2.6%$23.43 503,352 8.4% 0.7%

2018 119 3.6% 0%$22.83 463,620 7.7% -1.2%

2017 114 5.2% -3.4%$22.04 534,116 8.9% 4.0%

2016 109 3.3% -8.3%$20.94 294,639 4.9% -0.1%

2015 105 4.3% -11.1%$20.28 299,620 5.0% 0.2%

2014 101 3.6% -14.8%$19.45 285,421 4.8% -0.3%

2013 97 3.1% -17.8%$18.78 302,475 5.1% -3.0%

2012 95 2.3% -20.2%$18.22 478,811 8.0% -1.2%

2011 92 -1.3% -22.0%$17.80 547,077 9.2% 0.3%

2010 94 -2.2% -21.0%$18.04 529,742 8.9% 2.4%

2009 96 -4.3% -19.2%$18.44 388,721 6.5% -0.2%

2008 100 -2.4% -15.6%$19.26 401,276 6.7% 1.8%

2007 102 -0.1% -13.5%$19.74 292,757 5.0% -1.9%


Page 23


STRIP CENTER RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 119 0.5% 6.0%$19.43 50,302 4.1% -0.1%

2022 119 0.5% 5.5%$19.33 51,529 4.2% -0.2%

2021 118 0.7% 4.9%$19.23 53,969 4.4% -0.3%

2020 117 1.4% 4.1%$19.09 57,472 4.7% -0.2%

2019 116 2.7% 2.7%$18.83 60,378 5.0% 0.4%

YTD 115 2.3% 2.3%$18.75 62,618 5.1% 0.6%

2018 113 2.3% 0%$18.33 55,285 4.5% -0.1%

2017 110 3.1% -2.2%$17.93 56,737 4.7% -1.8%

2016 107 3.4% -5.1%$17.39 78,372 6.4% 1.1%

2015 103 3.5% -8.3%$16.82 65,225 5.3% -2.4%

2014 100 3.2% -11.4%$16.24 94,798 7.8% -2.2%

2013 97 1.9% -14.1%$15.74 120,889 9.9% 0.1%

2012 95 1.6% -15.7%$15.45 118,587 9.9% 0.4%

2011 93 -0.3% -17.0%$15.21 113,691 9.5% 0.8%

2010 94 -2.4% -16.8%$15.25 104,520 8.7% -1.5%

2009 96 -4.1% -14.7%$15.63 122,524 10.2% -4.1%

2008 100 -0.9% -11.1%$16.29 170,467 14.3% 3.7%

2007 101 0.4% -10.4%$16.44 126,162 10.6% 0.5%

GENERAL RETAIL RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2023 111 0.5% 3.3%$21.78 199,032 2.5% -0.1%

2022 111 0.5% 2.8%$21.67 205,405 2.6% -0.2%

2021 110 0.5% 2.3%$21.57 221,663 2.9% -0.5%

2020 110 0.7% 1.8%$21.46 258,180 3.3% -0.1%

2019 109 1.2% 1.2%$21.32 260,723 3.4% 0.9%

YTD 109 1.0% 1.0%$21.28 243,938 3.2% 0.6%

2018 108 1.6% 0%$21.08 193,272 2.5% 0.2%

2017 106 2.6% -1.6%$20.74 175,712 2.3% -1.8%

2016 103 2.4% -4.2%$20.20 318,142 4.1% 0.4%

2015 101 2.8% -6.4%$19.72 282,948 3.7% -1.4%

2014 98 2.5% -9.0%$19.18 389,921 5.1% -1.0%

2013 96 1.4% -11.2%$18.71 470,465 6.1% 0.1%

2012 94 1.6% -12.4%$18.46 464,283 6.0% -0.8%

2011 93 -1.2% -13.8%$18.17 526,409 6.8% 0.8%

2010 94 -2.4% -12.7%$18.39 465,423 6.0% -2.9%

2009 96 -3.6% -10.6%$18.84 699,770 8.9% 1.6%

2008 100 -0.6% -7.2%$19.55 570,197 7.3% 1.4%

2007 101 1.3% -6.7%$19.66 455,694 5.8% -0.6%


Page 24

Sale TrendsBoulder Retail

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2023 -- - -- 165- $255.24 6.4%

