REPORT Q1 2021 Denver, CO

OUR NETWORK IS YOUR EDGE. PREPARED BY:

All information is from sources deemed reliable and is subject to errors,omissions, change of price, rental, prior sale, and withdrawal without notice. Prospect should Brandon Langiewicz carefully verify each item of information contained herein. Partner

Hoff & Leigh | 3141 S Broadway, Suite A | Denver, CO 80113 | 720.572.5187 office www.hoffleigh.com/denver DenverDenver Retail Retail

RETAIL MARKET REPORT

Market Key Statistics 1 Leasing 2 Rent 6 8 Under Construction Properties 10 Sales 12 Sales Past 12 Months 14 Economy 16 Market Submarkets 21 Supply & Demand Trends 24 Rent & Vacancy 28 Sale Trends 32

4/5/2021 Copyrighted report licensed to Hoff & Leigh Colorado Springs, LLC - 1031464 OVERVIEWOverview DenverDenver Retail Retail

12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 612 K (959 K) 5.3% 0.3%

The retail market is arguably the hardest-hit asset class expected to continue rising in the near term, as many of the pandemic-induced downturn. Denver has retailers will likely be forced to close their doors or hold historically relied on tourists, commuters, and business back on leasing additional space. travelers to drive brick-and-mortar retail demand in the area. These drivers have all but disappeared Going forward, supply will likely become less of an issue as the ongoing pandemic necessitates social distancing than it was in the past decade. With so much weakness and store closures, while e-commerce continues to cut in retail at this stage of the cycle, construction starts are into a larger share of total retail sales. at their lowest point since the Great Recession, and deliveries are projected to be minimal in the coming Leasing activity slowed in the last 12 months. At the years. same time, dozens of national retailers have filed for bankruptcy, and stable retailers have even announced The combination of negative absorption and rising store closures. Denver's retail market recorded three vacancies led to stagnant rent growth in the last 12 consecutive quarters of negative net absorption in 2020, months. Gains were slowing before the pandemic, but the longest stretch on record, and absorption remains in many local and national tenants are now struggling to negative territory at the start of 2021. Smaller meet their obligations. Lease concessions have become businesses, including restaurants and bars, are driving popular as landlords attempt to hold the line on asking most of the negative absorption. rents.

Vacancy has risen steadily in the past two years as Investors and lenders are taking a more cautious retailers struggle to compete with e-commerce and new approach in what has become one of the riskiest asset supply has outpaced demand. The pandemic has classes in commercial real estate. Sales in 2020 totaled accelerated this trend with an even greater share of the nearly $1 billion, a 25% decrease from 2019. population relying on online , and vacancy is

KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction Malls 16,610,083 4.4% $32.22 4.7% 0 0 0 15,703,213 7.2% $24.75 8.9% 23,824 0 0 Neighborhood Center 50,157,116 8.0% $21.52 9.5% (8,660) 0 82,520 Strip Center 8,817,380 5.3% $22.09 6.2% 5,342 0 15,000 General Retail 66,156,416 3.1% $22.21 4.4% (7,555) 0 445,006 Other 1,321,183 0.2% $21.77 0.2% 0 0 0 Market 158,765,391 5.3% $23.28 6.6% 12,951 0 542,526

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 0.9% 6.1% 5.6% 8.7% 2009 Q3 3.8% 2018 Q4 Net Absorption SF (959 K) 1,527,686 216,002 4,720,082 2007 Q1 (976,278) 2021 Q1 Deliveries SF 612 K 1,719,250 712,282 5,120,485 2006 Q4 619,962 2021 Q1 Rent Growth 0.3% 2.0% 1.5% 5.7% 2014 Q4 -2.9% 2009 Q4 Sales Volume $1.1 B $980.3M N/A $1.7B 2018 Q2 $334.9M 2010 Q3

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The coronavirus shock to the retail market resulted in the The flurry of move-outs has been driven by small shuttering of all non-essential stores for an extended businesses hurt by social distancing period of time. Coupled with limited capacity reopenings, policies—restaurants, bars, neighborhood gyms, months of lower revenues forced many tenants to wellness studios, etc.—in spaces under 15,000 SF. permanently close their doors. This led to three Major national chains, 24-Hour Fitness, are also consecutive quarters of negative absorption from 20Q2- behind the record levels of negative absorption. The Q4 with more move-outs likely over the next year. company announced 10 store closures in the Denver Absorption is projected to remain in negative territory metro area during the summer. through at least the first half of 2021. Limited new retail developments, coupled with a growing Given how large Denver's retail footprint is, the negative and highly educated, high-income population with a net absorption has only caused vacancies to rise by 110 large concentration of “big spenders” (the demographic basis points since the pandemic started. aged 35–54 years), are positives in the face of e- commerce driven headwinds.

NET ABSORPTION, NET DELIVERIES & VACANCY

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VACANCY RATE

AVAILABILITY RATE

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12 MONTH NET ABSORPTION SF IN SELECTED

Net Absorption SF Name/Address Submarket Bldg SF Vacant SF 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 12 Month Westminster City Center Market… Northwest Ret 168,138 0 54,260 0 0 0 112,035 Market Station Downtown Ret 88,500 0 0 0 0 0 88,500 Westminster Plaza Northwest Ret 61,437 1,800 0 0 0 0 56,127 Cornerstar Southeast Ret 70,302 0 0 0 0 0 47,268 Alpine Buick GMC South Ret 41,000 0 0 0 0 0 41,000 Promenade at Castle Rock Southeast Outlying Ret 43,000 0 0 0 0 0 40,637 Belmar West Ret 130,000 3,795 38,774 0 0 0 38,774 Center Tech Plaza Aurora Ret 71,438 0 0 0 0 0 34,065 6th Avenue Commerce Center West Ret 161,180 0 33,897 0 0 0 33,897 Highfield Pky Southeast Ret 30,000 0 30,000 0 0 0 30,000 Sprouts Central Ret 29,992 0 0 0 0 0 29,992 13750 Grant St Northeast Ret 38,000 8,500 0 0 0 0 29,500 Aurora City Center Aurora Ret 93,586 14,870 31,734 0 0 0 29,409 The Pinnacle Town Center Northeast Ret 239,000 63,999 0 0 0 0 27,078 2896 Fairfax St Central Ret 27,000 0 0 0 0 0 27,000 Larkridge Northeast Ret 122,466 0 0 23,824 0 0 23,824 5445 W Evans Ave West Ret 21,891 0 0 0 0 0 21,891 Subtotal Primary Competitors 1,436,930 92,964 188,665 23,824 0 0 710,997 Remaining Denver Market 157,329,701 8,306,856 (413,596) (10,873) 0 0 (1,661,152) Total Denver Market 158,766,631 8,399,820 (224,931) 12,951 0 0 (950,155)

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TOP RETAIL LEASES PAST 12 MONTHS

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

Larkridge * Northeast 165,292 Q2 20 Sears Appliance Repair - -

Arvada * Northwest 68,238 Q2 20 Floor & Decor - NewMark Merrill Comp…

Northridge Northwest 56,674 Q4 20 Hobby Lobby - David, Hicks & Lampert…

Northridge Shopping Center Northwest 56,674 Q2 20 Spirit Halloween - -

Heritage Hills Shopping Center * South 54,650 Q2 20 Safeway - Antonoff & Company Br…

Westminster City Center Marketplace Northwest 54,260 Q3 20 Overstock Furniture and… - Brixmor Property Grou…

Belmar West 42,569 Q1 21 Dick's Sporting Goods - -

945 S Kipling Pky * West 36,386 Q4 20 Bowlero - -

Bowlero * Northwest 36,342 Q4 20 Bowlero - -

9150 Harlan St * Northwest 36,242 Q4 20 Bowlero - -

Bowlero * Aurora 36,124 Q4 20 Bowlero - -

7800 W Colfax Ave West 32,000 Q4 20 Rottweiler Transmissions… - Antonoff & Company Br…

Aurora City Center Aurora 31,734 Q1 21 Colorado Gymnastics Insti… - DePaul Real Estate Ad…

Southwest Commons * Southwest 30,000 Q3 20 Christy Sports - -

Belmar West 27,611 Q3 20 - - SRS Real Estate Partn…

Market At Southpark South 25,267 Q4 20 Planet Fitness - Kimco Realty Corporati…

Boulevard One Central 25,000 Q4 20 Target - SullivanHayes Brokerage

Larkridge Northeast 23,824 Q3 20 - - Jordon Perlmutter & Co.

