In 2017, nearly 500,000 sq. ft. delivered in the market – annually, this was the greatest amount of new space to come online this business cycle. Key deliveries included Sprouts and King Soopers grocery stores.
While vacancy remains heightened compared to 2014 and 2015, this key metric experienced a 26 bps decline over the course of the year. Big box closures that hit the market in 2016 and 2017 are being absorbed.
Some trendy national retailers opened second locations in the market, tracking strong population growth in the East and Northeast submarkets.
Investment volume reached its highest point in the post-recession period, showing how attractive the market is to both local and national investors.