2022 -- - -- 165- $255.59 6.4%

2021 -- - -- 167- $259.05 6.2%

2020 -- - -- 166- $256.60 6.2%

2019 -- - -- 159- $246.41 6.3%

YTD $102.1 M79 4.7% $220.54$2,219,689 1587.0% $244.66 6.3%

2018 $79.3 M52 3.9% $146.54$2,194,228 1537.0% $237.14 6.4%

2017 $156.2 M84 5.3% $224.16$2,714,021 1486.4% $229.87 6.4%

2016 $81.0 M90 4.3% $225.72$1,637,168 1396.9% $215.11 6.6%

2015 $175.8 M91 6.4% $168.58$2,418,999 1347.0% $207.42 6.6%

2014 $96.2 M66 5.3% $120.91$1,806,610 1237.4% $191.12 6.9%

2013 $93.0 M56 3.0% $195.29$2,052,775 1097.9% $169.08 7.3%

2012 $55.1 M64 4.3% $226.62$1,246,121 1067.0% $164.30 7.4%

2011 $27.2 M48 2.7% $137.93$893,904 967.9% $148.23 7.8%

2010 $58.1 M40 3.3% $108.95$1,973,196 91- $140.67 8.1%

2009 $38.4 M41 1.6% $151.72$1,179,953 888.7% $136.63 8.2%

2008 $52.4 M59 2.0% $178.68$1,242,506 1007.3% $154.89 7.6%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