Alameda-Chambers Connection Aurora 23,420 Q1 21 Colorado Gymnastics Insti… - -

Salem Square Aurora 19,995 Q1 21 - - Panorama Commercial…

Willow Creek Shopping Center South 18,500 Q3 20 The ARC Rare Space Inc. Legend Partners

Westminster City Center Marketplace Northwest 17,233 Q3 20 Golf Galaxy - Brixmor Property Grou…

Westminster City Center Marketplace Northwest 16,302 Q3 20 Kids Empire Legend Partners Retro Commercial

Abilene Market Aurora 15,232 Q3 20 Colorado Bin Store Fairbairn Commerci… NAI Shames Makovsky

Belmar Southwest Denver 14,946 Q3 20 - - SRS Real Estate Partn…

Noah's Event Center Northwest 13,319 Q3 20 Noah's Event Venue - John Propp Commercia…

3090 Downing St Central 12,379 Q1 21 - - Pinnacle Real Estate A…

Pioneer Hills Southeast 11,714 Q2 20 Dollar Tree - SRS Real Estate Partn…

Lone Tree Entertainment District South 11,612 Q1 21 Paradise Indian - SRS Real Estate Partn…

Arvada Marketplace Northwest 11,152 Q3 20 Five Below - SullivanHayes Brokerage

Salem Square Aurora 11,085 Q4 20 New Direction Praise and… - Panorama Commercial…

Alameda Crossing West 11,000 Q3 20 Fiesta Furniture - Retro Commercial

Festival Shopping Center South 10,973 Q3 20 Appliance Factory Outlet - Miller Real Estate Inves…

Solaire Shoppes Northwest 10,268 Q2 20 - - Gibbons-White, Inc.

Southlands Southeast 10,093 Q2 20 ULTA - SRS Real Estate Partn…

Arapahoe Crossings Southeast 10,055 Q2 20 Goldfish Swim School - Brixmor Property Grou…

7475 Meadows Dr South 10,051 Q1 21 - - SullivanHayes Brokerage

5690 County Line Pl South 10,018 Q1 21 - - -

Southwest Plaza Southwest 10,000 Q2 20 - - Brookfield Properties R…

Havana Commercial Park Aurora 10,000 Q4 20 - - Hoff & Leigh Denver *Renewal

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With retail demand falling and vacancies rising, rent Downtown Denver and Cherry Creek weighing on the growth stagnated in 2020. With more businesses overall tally. Employment centers such as these that rely potentially closing their doors permanently in the coming on daytime foot traffic are being disproportionately months, downward pressure on rents will be a theme to impacted by the virus and social distancing policies. Due watch in 2021. to this, rent growth in Downtown Denver and Cherry Creek have been among the weakest in the metro. On Retail rents posted average annual gains of nearly 5% the other hand, some suburban areas have seen an from 2013-2018, one of the best performances out of uptick in retail sales as more residents work-from-home the 50 largest metros nationally. Mirroring the national and buy locally, instead of spending dollars in trend, rent growth moderated further in 2019 and 2020. employment hubs. The Aurora and Northeast submarkets were among the rent growth leaders in 2020. Retail sales are down in the city of Denver with

MARKET RENT GROWTH (YOY)

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MARKET RENT PER SQUARE FEET

4/5/2021 Copyrighted report licensed to Hoff & Leigh Colorado Springs, LLC - 1031464 Page 8 CONSTRUCTIONConstruction DenverDenver Retail Retail

The moderation in construction levels before the Coors Field in Downtown is the largest retail project pandemic has helped prevent a worse deterioration in under construction. Hensel Phelps broke ground on the market fundamentals. With construction starts down, the Wazee Street project in 2018 and is expected to wrap up amount of retail space under construction in Denver is at construction in early 2021. The development includes its lowest point since 2013. office space, hotel rooms, a food hall, and a 75,000-SF retail portion. In the past decade, a large portion of new development in Denver for office, multifamily, and retail space has A similar project recently delivered. Continuum Partners been concentrated in mixed-use projects. By design, built nearly 90,000 SF of retail at its Market Station these developments promote socializing and connectivity. project, just a few blocks away from Union Station. The pandemic has changed the way people live and Construction wrapped up in early 2020. Market Station work, and demand for this type of space has fallen also includes 225 market-rate units and considerably in the wake of social distancing efforts. 95,000 SF of office space. COVID-19 vaccines are now in distribution, offering a line of sight to normalcy. For now, the Denver retail Another similar project is slated to complete in 2021: A market has a number of these large-scale projects in the group of developers, led by The Rockies organization, is pipeline that are scheduled to deliver in the coming year, including 75,000 SF of retail in a mixed-use which will be a difficult time to lease this type of space. development across the street from Coors Field. In addition to retail, there will be office and residential The McGregor Square mixed-use development near components, along with a hotel.

DELIVERIES & DEMOLITIONS

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SUBMARKET CONSTRUCTION

Under Construction Inventory Average Building Size

No. Submarket Bldgs SF (000) Pre-Leased SF (000) Pre-Leased % Rank All Existing Under Constr Rank 1 Northeast 5 218 137 62.8% 7 12,992 43,504 2 2 Northwest 4 103 62 59.7% 8 16,486 25,753 5 3 Downtown 1 76 0 0% 9 16,111 75,500 1 4 Southeast 8 58 58 100% 1 18,744 7,190 7 5 Aurora 1 43 41 94.3% 4 16,599 43,250 3 6 Southeast Outlying 1 27 20 73.3% 6 11,575 26,877 4 7 Central 1 8 8 100% 1 8,723 8,085 6 8 West 2 8 7 85.9% 5 10,254 3,968 8 9 South 1 3 3 100% 1 19,845 2,824 9 10 Colorado Bl/Cherry Ck 0 - - - - 15,783 - - All Other 0 - - - 16,629 - Totals 24 543 334 61.5% 13,511 22,605

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Properties Square Feet Percent of Inventory Preleased 24 542,526 0.3% 61.5%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Amber Creek - 1 130,000 1 Dec 2020 Dec 2021 SWC 136th Ave & Quebec… WMG Development McGregor Square Retail Hensel Phelps 2 75,500 2 Oct 2018 May 2021 1901 Wazee St Coors Field Reunion Station Thompson Thrift 3 70,000 1 Aug 2019 Dec 2021 Nec of Chambers Rd & 104t Thompson Thrift WeatherTech Wyatt Construction Company 4 59,000 1 Dec 2019 May 2021 8741 Destination Way MacNeil Real Estate Holdings, LLC Parkside@City Centre Northstar Commercial Partners 5 43,250 1 Sep 2019 May 2021 14531 E Alameda Ave Regional Transportation District Central Square Sherman Associates 6 34,312 1 Mar 2019 Jun 2021 Westminster Blvd And 92nd Sherman Associates Encore Castle Rock Confluence Companies 7 26,877 1 Jan 2019 Sep 2021 20 Wilcox St Confluence Companies

