RETAIL MARKET REPORT Q4 2020 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 | 2700 S Broadway #307 | Denver, CO 80113 | 720.572.5187 office www.hoffleigh.com/denver DenverDenver Retail Retail

RETAIL MARKET REPORT

Market Key Statistics 2 Leasing 3 Rent 7 Construction 9 Under Construction Properties 11 Sales 13 Sales Past 12 Months 14 Economy 16 Market Submarkets 19 Supply & Demand Trends 22 Rent & Vacancy 26 Sale Trends 30

1/5/2021 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 842 K (960 K) 5.2% 0.3%

Retail vacancies continue to rise in arguably the hardest- even with the growing market share of e-commerce and hit asset class of the pandemic-induced downturn. More evolving consumer patterns. Store closures largely upward pressure is expected in the forecast as tenants contributed to absorption turning negative last year, deal with the fallout out of shutdowns and reduced including another Safeway shuttering, but well-located capacity reopenings. assets continued to perform well.

Smaller businesses, including restaurants and bars, are Trade area demographics were buttressing strong driving most of the negative absorption, but bigger consumer demand as the metro has experienced robust spaces are also being vacated by major national tenants. growth in population, employment, and buying power this Over the summer, 24-Hour fitness announced it would past decade. These factors, coupled with limited new be closing about 10 locations in the Denver metro area. supply, resulted in Denver outperforming nearly all major metros in the change of buying power per SF since Taxable retail sales are actually up in some suburban zip 2010. codes as stay-at-home workers spend more dollars locally instead of in major employment centers such as Denver's retail stock has only grown by about 5.5% Downtown Denver or DTC. On the other hand, cumulatively since 2010—removing any major supply- Downtown Denver and Cherry Creek are dragging down side risks in an uncertain economic period. taxable retail sales in the city of Denver. Deal activity is limited to strong triple-net investments Denver's retail market was on solid footing entering and distressed sales, and the current economic 2020, as vacancies were trending near historical lows landscape has made it challenging for underwriters.

KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction Malls 16,609,227 3.6% $30.48 3.9% 0 0 12,000 Power Center 15,692,250 7.3% $24.52 8.7% (5,078) 0 7,500 Neighborhood Center 50,262,298 8.0% $21.43 9.7% (127,210) 0 103,582 Strip Center 8,810,271 5.4% $21.83 6.9% 4,843 0 15,000 General Retail 65,753,764 3.1% $21.93 4.5% 23,481 0 388,147 Other 1,321,183 0.2% $21.63 0.2% 0 0 0 Market 158,448,993 5.2% $22.92 6.6% (103,964) 0 526,229

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 1.1% 6.1% 6.3% 8.7% 2009 Q3 3.8% 2018 Q4 Net Absorption SF (960 K) 1,561,798 (274,096) 4,727,408 2007 Q2 (855,442) 2020 Q4 Deliveries SF 842 K 1,732,876 694,669 5,121,033 2006 Q4 649,268 2010 Q4 Rent Growth 0.3% 1.8% 1.3% 5.5% 2014 Q4 -2.8% 2009 Q4 Sales Volume $959 M $971.1M N/A $1.7B 2018 Q2 $334.9M 2010 Q3

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The coronavirus shock to the retail market resulted in the policies—restaurants, bars, neighborhood gyms, shuttering of all non-essential stores for an extended wellness studios, etc.—in spaces under 15,000 SF. period of time. Coupled with limited capacity reopenings, Major national chains, like 24-Hour Fitness, are also months of lower revenues forced many tenants to behind the record levels of negative absorption. The permanently close their doors. This led to back-to-back company announced 10 store closures in the Denver quarters of negative absorption from 20Q2-Q3 for the metro area during the summer. first time in more than a decade. Limited new retail developments, coupled with a growing Given how large Denver's retail footprint is, vacancies and highly educated, high-income population with a have only risen by about 50 basis points since the large concentration of “big spenders” (the demographic pandemic started. Supply pressure has rarely been a aged 35–54 years), are positives in the face of e- major concern in Denver over the past decade, and new commerce driven headwinds. development is likely to remain muted in the near term. Retail in bad trade areas has often been removed from The flurry of move-outs has been driven by small inventory or is undergoing renovations and in some businesses hurt by social distancing cases, repurposing.