MALLS SALES





2023 -- - -- 157- $253.20 6.3%

2022 -- - -- 158- $254.84 6.3%

2021 -- - -- 161- $259.80 6.1%

2020 -- - -- 160- $258.74 6.1%

2019 -- - -- 155- $249.61 6.2%

YTD -- - -- 154- $248.06 6.2%

2018 -- - -- 148- $238.94 6.3%

2017 -- - -- 143- $231.45 6.3%

2016 $0 M21 25.3% -- 134- $215.61 6.5%

2015 -- - -- 130- $209.51 6.5%

2014 -- - -- 120- $193.90 6.8%

2013 -- - -- 108- $173.60 7.1%

2012 -- - -- 105- $169.65 7.2%

2011 -- - -- 95- $152.64 7.6%

2010 -- - -- 91- $146.14 7.8%

2009 $0 M1 0.3% -- 89- $142.86 7.9%

2008 -- - -- 100- $161.41 7.4%




Page 25


POWER CENTER SALES





2023 -- - -- 159- $247.51 6.3%

2022 -- - -- 159- $247.63 6.2%

2021 -- - -- 161- $250.98 6.1%

2020 -- - -- 160- $248.79 6.1%

2019 -- - -- 154- $239.58 6.2%

YTD $4.5 M3 1.1% $375.40$1,510,000 1534.5% $238.18 6.2%

2018 -- - -- 145- $225.51 6.3%

2017 $0.4 M1 0.3% $129.38$406,000 142- $221.27 6.3%

2016 $2.9 M4 1.4% $313.01$1,473,632 1339.4% $206.18 6.4%

2015 -- - -- 128- $199.46 6.5%

2014 -- - -- 122- $189.96 6.7%

2013 -- - -- 107- $167.11 7.0%

2012 $0.9 M8 27.4% $164.56$900,000 1056.8% $163.79 7.1%

2011 $0 M14 22.6% -- 968.0% $149.00 7.5%

2010 -- - -- 91- $141.47 7.7%

2009 $7.8 M3 2.0% $355.82$2,616,667 887.3% $136.99 7.9%

2008 -- - -- 100- $155.57 7.4%



NEIGHBORHOOD CENTER SALES





2023 -- - -- 169- $237.51 6.4%

2022 -- - -- 169- $238.01 6.3%

2021 -- - -- 172- $241.09 6.2%

2020 -- - -- 170- $238.11 6.2%

2019 -- - -- 161- $226.71 6.3%

YTD $35.2 M12 3.9% $173.86$3,914,794 1607.4% $224.38 6.3%

2018 $21.9 M9 6.1% $69.71$3,653,550 1539.2% $215.30 6.4%

2017 $36.2 M10 5.8% $168.22$4,027,778 1495.6% $208.70 6.4%

2016 $12.8 M4 0.6% $331.92$3,207,725 1377.2% $192.37 6.6%

2015 $116.0 M26 12.5% $155.73$5,044,190 1326.4% $185.38 6.7%

2014 $44.8 M20 8.7% $92.40$2,984,320 1238.8% $172.79 6.9%

2013 $43.4 M8 3.5% $233.14$10,847,661 1096.2% $153.14 7.3%

2012 $0.8 M3 1.0% $174.78$790,000 106- $148.59 7.4%

2011 $3.8 M3 0.5% $133.96$1,255,000 96- $134.83 7.8%

2010 $33.5 M5 4.2% $133.72$6,708,390 91- $127.52 8.1%

2009 $2.9 M3 0.2% $201.85$970,000 8815.9% $123.60 8.2%

2008 $2.6 M3 0.2% $800.00$2,600,000 100- $140.45 7.6%




Page 26


STRIP CENTER SALES





2023 -- - -- 159- $239.63 6.6%

2022 -- - -- 159- $239.77 6.5%

2021 -- - -- 161- $242.67 6.4%

2020 -- - -- 160- $240.05 6.3%

2019 -- - -- 153- $230.06 6.5%

YTD $1.0 M2 1.1% $78.99$967,200 1527.0% $228.26 6.5%

2018 $7.3 M6 5.7% $161.54$1,451,500 1486.6% $222.90 6.5%

2017 $27.0 M8 7.4% $372.35$3,857,329 1446.9% $216.94 6.5%

2016 $6.7 M6 3.8% $144.08$1,132,500 1357.3% $203.08 6.6%

2015 $12.8 M10 8.2% $149.05$1,984,833 1297.3% $194.31 6.7%

2014 $13.1 M9 11.2% $105.67$1,636,875 1197.6% $178.60 7.1%

2013 $8.7 M7 5.5% $131.23$1,510,000 1068.8% $158.74 7.4%

2012 $1.3 M5 2.2% $214.29- 1038.3% $154.32 7.5%

2011 $3.4 M3 2.2% $130.28$1,475,000 928.1% $138.75 7.9%

2010 $1.3 M5 0.5% $401.91$815,000 88- $131.87 8.2%

2009 $2.3 M3 2.4% $79.73$758,333 866.9% $130.05 8.3%

2008 $8.5 M7 5.9% $134.77$1,423,083 1007.8% $150.38 7.6%



GENERAL RETAIL SALES





2023 -- - -- 165- $272.88 6.5%

2022 -- - -- 165- $272.98 6.4%

2021 -- - -- 167- $276.59 6.3%

2020 -- - -- 166- $274.32 6.3%

2019 -- - -- 160- $264.72 6.4%

YTD $61.4 M62 7.1% $260.05$1,859,859 1597.0% $263.35 6.4%

2018 $50.1 M37 3.1% $275.72$1,992,537 1566.8% $257.71 6.4%

2017 $92.6 M65 6.0% $228.12$2,276,048 1516.6% $249.32 6.4%

2016 $58.5 M55 4.3% $221.50$1,533,576 1426.3% $235.83 6.5%

2015 $47.0 M55 3.1% $221.65$1,043,419 1377.3% $227.40 6.6%

2014 $38.3 M37 2.9% $204.92$1,263,017 1255.9% $207.01 6.9%

2013 $40.8 M41 3.1% $182.86$1,125,185 1108.1% $182.62 7.3%

2012 $52.2 M48 4.3% $229.46$1,265,688 1076.9% $177.26 7.4%

2011 $20.1 M28 1.9% $140.11$824,554 966.9% $159.28 7.8%

2010 $23.2 M30 3.9% $83.29$994,163 91- $151.27 8.1%

2009 $25.4 M31 2.7% $134.89$1,070,162 897.4% $146.73 8.2%

2008 $41.3 M49 3.2% $182.04$1,168,537 1007.0% $165.64 7.7%




Page 27

report boulder - commercial real estate brokers in denver, … · 2019-10-28 · louisville plaza...

Documents