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UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Smoky Hill Crossing - 8 15,000 1 Aug 2020 May 2021 22986 E Smoky Hill Rd Scott W & Wendy B Baldensperger Smoky Hill Crossing - Pa… - 9 13,200 1 Aug 2020 May 2021 22986 E Smoky Hill Rd Goodwin Knight ANB Bank Prime Management 10 9,400 - May 2020 May 2021 8080 E Union Ave ANB Bank, a Colorado Banking C… 2903 Larimer St - 11 8,085 1 Sep 2020 Jul 2021 Sterling Bay 5300 Sheridan Blvd - 12 7,200 1 Oct 2019 Jun 2021 - 19245 E 56th Ave - 13 7,000 1 Jan 2021 Jul 2021 - Panda Express Evergreen Development Co. 14 7,000 1 Jul 2019 May 2021 56th Ave & Central Park B Evergreen Development Co. Bldg A - 15 6,820 1 Aug 2020 Aug 2021 3795 Wadsworth Blvd - Build To Suit - 16 6,023 1 Aug 2020 Dec 2021 15570 E Broncos Pky Siegrist Companies 6405 Ponderosa Dr - 17 5,000 1 Jun 2020 May 2021 Canvas Credit Union Pad 4 - 18 4,200 1 Aug 2020 May 2021 22986 E Smoky Hill Rd Scott W & Wendy B Baldensperger Ent Credit Union - 19 3,520 1 Jan 2021 May 2021 13670 Grant St - 181 W Littleton Blvd - 20 2,824 1 Aug 2020 May 2021 Leon Capital Group Pad 2 - 21 2,800 1 Aug 2020 May 2021 22986 E Smoky Hill Rd Goodwin Knight KFC Eisenberg Company 22 2,500 1 Feb 2019 Jun 2021 NE Hwy 7 & Sheridan Pky Eisenberg Company Pad 3 - 23 1,900 1 Aug 2020 May 2021 22986 E Smoky Hill Rd Scott W & Wendy B Baldensperger 2830 W 25th Ave - 24 1,115 1 Mar 2018 May 2021 Michael J Briggs

4/5/2021 Copyrighted report licensed to Hoff & Leigh Colorado Springs, LLC - 1031464 Page 12 SALESSales DenverDenver Retail Retail

Investment activity slowed dramatically following the trades, including a five-property portfolio deal in August. pandemic-induced downturn in March and April of last Capital Automotive Real Estate Services purchased the year. Retail was one of the hardest-hit sectors of the Medved Autoplex for $59.61 million ($280.80/SF). The economy, making it a challenge for investors and lenders 212,000 SF portfolio included auto dealerships for to underwrite deals. In 20Q2, retail sales volume was Chevrolet, Chrysler, and Suzuki. around $120 million in Denver, its lowest quarter for investment since 2013. Deal activity improved in the Prior to 2013, 10% of Metro Denver's suburban retail second half of the year, and sales during 2020 totaled stock was within a mile of a light rail station. Now more nearly $1 billion, a 25% decrease from 2019. than 30% of retail stock is within a mile of a light rail station, an increase of 23 million SF. For investors of Sale leasebacks have become increasingly common in existing retail, or those pondering a , there the current economic environment. Companies in need of is a growing roster of suburban opportunities to consider. cash have been involved in some of Denver's biggest

SALES VOLUME & MARKET SALE PRICE PER SF

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MARKET CAP RATE

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Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 638 5.8% $272 6.4%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $44,272 $2,550,122 $1,425,000 $93,822,687

Price/SF $3.72 $272 $295 $5,833

Cap Rate 2.6% 5.8% 5.7% 10.7%

Time Since Sale in Months 0.1 5.6 5.5 12.0

Property Attributes Low Average Median High Building SF 288 8,832 4,193 411,048

Stories 1 1 1 4

Typical Floor SF 288 7,756 3,956 205,524

Vacancy Rate At Sale 0% 6.4% 0% 100%

Year Built 1890 1976 1979 2021

Star Rating 2.5

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RECENT SIGNIFICANT SALES

Property Sale

Property Name - Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF Cap Rate Cherry Creek Shopping… 1 - 1990 411,048 0% 12/29/2020 $93,822,687 $285 - 3000 E 1st Ave Medved Ford 2 - 2000 88,558 0% 8/4/2020 $23,907,568 $270 - 1404 S Wilcox St RH Gallery 3 - 2015 70,000 0% 12/29/2020 $15,977,667 $285 - 2900 E 1st Ave Medved Kia 4 - 1999 46,665 0% 8/4/2020 $13,703,956 $294 - 11201 W I-70 Frontage Rd N Medved Chevrolet Cadillac 5 - 1987 52,029 0% 8/4/2020 $13,203,274 $254 - 11001 W I-70 Frontage Rd N 3110-3112 E 1st Ave 6 - 2018 52,500 0% 12/29/2020 $11,983,250 $285 -

Sprouts 7 - 2020 29,992 0% 11/24/2020 $11,700,000 $390 - 3500 Central Park Blvd A Line Square 8 - 2020 12,000 53.4% 11/24/2020 $11,700,000 $975 - 3585 Central Park Blvd Quebec Village Shoppin… 9 - 1994 91,004 0% 3/24/2021 $11,034,444 $121 - 8181 S Quebec St 5220 Wadsworth Byp 10 - 1988 38,711 4.2% 6/3/2020 $10,633,000 $275 6.2%

King Soopers 11 - 2005 59,060 0% 8/20/2020 $10,278,017 $174 - 750 N Ridge Rd Crown Point Plaza 12 - 2019 16,390 0% 3/10/2021 $10,200,000 $622 5.8% 18300-18400 Cottonwood Dr Walgreens 13 - 2002 14,490 0% 3/1/2021 $8,745,740 $604 - 14 Allen St Brentwood Center 14 - 1959 76,449 0% 12/22/2020 $8,494,163 $111 - 1951-1997 S Federal Blvd 2500 E 1st Ave 15 - 1979 36,965 0% 12/29/2020 $8,437,349 $285 -

2700 S Havana St 16 - 2020 5,669 0% 1/28/2021 $8,258,000 $1,457 5.4%

Kum & Go 17 - 2020 9,850 0% 11/2/2020 $8,200,000 $832 5.8% 3253 S Parker Rd Animal Emergency & Sp… 18 - 2004 19,338 0% 9/17/2020 $7,815,000 $404 6.2% 17701 Cottonwood Dr 2500 E 1st Ave 19 - 1979 34,194 0% 12/29/2020 $7,804,862 $285 -

Roxborough Marketplac… 20 - 2004 44,203 0% 10/7/2020 $7,356,491 $166 - 8355 N Rampart Range Rd

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Denver's emergence as a bona fide technology market and Russia posturing, and a precipitous fall in demand this cycle has helped insulate it from the impact of the as the movement of people and goods becomes coronavirus-induced downturn. Tech employers typically increasingly restricted due to the coronavirus. allow the flexibility of telecommuting, and many office- using employers have the capacity to facilitate a work- Even though Denver's overall employment growth from-home transition. Office-using jobs in Denver have showed signs of a slowdown last year along with the grown above the national average the past five years at national index, it added tech jobs at an accelerating about 3% annually. pace. Employment in Professional, Scientific & Technical Services grew by more than 7% annually in 2019, one of Government employment has also been consistent, if not the best growth rates in the country. Corporate pedestrian, in terms of employment growth in the state expansions and relocations by tech companies such as capital. The public sector has often been a stabilizing Amazon, Slack, and Conga drove employment gains and force during past economic downturns. The government epitomize the trend of West Coast firms choosing to and professional and business services sectors were the expand in Denver for its robust workforce, quality of life, only nonfarm job sectors in Denver to grow at or above and cost of doing business. their five-year average in 2019. Denver has been frequently lauded as a hot destination Although education and health services job gains were for young, educated job seekers throughout this cycle. below their five-year average in 2019, it ranked as the Headwinds to this trend could come from housing costs, third-strongest employment growth sector behind which are dramatically higher today for both renters and professional and business services and government. prospective owners. While home prices continue to climb Healthcare is seeing a major investment in the $1.3 into the stratosphere (albeit at a slower rate than the billion VA hospital in Aurora, the Denver Health peak years of this cycle), apartment rent growth has Administration's new headquarters in South Midtown, moderated alongside elevated levels of construction, and Catalyst's 300,000-SF digital health facility in the which may provide a relief valve for those considering RiNo neighborhood. the metro for its otherwise robust employment prospects.