NET ABSORPTION, NET DELIVERIES & VACANCY

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VACANCY RATE

AVAILABILITY RATE

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12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

Net Absorption SF Building Name/Address Submarket Bldg SF Vacant SF 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 12 Month 231 E Flatiron Crossing Dr Northwest Ret 154,912 4,612 0 0 0 0 141,693 Market Station Downtown Ret 88,500 0 0 0 0 0 88,500 Defy Denver Aurora Ret 104,400 0 0 0 0 0 56,666 Westminster Plaza Northwest Ret 61,437 1,800 0 0 0 0 56,127 Candelas Marketplace Northwest Ret 140,000 0 0 0 0 0 53,139 Cornerstar Southeast Ret 70,302 0 0 0 0 0 50,017 Westminster City Center Market… Northwest Ret 168,138 54,260 0 0 0 0 49,939 Promenade at Castle Rock Southeast Outlying Ret 43,000 0 0 0 0 0 43,000 AMC Central Ret 44,000 0 0 0 0 0 41,555 Alpine Buick GMC South Ret 41,000 0 0 0 0 0 41,000 13750 Grant St Northeast Ret 38,000 8,500 0 0 0 0 29,500 Washington Plaza Northeast Ret 128,257 0 0 0 0 0 28,111 Belmar West Ret 118,050 0 0 0 0 0 27,611 2896 Fairfax St Central Ret 27,000 0 0 0 0 0 27,000 Southlands Southeast Ret 148,347 0 0 0 0 0 26,551 Center Tech Plaza Aurora Ret 71,438 0 0 0 0 0 26,400 Village On The Park Central Ret 45,800 20,500 0 0 0 0 23,957 Subtotal Primary Competitors 1,492,581 89,672 0 0 0 0 810,766 Remaining Denver Market 156,957,652 8,213,265 (103,964) 0 0 0 (1,770,688) Total Denver Market 158,450,233 8,302,937 (103,964) 0 0 0 (959,922)

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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 Marketplace * Northwest 68,238 Q2 20 Floor and Decor Outlets - NewMark Merrill Comp…

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

Westminster Plaza Northwest 56,127 Q1 20 VASA Fitness David, Hicks & Lam… Crosbie Real Estate Gr…

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…

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

Brunswick Recreation Centers * Northwest 36,342 Q4 20 Bowlero - -

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

2200 S Peoria St * Aurora 36,124 Q4 20 Bowlero - -

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

Sunrise Village Shopping Center * Northeast 29,727 Q1 20 Arc Thrift Stores of Colorado - Emerald Real Estate G…

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

Towne Center at Brookhill Northwest 25,467 Q1 20 - - SullivanHayes Brokerage

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

Thorncreek Crossing * Northeast 24,395 Q1 20 Barnes & Noble - -

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

Abilene Market Aurora 20,000 Q1 20 - - SullivanHayes Brokerage

Aurora City Square Aurora 18,884 Q1 20 Innovative Services - SRS Real Estate Partn…

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

Villager Square Northwest 16,908 Q3 20 Habitat For Humanity ReS… - SRS Real Estate Partn…

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

Mission Plaza Aurora 15,636 Q1 20 Octapharma Plasma - SullivanHayes Brokerage

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…

Iliff Exchange Shopping Center Aurora 12,000 Q1 20 - - Newmark

Candelas Marketplace Northwest 12,000 Q1 20 - - Crosbie Real Estate Gr…

Pioneer Hills Southeast 11,714 Q2 20 Dollar Tree - 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…

Arlington Square * Northwest 10,472 Q1 20 Gen-X - Peak Property Manage…

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…

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

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

Gateway Plaza Aurora 10,000 Q1 20 - - Brokers Guild Real Estate *Renewal

1/5/2021 Copyrighted report licensed to Hoff & Leigh Colorado Springs, LLC - 1031464 Page 6 RENTRent DenverDenver Retail Retail

With retail fundamentals wobbling, rents flattened out in Downtown Denver and Cherry Creek weighing on the the third quarter. With more businesses potentially overall tally. Employment centers such as these that rely closing their doors permanently in the coming months, on daytime foot traffic are being disproportionately downward pressure on rents will be a theme to watch in impacted by the virus and social distancing policies. Due 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 into employment hubs. The Aurora and Southwest 2020. submarkets were among the rent growth leaders heading into 20Q4. Taxable retail sales are down in the city of Denver with

MARKET RENT GROWTH (YOY)

