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Downtown retail space at a premium

  Aspen’s commercial core is booming with activity and would-be retailers are negotiating on a new level for coveted space. Aspen Public Radio’s Carolyn Sackariason reports.

The vacancy rate for retail space in downtown Aspen is basically at zero. Out of hundreds of storefronts, there may be one or two open right now. And leading up to the winter season, multiple offers were being made on individual spaces. Karen Setterfield is a longtime commercial real estate broker. She says this market has reached the high water mark.

“The demand for retail spaces is as high as I have ever seen it in leasing spaces in Aspen for almost 30 years now,” she says.

And with more demand than supply, landlords are benefiting in a big way. Retailers are paying historic rents. Again, Setterfield.

“On the upper end the most expensive lease I’ve handled in the last few months was $250 a square foot,” she says.

And that doesn’t include extra expenses landlords pass on to tenants, like building insurance and maintenance costs.

Most new tenants have moved in but there are still a few making the finishing touches on their stores. They’re expected to open later this month for Aspen’s busiest time of the year.

 

Carolyn Sackariason, Aspen Public Radio news