On the downside, oil and gas companies clustered in Along with a young, highly educated, and growing labor Denver's CBD are now faced with volatile oil prices that force, the FasTracks transit expansion is another selling plunged to 18-year lows in March. The last time oil point. Transit-oriented development is taking hold prices were this weak in 2016, layoffs were widespread through the metro as additional lines connect downtown throughout the industry. This time, energy companies are to North Denver, Aurora, Southeast Denver, and the faced with dual threats: oversupply due to Saudi Arabia Denver International Airport.

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DENVER EMPLOYMENT BY INDUSTRY IN THOUSANDS

CURRENT JOBS CURRENT GROWTH 10 YR HISTORICAL 5 YR FORECAST

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 75 0.6 4.42% -3.13% 2.00% 0.60% 0.07% 0.42% Trade, Transportation and Utilities 276 1.0 -2.28% -2.29% 1.90% 0.86% 0.80% 0.56% Retail Trade 134 0.8 -2.22% -2.41% 1.06% 0.40% 1.00% 0.69% Financial Activities 113 1.2 -1.10% -0.90% 2.13% 1.30% 1.18% 0.74% Government 194 0.9 -5.60% -5.21% 0.97% -0.34% 1.48% 1.00% Natural Resources, Mining and Construction 108 1.3 -3.19% -2.74% 4.68% 2.64% 1.71% 1.06% Education and Health Services 192 0.8 -2.11% -2.96% 2.81% 1.61% 1.89% 1.76% Professional and Business Services 289 1.3 -0.22% -3.42% 3.33% 1.87% 1.39% 1.56% Information 50 1.8 -3.52% -4.89% 1.28% 0.22% 1.08% 1.92% Leisure and Hospitality 153 1.1 -10.31% -14.96% 1.61% 0.45% 3.40% 4.13% Other Services 55 1.0 -5.18% -5.56% 1.18% 0.35% 1.81% 1.34% Total Employment 1,505 1.0 -3.01% -4.55% 2.26% 0.95% 1.52% 1.41% Source: Oxford Economics LQ = Location Quotient

YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics

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UNEMPLOYMENT RATE (%)

NET EMPLOYMENT CHANGE (YOY)

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MEDIAN HOUSEHOLD INCOME

POPULATION GROWTH (YOY %)

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NET POPULATION CHANGE (YOY)

DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro US Metro US Metro US Metro US Population 3,017,642 330,855,813 1.1% 0.5% 1.6% 0.6% 1.1% 0.5% Households 1,180,829 123,654,031 1.0% 0.4% 1.6% 0.7% 1.1% 0.5% Median Household Income $88,202 $69,269 1.9% 3.7% 4.1% 3.3% 2.4% 2.2% Labor Force 1,684,443 160,976,547 -0.2% -1.7% 1.8% 0.5% 1.3% 0.8% Unemployment 5.4% 6.7% 1.7% 2.4% -0.3% -0.2% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

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DENVER SUBMARKETS

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SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction

No. Submarket Bldgs SF (000) % Market Rank Bldgs SF (000) Percent Rank Bldgs SF (000) Percent Rank 1 Aurora 728 12,084 7.6% 7 0 0 0% - 1 43 0.4% 5 2 Central 2,446 21,337 13.4% 3 9 114 0.5% 1 1 8 0% 7 3 Colorado Bl/Cherry Ck 323 5,098 3.2% 9 0 0 0% - 0 - - - 4 Downtown 236 3,802 2.4% 11 1 89 2.3% 4 1 76 2.0% 3 5 Northeast 1,175 15,265 9.6% 6 14 114 0.7% 2 5 218 1.4% 1 6 Northwest 1,518 25,026 15.8% 2 4 22 0.1% 8 4 103 0.4% 2 7 South 953 18,912 11.9% 4 4 63 0.3% 5 1 3 0% 9 8 Southeast 872 16,345 10.3% 5 7 61 0.4% 6 8 58 0.4% 4 9 Southeast Outlying 337 3,901 2.5% 10 9 96 2.5% 3 1 27 0.7% 6 10 Southwest 485 10,520 6.6% 8 1 3 0% 9 0 - - - 11 Southwest Outlying 230 1,370 0.9% 12 0 0 0% - 0 - - - 12 West 2,445 25,070 15.8% 1 8 49 0.2% 7 2 8 0% 8

SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 1 Aurora $17.19 12 1.2% 3 -1.8% 5 2 Central $23.37 5 0.4% 9 -2.9% 10 3 Colorado Bl/Cherry Ck $42.74 1 -1.4% 11 -1.2% 2 4 Downtown $31.07 2 -1.9% 12 -3.5% 11 5 Northeast $21.38 6 0.8% 5 -1.9% 7 6 Northwest $21.12 7 0.5% 8 -1.0% 1 7 South $28.14 3 -0.7% 10 -1.8% 6 8 Southeast $25.89 4 0.7% 6 -2.1% 8 9 Southeast Outlying $20 10 1.5% 1 -2.6% 9 10 Southwest $20.87 8 0.8% 4 -1.5% 3 11 Southwest Outlying $17.23 11 1.3% 2 -3.9% 12 12 West $20.80 9 0.6% 7 -1.8% 4

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SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 1 Aurora 741,658 6.1% 11 (148,495) -1.2% 10 - 2 Central 874,967 4.1% 2 (101,324) -0.5% 7 - 3 Colorado Bl/Cherry Ck 240,363 4.7% 5 (28,593) -0.6% 5 - 4 Downtown 208,159 5.5% 8 3,948 0.1% 3 22.0 5 Northeast 696,233 4.6% 4 7,142 0% 2 12.9 6 Northwest 1,524,976 6.1% 10 (115,725) -0.5% 9 - 7 South 1,113,014 5.9% 9 (311,584) -1.6% 12 - 8 Southeast 819,668 5.0% 6 (69,996) -0.4% 6 - 9 Southeast Outlying 76,526 2.0% 1 97,022 2.5% 1 0.2 10 Southwest 705,357 6.7% 12 (161,247) -1.5% 11 - 11 Southwest Outlying 60,883 4.4% 3 (17,164) -1.3% 4 - 12 West 1,338,016 5.3% 7 (104,140) -0.4% 8 -