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MARKET RENT PER SQUARE FEET

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The moderation in construction levels before the 95,000 SF of office space. pandemic has helped prevent a further deterioration in A similar project is slated to complete in 2021: A group of market fundamentals. With construction starts down, the developers, led by The Rockies organization, is including amount of retail space under construction in Denver is at 75,000 SF of retail in a mixed-use development across its lowest point since 2013. the street from Coors Field. In addition to retail, there will be office and residential components, along with a hotel. Before the pandemic, developers were starting to blend in some significant retail components to Downtown In Westminster, the city plans to redevelop the Denver mixed-use developments. Continuum Partners Westminster Mall site into a 108-acre multi-use town built nearly 90,000 SF of retail at its Market Station center, which will include a significant retail component. project, just a few blocks away from Union Station. Multifamily developments with retail components are Construction wrapped up in early 2020. Market Station already underway. also includes 225 market-rate apartment units and

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 Northwest 8 125 78 62.7% 8 16,509 15,583 4 2 Northeast 4 93 12 12.9% 9 13,003 23,216 3 3 Southeast 9 88 88 100% 1 18,774 9,725 6 4 Downtown 1 76 0 0% 10 16,541 75,500 1 5 Aurora 1 43 41 94.3% 6 16,635 43,250 2 6 West 7 41 40 97.3% 5 10,220 5,897 9 7 Southeast Outlying 3 39 32 81.5% 7 11,621 12,959 5 8 Central 1 8 8 100% 1 8,724 8,085 7 9 Southwest 1 8 8 100% 1 21,428 7,500 8 10 South 2 7 7 100% 1 19,833 3,346 10 All Other 0 - - - 11,703 - Totals 37 526 313 59.4% 13,509 14,222

1/5/2021 Copyrighted report licensed to Hoff & Leigh Colorado Springs, LLC - 1031464 Page 10 UNDERUnder CONSTRUCTION Construction Properties PROPERTIES DenverDenver Retail Retail

Properties Square Feet Percent of Inventory Preleased 37 526,229 0.3% 59.4%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner McGregor Square Retail Hensel Phelps 1 75,500 2 Oct 2018 Feb 2021 1901 Wazee St Coors Field Nec of Chambers Rd & 1… Thompson Thrift 2 70,000 1 Aug 2019 Dec 2021 Thompson Thrift Development, Inc WeatherTech Wyatt Construction Company 3 59,000 1 Dec 2019 Feb 2021 8741 Destination Way MacNeil Real Estate Holdings, LLC Parkside@City Centre Northstar Commercial Partners 4 43,250 1 Sep 2019 Feb 2021 14531 E Alameda Ave Regional Transportation District Central Square Sherman Associates, Inc. 5 34,312 1 Mar 2019 Mar 2021 Westminster Blvd And 92nd Sherman Associates, Inc. Highfield Pky - 6 30,000 - Jul 2020 Feb 2021 AutoNation, Inc. 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 Gateway Village Northstar Commercial Partners 8 15,275 1 Jul 2020 Mar 2021 Morrison And I-70 - Smoky Hill Crossing - 9 15,000 1 Aug 2020 Feb 2021 22986 E Smoky Hill Rd Scott W & Wendy B Baldensperger Smoky Hill Crossing - Pa… - 10 13,200 1 Aug 2020 Feb 2021 22986 E Smoky Hill Rd Scott W & Wendy B Baldensperger 825 S Kuner Rd - 11 12,862 1 Jun 2019 Feb 2021 Lamour ANB Bank Prime Management 12 9,400 - May 2020 Apr 2021 8080 E Union Ave ANB Bank, a Colorado Banking C… 2903 Larimer St - 13 8,085 1 Sep 2020 Feb 2021 Sterling Bay The Origin Hotel - Retail The Thrash Group, LLC 14 8,000 1 Nov 2018 Feb 2021 89th & Westminster Blvd - ROB - 15 7,500 1 Jan 2020 Feb 2021 3521 River Point Pky Weingarten Realty Investors 5300 Sheridan Blvd - 16 7,200 1 Oct 2019 Mar 2021 - Atrium Dr Alberta Development Partners, LLC 17 7,000 1 Apr 2020 Feb 2021 Forum Real Estate Group Panda Express Evergreen Development Co. 18 7,000 1 Jul 2019 Feb 2021 56th Ave & Central Park B Evergreen Development Co. Bldg A - 19 6,820 1 Aug 2020 Aug 2021 3795 Wadsworth Blvd - Build To Suit - 20 6,023 1 Aug 2020 Dec 2021 15570 E Broncos Pky Siegrist Companies Kum & Go #2310 - 21 5,669 1 Mar 2020 Feb 2021 3432 Clear Creek Dr - Reed St - 22 5,450 1 Sep 2019 Mar 2021 Douglas Hickel 6405 Ponderosa Dr - 23 5,000 1 Jun 2020 Feb 2021 Canvas Credit Union Chick-fil-A - 24 5,000 1 Dec 2019 Feb 2021 4301 W 120th Ave - Bldg F- Restaurant Pad… The Kroenke Group 25 5,000 1 Oct 2019 Feb 2021 3795 Wadsworth Blvd The Kroenke Group 2-C Alberta Development Partners, LLC 26 5,000 1 Nov 2019 Feb 2021 Castlegate Dr Town of Castle Rock Pad 4 - 27 4,200 1 Aug 2020 Feb 2021 22986 E Smoky Hill Rd Scott W & Wendy B Baldensperger Bank of America - 28 3,900 1 Jun 2018 Feb 2021 130 S Wadsworth Blvd -