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OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 160,640,638 778,181 0.5% 745,926 0.5% 1.0 2024 159,862,457 625,835 0.4% 680,727 0.4% 0.9 2023 159,236,622 299,246 0.2% 514,868 0.3% 0.6 2022 158,937,376 61,549 0% 244,981 0.2% 0.3 2021 158,875,827 160,842 0.1% (902,702) -0.6% - YTD 158,765,391 50,406 0% (211,980) -0.1% - 2020 158,714,985 882,662 0.6% (723,706) -0.5% - 2019 157,832,323 733,320 0.5% 58,622 0% 12.5 2018 157,099,003 1,273,607 0.8% 2,010,750 1.3% 0.6 2017 155,825,396 1,491,125 1.0% 1,788,122 1.1% 0.8 2016 154,334,271 787,891 0.5% 1,484,958 1.0% 0.5 2015 153,546,380 883,129 0.6% 1,332,404 0.9% 0.7 2014 152,663,251 430,712 0.3% 1,467,008 1.0% 0.3 2013 152,232,539 1,002,901 0.7% 2,013,276 1.3% 0.5 2012 151,229,638 395,289 0.3% 1,259,098 0.8% 0.3 2011 150,834,349 898,257 0.6% 1,676,461 1.1% 0.5 2010 149,936,092 630,433 0.4% 1,432,119 1.0% 0.4 2009 149,305,659 2,340,887 1.6% 1,404,116 0.9% 1.7

MALLS SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 16,564,710 11,162 0.1% 17,302 0.1% 0.6 2024 16,553,548 4,987 0% 41,227 0.2% 0.1 2023 16,548,561 (8,157) 0% 101,533 0.6% - 2022 16,556,718 (27,030) -0.2% 29,590 0.2% - 2021 16,583,748 (21,335) -0.1% (404,664) -2.4% - YTD 16,610,083 5,000 0% (126,234) -0.8% - 2020 16,605,083 64,500 0.4% (37,661) -0.2% - 2019 16,540,583 27,393 0.2% (174,035) -1.1% - 2018 16,513,190 73,002 0.4% 389,435 2.4% 0.2 2017 16,440,188 339,754 2.1% 481,397 2.9% 0.7 2016 16,100,434 188,969 1.2% 274,613 1.7% 0.7 2015 15,911,465 84,823 0.5% 153,428 1.0% 0.6 2014 15,826,642 7,264 0% (81,151) -0.5% - 2013 15,819,378 0 0% 96,951 0.6% 0 2012 15,819,378 38,547 0.2% 61,530 0.4% 0.6 2011 15,780,831 270,000 1.7% 42,169 0.3% 6.4 2010 15,510,831 7,232 0% 97,286 0.6% 0.1 2009 15,503,599 563,311 3.8% 583,835 3.8% 1.0

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POWER CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 15,681,677 15,055 0.1% 11,686 0.1% 1.3 2024 15,666,622 8,724 0.1% 19,938 0.1% 0.4 2023 15,657,898 (4,702) 0% 45,143 0.3% - 2022 15,662,600 (23,994) -0.2% (1,104) 0% - 2021 15,686,594 (16,619) -0.1% (175,363) -1.1% - YTD 15,703,213 0 0% 7,855 0.1% 0 2020 15,703,213 0 0% 43,019 0.3% 0 2019 15,703,213 93,809 0.6% (56,050) -0.4% - 2018 15,609,404 57,500 0.4% (116,539) -0.7% - 2017 15,551,904 47,500 0.3% 143,964 0.9% 0.3 2016 15,504,404 18,099 0.1% (387,937) -2.5% - 2015 15,486,305 25,005 0.2% 71,201 0.5% 0.4 2014 15,461,300 119,775 0.8% 369,711 2.4% 0.3 2013 15,341,525 88,608 0.6% 116,383 0.8% 0.8 2012 15,252,917 128,031 0.8% 263,285 1.7% 0.5 2011 15,124,886 425,199 2.9% 639,137 4.2% 0.7 2010 14,699,687 27,609 0.2% 299,536 2.0% 0.1 2009 14,672,078 803,454 5.8% 430,050 2.9% 1.9

NEIGHBORHOOD CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 50,200,886 60,181 0.1% 79,083 0.2% 0.8 2024 50,140,705 38,317 0.1% 116,143 0.2% 0.3 2023 50,102,388 (8,141) 0% 115,040 0.2% - 2022 50,110,529 (75,023) -0.1% (37,669) -0.1% - 2021 50,185,552 28,436 0.1% (382,700) -0.8% - YTD 50,157,116 0 0% (129,589) -0.3% - 2020 50,157,116 69,984 0.1% (793,596) -1.6% - 2019 50,087,132 161,524 0.3% (93,643) -0.2% - 2018 49,925,608 170,534 0.3% 534,692 1.1% 0.3 2017 49,755,074 246,482 0.5% 416,737 0.8% 0.6 2016 49,508,592 212,886 0.4% 752,563 1.5% 0.3 2015 49,295,706 461,153 0.9% 466,239 0.9% 1.0 2014 48,834,553 277,204 0.6% 541,649 1.1% 0.5 2013 48,557,349 315,432 0.7% 724,388 1.5% 0.4 2012 48,241,917 502,174 1.1% 887,949 1.8% 0.6 2011 47,739,743 118,522 0.2% 352,989 0.7% 0.3 2010 47,621,221 325,047 0.7% 378,302 0.8% 0.9 2009 47,296,174 165,198 0.4% 110,339 0.2% 1.5

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STRIP CENTER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 8,904,607 42,811 0.5% 38,708 0.4% 1.1 2024 8,861,796 33,732 0.4% 34,500 0.4% 1.0 2023 8,828,064 17,136 0.2% 12,652 0.1% 1.4 2022 8,810,928 (7,826) -0.1% (7,313) -0.1% - 2021 8,818,754 1,374 0% 5,831 0.1% 0.2 YTD 8,817,380 0 0% 9,169 0.1% 0 2020 8,817,380 26,100 0.3% (76,377) -0.9% - 2019 8,791,280 71,085 0.8% 85,015 1.0% 0.8 2018 8,720,195 109,702 1.3% 123,916 1.4% 0.9 2017 8,610,493 51,663 0.6% 46,977 0.5% 1.1 2016 8,558,830 34,548 0.4% 79,095 0.9% 0.4 2015 8,524,282 34,322 0.4% 112,912 1.3% 0.3 2014 8,489,960 40,508 0.5% 148,989 1.8% 0.3 2013 8,449,452 58,221 0.7% 105,136 1.2% 0.6 2012 8,391,231 28,453 0.3% 81,292 1.0% 0.4 2011 8,362,778 0 0% 79,377 0.9% 0 2010 8,362,778 0 0% 111,820 1.3% 0 2009 8,362,778 70,557 0.9% (27,538) -0.3% -

GENERAL RETAIL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 67,941,010 636,343 0.9% 587,685 0.9% 1.1 2024 67,304,667 529,558 0.8% 460,494 0.7% 1.1 2023 66,775,109 297,064 0.4% 236,866 0.4% 1.3 2022 66,478,045 195,733 0.3% 260,267 0.4% 0.8 2021 66,282,312 171,302 0.3% 59,942 0.1% 2.9 YTD 66,156,416 45,406 0.1% 26,819 0% 1.7 2020 66,111,010 722,078 1.1% 123,751 0.2% 5.8 2019 65,388,932 379,509 0.6% 297,335 0.5% 1.3 2018 65,009,423 534,749 0.8% 698,402 1.1% 0.8 2017 64,474,674 798,322 1.3% 763,048 1.2% 1.0 2016 63,676,352 275,712 0.4% 706,386 1.1% 0.4 2015 63,400,640 277,826 0.4% 525,386 0.8% 0.5 2014 63,122,814 (14,039) 0% 489,016 0.8% - 2013 63,136,853 540,640 0.9% 966,517 1.5% 0.6 2012 62,596,213 (301,916) -0.5% (40,803) -0.1% - 2011 62,898,129 84,536 0.1% 563,639 0.9% 0.1 2010 62,813,593 270,545 0.4% 539,113 0.9% 0.5 2009 62,543,048 738,367 1.2% 324,390 0.5% 2.3

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OTHER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 1,347,748 12,629 0.9% 11,462 0.9% 1.1 2024 1,335,119 10,517 0.8% 8,425 0.6% 1.2 2023 1,324,602 6,046 0.5% 3,634 0.3% 1.7 2022 1,318,556 (311) 0% 1,210 0.1% - 2021 1,318,867 (2,316) -0.2% (5,748) -0.4% - YTD 1,321,183 0 0% - - - 2020 1,321,183 0 0% 17,158 1.3% 0 2019 1,321,183 0 0% - - - 2018 1,321,183 328,120 33.0% 380,844 28.8% 0.9 2017 993,063 7,404 0.8% (64,001) -6.4% - 2016 985,659 57,677 6.2% 60,238 6.1% 1.0 2015 927,982 0 0% 3,238 0.3% 0 2014 927,982 0 0% (1,206) -0.1% - 2013 927,982 0 0% 3,901 0.4% 0 2012 927,982 0 0% 5,845 0.6% 0 2011 927,982 0 0% (850) -0.1% - 2010 927,982 0 0% 6,062 0.7% 0 2009 927,982 0 0% (16,960) -1.8% -

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OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $25.11 141 1.9% 8.1% 8,758,720 5.5% 0% 2024 $24.64 138 2.4% 6.1% 8,749,916 5.5% -0.1% 2023 $24.07 135 2.7% 3.7% 8,825,768 5.5% -0.1% 2022 $23.43 132 1.4% 0.9% 9,047,335 5.7% -0.1% 2021 $23.11 130 -0.5% -0.5% 9,219,543 5.8% 0.7% YTD $23.28 131 0.3% 0.3% 8,399,820 5.3% 0.2% 2020 $23.22 130 0.8% 0% 8,137,434 5.1% 1.0% 2019 $23.04 129 2.9% -0.8% 6,545,973 4.1% 0.4% 2018 $22.40 126 3.9% -3.5% 5,892,104 3.8% -0.5% 2017 $21.55 121 5.2% -7.2% 6,646,565 4.3% -0.2% 2016 $20.49 115 4.7% -11.8% 6,961,135 4.5% -0.5% 2015 $19.57 110 3.8% -15.7% 7,665,202 5.0% -0.3% 2014 $18.85 106 5.7% -18.8% 8,101,825 5.3% -0.7% 2013 $17.83 100 3.9% -23.2% 9,151,090 6.0% -0.7% 2012 $17.17 96 1.1% -26.1% 10,163,545 6.7% -0.6% 2011 $16.97 95 0.2% -26.9% 11,027,354 7.3% -0.6% 2010 $16.95 95 -1.9% -27.0% 11,805,783 7.9% -0.5% 2009 $17.28 97 -2.9% -25.6% 12,549,105 8.4% 0.5%

MALLS RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $34.76 145 1.9% 6.0% 770,514 4.7% 0% 2024 $34.10 143 2.4% 4.0% 777,218 4.7% -0.2% 2023 $33.30 139 2.8% 1.5% 813,493 4.9% -0.7% 2022 $32.40 135 1.4% -1.2% 922,681 5.6% -0.3% 2021 $31.96 134 -0.8% -2.5% 979,006 5.9% 2.3% YTD $32.22 135 0% -1.8% 726,248 4.4% 0.8% 2020 $32.22 135 -1.8% -1.8% 595,014 3.6% 0.6% 2019 $32.79 137 2.7% 0% 492,853 3.0% 1.2% 2018 $31.94 134 3.1% -2.6% 291,425 1.8% -1.9% 2017 $30.97 129 4.9% -5.6% 607,858 3.7% -1.0% 2016 $29.51 123 5.3% -10.0% 749,501 4.7% -0.6% 2015 $28.04 117 2.3% -14.5% 842,145 5.3% -0.5% 2014 $27.39 115 6.7% -16.5% 910,750 5.8% 0.6% 2013 $25.67 107 4.5% -21.7% 822,335 5.2% -0.6% 2012 $24.56 103 1.7% -25.1% 919,286 5.8% -0.2% 2011 $24.16 101 1.7% -26.3% 942,269 6.0% 1.4% 2010 $23.75 99 1.3% -27.6% 714,663 4.6% -0.6% 2009 $23.44 98 -2.0% -28.5% 804,717 5.2% -0.3%

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POWER CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $26.54 140 1.8% 7.5% 1,222,238 7.8% 0% 2024 $26.08 137 2.2% 5.6% 1,219,695 7.8% -0.1% 2023 $25.50 134 2.6% 3.3% 1,231,410 7.9% -0.3% 2022 $24.85 131 1.3% 0.6% 1,280,701 8.2% -0.1% 2021 $24.54 129 -0.6% -0.6% 1,303,038 8.3% 1.0% YTD $24.75 130 0.2% 0.2% 1,135,250 7.2% -0.1% 2020 $24.69 130 0.6% 0% 1,143,105 7.3% -0.3% 2019 $24.55 129 2.8% -0.6% 1,186,124 7.6% 0.9% 2018 $23.87 126 4.0% -3.3% 1,036,265 6.6% 1.1% 2017 $22.96 121 5.2% -7.0% 862,226 5.5% -0.6% 2016 $21.83 115 4.9% -11.6% 958,690 6.2% 2.6% 2015 $20.81 109 3.8% -15.7% 552,654 3.6% -0.3% 2014 $20.04 105 5.9% -18.8% 598,850 3.9% -1.7% 2013 $18.93 100 3.6% -23.3% 848,786 5.5% -0.2% 2012 $18.27 96 1.3% -26.0% 876,561 5.7% -0.9% 2011 $18.03 95 0.3% -27.0% 1,011,815 6.7% -1.6% 2010 $17.98 95 -2.2% -27.2% 1,225,753 8.3% -1.9% 2009 $18.40 97 -3.3% -25.5% 1,497,680 10.2% 2.1%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $23.07 137 1.8% 7.3% 4,024,908 8.0% -0.1% 2024 $22.67 135 2.3% 5.5% 4,047,652 8.1% -0.2% 2023 $22.17 132 2.6% 3.1% 4,128,880 8.2% -0.2% 2022 $21.61 128 1.3% 0.5% 4,250,126 8.5% -0.1% 2021 $21.34 127 -0.8% -0.8% 4,284,478 8.5% 0.8% YTD $21.52 128 0.1% 0.1% 3,998,285 8.0% 0.3% 2020 $21.50 128 1.4% 0% 3,868,696 7.7% 1.7% 2019 $21.20 126 2.5% -1.4% 3,005,116 6.0% 0.5% 2018 $20.69 123 4.1% -3.8% 2,748,769 5.5% -0.8% 2017 $19.87 118 5.2% -7.6% 3,122,845 6.3% -0.4% 2016 $18.89 112 4.8% -12.1% 3,293,307 6.7% -1.1% 2015 $18.02 107 4.2% -16.2% 3,832,984 7.8% -0.1% 2014 $17.30 103 5.1% -19.5% 3,838,387 7.9% -0.6% 2013 $16.47 98 3.1% -23.4% 4,102,832 8.4% -0.9% 2012 $15.96 95 0.7% -25.7% 4,513,868 9.4% -0.9% 2011 $15.85 94 -0.2% -26.3% 4,899,643 10.3% -0.5% 2010 $15.88 94 -2.7% -26.2% 5,134,110 10.8% -0.1% 2009 $16.32 97 -3.0% -24.1% 5,129,549 10.8% 0.1%

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STRIP CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $23.81 137 1.9% 8.1% 480,575 5.4% 0% 2024 $23.37 134 2.4% 6.1% 478,144 5.4% 0% 2023 $22.83 131 2.7% 3.6% 479,693 5.4% 0% 2022 $22.23 128 1.4% 0.9% 476,387 5.4% 0% 2021 $21.92 126 -0.5% -0.5% 476,078 5.4% 0% YTD $22.09 127 0.2% 0.2% 470,192 5.3% -0.1% 2020 $22.03 126 1.7% 0% 479,361 5.4% 1.1% 2019 $21.66 124 2.7% -1.7% 376,884 4.3% -0.2% 2018 $21.10 121 3.9% -4.2% 390,814 4.5% -0.2% 2017 $20.31 117 5.0% -7.8% 405,028 4.7% 0% 2016 $19.35 111 4.2% -12.2% 398,717 4.7% -0.5% 2015 $18.58 107 4.1% -15.7% 443,264 5.2% -0.9% 2014 $17.84 102 5.2% -19.0% 521,854 6.1% -1.3% 2013 $16.96 97 3.6% -23.0% 630,335 7.5% -0.6% 2012 $16.37 94 0.6% -25.7% 677,250 8.1% -0.7% 2011 $16.28 93 -0.6% -26.1% 730,089 8.7% -0.9% 2010 $16.38 94 -3.1% -25.7% 809,466 9.7% -1.3% 2009 $16.90 97 -3.0% -23.3% 921,286 11.0% 1.2%

GENERAL RETAIL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $24.09 144 2.0% 9.0% 2,250,160 3.3% 0% 2024 $23.63 141 2.5% 6.9% 2,218,017 3.3% 0.1% 2023 $23.06 137 2.9% 4.3% 2,165,157 3.2% 0.1% 2022 $22.42 134 1.5% 1.4% 2,112,702 3.2% -0.1% 2021 $22.08 132 -0.1% -0.1% 2,170,698 3.3% 0.2% YTD $22.21 132 0.5% 0.5% 2,067,073 3.1% 0% 2020 $22.11 132 1.2% 0% 2,048,486 3.1% 0.9% 2019 $21.85 130 3.3% -1.2% 1,465,066 2.2% 0.1% 2018 $21.15 126 4.1% -4.3% 1,404,901 2.2% -0.3% 2017 $20.32 121 5.3% -8.1% 1,575,954 2.4% 0% 2016 $19.30 115 4.4% -12.7% 1,559,671 2.4% -0.7% 2015 $18.49 110 4.1% -16.4% 1,990,345 3.1% -0.4% 2014 $17.76 106 5.9% -19.7% 2,224,936 3.5% -0.8% 2013 $16.77 100 4.2% -24.2% 2,740,960 4.3% -0.7% 2012 $16.09 96 1.3% -27.2% 3,166,837 5.1% -0.4% 2011 $15.89 95 -0.1% -28.1% 3,427,950 5.5% -0.8% 2010 $15.90 95 -2.2% -28.1% 3,907,053 6.2% -0.5% 2009 $16.27 97 -3.1% -26.4% 4,175,073 6.7% 0.6%

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OTHER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $23.79 140 2.1% 9.1% 10,325 0.8% 0.1% 2024 $23.30 137 2.6% 6.9% 9,190 0.7% 0.1% 2023 $22.71 133 3.0% 4.2% 7,135 0.5% 0.2% 2022 $22.04 129 1.7% 1.1% 4,738 0.4% -0.1% 2021 $21.67 127 -0.6% -0.6% 6,245 0.5% 0.3% YTD $21.77 128 -0.1% -0.1% 2,772 0.2% 0% 2020 $21.80 128 1.5% 0% 2,772 0.2% -1.3% 2019 $21.48 126 2.0% -1.5% 19,930 1.5% 0% 2018 $21.07 124 3.7% -3.4% 19,930 1.5% -5.8% 2017 $20.31 119 5.1% -6.8% 72,654 7.3% 7.2% 2016 $19.33 113 4.6% -11.3% 1,249 0.1% -0.3% 2015 $18.48 108 4.1% -15.2% 3,810 0.4% -0.3% 2014 $17.75 104 4.5% -18.6% 7,048 0.8% 0.1% 2013 $16.98 100 3.1% -22.1% 5,842 0.6% -0.4% 2012 $16.47 97 -0.2% -24.5% 9,743 1.0% -0.6% 2011 $16.50 97 0.6% -24.3% 15,588 1.7% 0.1% 2010 $16.40 96 -1.7% -24.8% 14,738 1.6% -0.7% 2009 $16.68 98 -2.1% -23.5% 20,800 2.2% 1.8%

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OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$251.36 184 6.4% 2024 ------$246.45 180 6.4% 2023 ------$239.95 176 6.4% 2022 ------$232.74 170 6.4% 2021 ------$230.09 168 6.4% YTD 144 $212.3M 0.5% $2,098,203 $308.98 5.6% $231.81 170 6.5% 2020 650 $1.1B 3.7% $2,572,881 $260.98 5.9% $230.19 168 6.5% 2019 626 $1.3B 4.0% $2,756,851 $251.65 6.2% $226.08 165 6.5% 2018 722 $1.5B 6.7% $2,739,610 $198.89 6.5% $215.20 157 6.6% 2017 638 $1.3B 5.4% $2,603,881 $183.23 6.2% $206.65 151 6.7% 2016 647 $1.3B 4.2% $2,432,617 $246.16 6.6% $196.37 144 6.8% 2015 747 $1.4B 6.7% $2,436,196 $191 6.8% $187.08 137 6.9% 2014 699 $1B 5.8% $1,815,175 $154.45 7.1% $172.72 126 7.2% 2013 650 $1B 5.6% $2,183,584 $161.40 7.5% $150.70 110 7.6% 2012 548 $856.4M 4.9% $2,209,092 $177.94 7.8% $145.36 106 7.7% 2011 411 $499.6M 3.7% $1,650,168 $135.73 8.3% $132 97 8.1% 2010 322 $351.8M 2.4% $1,317,185 $106.87 8.2% $125.20 92 8.4% (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

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$239 163 6.3% 2024 ------$234.20 160 6.3% 2023 ------$227.94 156 6.3% 2022 ------$221.04 151 6.3% 2021 ------$218.61 149 6.3% YTD ------$220.47 151 6.4% 2020 13 $153.7M 5.0% $17,082,446 $235.27 - $219.09 150 6.4% 2019 4 $13M 0.1% $3,240,000 $556.77 5.4% $215.40 147 6.4% 2018 48 $199.5M 18.9% $6,235,218 $146.99 6.0% $204.76 140 6.5% 2017 14 $77.8M 2.5% $7,073,874 $265.98 5.5% $197.33 135 6.5% 2016 13 $18.8M 2.7% $3,128,340 $347.66 5.4% $188.44 129 6.6% 2015 22 $256.2M 10.5% $25,623,040 $403.80 5.6% $183.80 126 6.7% 2014 4 $4.8M 1.9% $2,399,000 $387.25 6.9% $171 117 6.9% 2013 22 $25.7M 3.5% $3,211,750 $394.84 - $159.02 109 7.1% 2012 30 $302.9M 10.6% $37,858,678 $522.43 8.2% $155.01 106 7.2% 2011 2 $3.5M 1.4% $1,753,500 $15.45 8.9% $141.39 97 7.6% 2010 2 $4.6M 0.1% $2,309,250 $568.43 9.0% $134.61 92 7.8% (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.

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POWER CENTER SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$229.56 168 6.4% 2024 ------$225.38 165 6.4% 2023 ------$219.81 161 6.4% 2022 ------$213.56 156 6.4% 2021 ------$211.56 155 6.5% YTD ------$213.54 156 6.5% 2020 24 $61M 1.7% $2,540,408 $227.12 5.5% $212.27 155 6.5% 2019 16 $54.5M 1.6% $3,632,667 $228.15 6.1% $209.39 153 6.5% 2018 26 $115.9M 4.3% $4,625,640 $174.27 6.7% $198.73 146 6.6% 2017 19 $77M 6.2% $4,529,721 $102.35 6.5% $193.30 142 6.6% 2016 12 $77M 1.5% $6,417,705 $330.01 7.0% $184.13 135 6.7% 2015 32 $115.7M 7.3% $5,507,476 $186.27 6.2% $176.61 129 6.8% 2014 45 $56.1M 6.4% $5,606,457 $241.11 7.1% $166.41 122 7.0% 2013 48 $255.9M 10.1% $10,234,735 $226.95 7.4% $146.37 107 7.4% 2012 32 $53.4M 6.2% $4,105,307 $160.40 - $143.19 105 7.5% 2011 21 $36M 8.2% $6,008,302 $168.54 10.2% $131.41 96 7.8% 2010 6 $8M 1.6% $1,602,320 $34.38 - $125.70 92 8.1% (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.

NEIGHBORHOOD CENTER SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$220.36 176 6.5% 2024 ------$216.26 173 6.5% 2023 ------$210.80 169 6.5% 2022 ------$204.76 164 6.5% 2021 ------$202.74 162 6.5% YTD 14 $41.1M 0.4% $4,112,274 $217.25 - $204.63 164 6.6% 2020 100 $202.8M 2.7% $3,193,620 $194.85 5.9% $203.22 163 6.6% 2019 103 $451.9M 5.0% $5,373,473 $201.81 6.3% $200.18 160 6.6% 2018 117 $354.7M 5.1% $3,612,661 $155.73 6.8% $189.40 152 6.8% 2017 130 $465.3M 6.1% $4,213,440 $167.64 6.2% $181.76 146 6.8% 2016 121 $559.8M 4.6% $4,863,571 $250.20 6.5% $172.87 138 6.9% 2015 132 $403.3M 6.4% $3,446,874 $146.09 6.6% $165.17 132 7.0% 2014 121 $351.3M 5.5% $3,252,525 $144.66 6.8% $153.85 123 7.3% 2013 117 $334.7M 5.6% $3,281,583 $145.05 8.0% $134.44 108 7.7% 2012 97 $168.7M 4.2% $2,677,483 $103.79 7.6% $131.19 105 7.8% 2011 80 $201.6M 3.8% $3,251,878 $150.68 7.3% $119.43 96 8.2% 2010 43 $111.5M 2.3% $2,848,011 $116.26 7.9% $114.39 92 8.4% (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.

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STRIP CENTER SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$285.79 192 6.4% 2024 ------$280.34 188 6.4% 2023 ------$273.08 183 6.4% 2022 ------$265.03 178 6.4% 2021 ------$262.10 176 6.4% YTD 12 $24.6M 1.1% $3,520,671 $367.24 5.8% $264.29 177 6.5% 2020 28 $36.9M 3.2% $2,119,137 $221.70 6.6% $262.41 176 6.5% 2019 37 $85.9M 3.8% $2,754,737 $292.47 7.1% $255.13 171 6.6% 2018 46 $81.7M 4.5% $2,765,878 $329.31 5.9% $247.03 166 6.6% 2017 55 $88.6M 5.9% $2,509,545 $242.19 7.2% $236.40 159 6.6% 2016 54 $89.9M 6.3% $2,089,634 $196.93 7.1% $225.11 151 6.7% 2015 58 $106.7M 7.6% $2,539,589 $209.14 7.2% $212.35 143 6.9% 2014 62 $72.8M 6.6% $1,343,825 $139.89 7.6% $194.34 131 7.2% 2013 43 $46.4M 5.7% $1,532,404 $137.60 8.1% $167.10 112 7.7% 2012 49 $60M 6.4% $1,677,170 $145.15 8.4% $159.56 107 7.9% 2011 27 $25.6M 3.1% $1,666,678 $138.08 8.3% $144.95 97 8.3% 2010 19 $19.1M 2.3% $1,853,711 $147.16 7.5% $135.99 91 8.6% (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.

GENERAL RETAIL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$277.99 197 6.4% 2024 ------$272.36 193 6.4% 2023 ------$264.87 188 6.4% 2022 ------$256.64 182 6.4% 2021 ------$253.34 179 6.4% YTD 118 $146.5M 0.8% $1,735,576 $340.22 5.6% $254.79 180 6.4% 2020 485 $694.9M 4.7% $2,078,528 $305.51 5.9% $252.94 179 6.4% 2019 466 $700.9M 4.9% $2,060,114 $292.62 6.0% $248.10 176 6.5% 2018 484 $715.3M 5.8% $2,030,562 $252.88 6.5% $236.73 168 6.6% 2017 418 $573.7M 5.4% $1,773,518 $201.77 6.1% $226.69 160 6.6% 2016 447 $575.9M 4.6% $1,564,653 $241.29 6.6% $214.87 152 6.7% 2015 503 $566.7M 5.9% $1,399,173 $185.32 6.8% $203.27 144 6.9% 2014 467 $532M 6.8% $1,374,284 $156.91 7.2% $185.75 131 7.2% 2013 419 $372.3M 4.9% $1,203,179 $144.57 7.0% $159.55 113 7.7% 2012 340 $271.4M 3.6% $995,308 $145.80 7.6% $152.07 108 7.8% 2011 281 $232.9M 3.3% $1,061,808 $135.65 8.3% $137.37 97 8.3% 2010 252 $208.6M 3.4% $987,968 $106.31 8.3% $129.26 92 8.6% (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.

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OTHER SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$253.80 174 6.4% 2024 ------$248.30 170 6.4% 2023 ------$241.17 165 6.4% 2022 ------$233.28 160 6.4% 2021 ------$229.94 158 6.5% YTD ------$231.09 158 6.5% 2020 ------$228.92 157 6.5% 2019 ------$221.90 152 6.6% 2018 1 $0 0.4% - - - $208.37 143 6.7% 2017 2 $16.8M 6.2% $8,415,850 $274.23 6.2% $203.54 139 6.7% 2016 ------$195.65 134 6.7% 2015 ------$188.06 129 6.8% 2014 ------$175.21 120 7.1% 2013 1 $0 2.2% - - - $153.75 105 7.5% 2012 ------$150.01 103 7.5% 2011 ------$137.54 94 7.9% 2010 ------$132.40 91 8.1% (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.

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RECENT RETAIL TRANSACTIONS

1399 Carr St 82 E Inverness Dr, Unit B 7390 W 38th Ave $282,000 $12.00 SF/YR (Gross) $857,500 SIZE TERMS SIZE TERMS SIZE TERMS 1,650 SF FOR SALE 1,050 SF FOR LEASE 6,054 SF FOR SALE

DENVER AGENTS

BRANDON LANGIEWICZ SHANE ROBSON ISAIAH MAYFIELD PARTNER VICE PRESIDENT BROKER ASSOCIATE 715.512.0265 512.450.8203 574.216.6149 [email protected] [email protected] [email protected]

BEAU HERSHBERGER CHRIS ISBELL ROB ASH SENIOR BROKER BROKER ASSOCIATE BROKER ASSOCIATE 303.667.2530 480.285.8751 720.560.5651 [email protected] [email protected] [email protected]

OUR NETWORK IS YOUR EDGE. PREPARED BY:

All information is from sources deemed reliable and is subject to errors,omissions, change of price, rental, prior sale, and withdrawal without notice. Prospect should Brandon Langiewicz carefully verify each item of information contained herein. Partner

Hoff & Leigh | 3141 S Broadway, Suite A | Denver, CO 80113 | 720.572.5187 office www.hoffleigh.com/denver