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Investment activity slowed dramatically following the trades, including five-property portfolio deal in August. pandemic-induced downturn in March and April. Retail Capital Automotive Real Estate Services purchased the was one of the hardest-hit sectors of the economy, Medved Autoplex for $59.61 million ($280.80/SF). The making it a challenge for investors and lenders to 212,000 SF portfolio included auto dealerships for 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 20Q3 Prior to 2013, 10% of Metro Denver's suburban retail with more than $250 million in sales, but it was still a stock was within a mile of a light rail station. Now more down quarter relative to the five-year average. 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 redevelopment, 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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Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 632 5.9% $258 5.8%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $44,272 $2,267,204 $1,425,000 $23,907,568

Price/SF $3.72 $258 $285 $5,833

Cap Rate 2.6% 5.9% 5.7% 9.9%

Time Since Sale in Months 0.2 5.7 5.1 12.0

Property Attributes Low Average Median High Building SF 312 9,845 4,451 411,048

Stories 1 1 1 5

Typical Floor SF 312 8,496 4,130 205,524

Vacancy Rate At Sale 0% 5.8% 0% 100%

Year Built 1875 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 Medved Ford 1 - 2000 88,558 0% 8/4/2020 $23,907,568 $270 - 1404 S Wilcox St Safeway 2 - 2000 51,609 0% 1/31/2020 $16,383,490 $317 5.1% 560 Corona St Shops B 3 - 2002 104,725 0% 2/14/2020 $14,929,158 $285 - 40-100 S Abilene St 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 Conifer Marketplace 6 - 1984 86,658 0% 1/16/2020 $12,250,000 $141 8.9% 10853 Hwy 285 A Line Square 7 - 2020 12,000 53.4% 11/24/2020 $11,700,000 $975 - 3585 Central Park Blvd 5220 Wadsworth Byp 8 - 1988 38,711 4.2% 6/3/2020 $10,633,000 $275 6.2%

Shops A 9 - 2003 72,172 73.3% 2/14/2020 $10,288,539 $285 - 14140-14180 E Ellsworth… King Soopers 10 - 2005 59,060 0% 8/20/2020 $10,278,017 $174 - 750 N Ridge Rd Brookhill Town Center 11 - 1989 99,142 0% 2/13/2020 $9,125,000 $92 - 6735-6795 W 88th Ave Shops C 12 - 2003 60,920 0% 2/14/2020 $8,684,500 $285 - 130-170 S Abilene St Brentwood Center 13 - 1959 76,449 0% 12/22/2020 $8,494,163 $111 - 1951-1997 S Federal Blvd Kum & Go 14 - 2020 9,850 0% 11/2/2020 $8,200,000 $832 5.8% 3253 S Parker Rd Animal Emergency & Sp… 15 - 2004 19,338 0% 9/17/2020 $7,815,000 $404 6.2% 17701 Cottonwood Dr Safeway 16 - 2004 44,203 0% 10/7/2020 $7,356,491 $166 - 8355 N Rampart Range Rd Walgreens 17 - 2003 14,490 0% 11/2/2020 $7,218,100 $498 - 18620 E Iliff Ave Walgreens 18 - 2000 12,694 0% 6/30/2020 $7,143,000 $563 - 10390 Federal Blvd Kum & Go 19 - 2020 1,200 0% 10/21/2020 $7,000,000 $5,833 - 16371 Green Valley Ranc… Kum & Go #939 20 - 2018 6,975 0% 1/15/2020 $6,975,438 $1,000 5.7% 5112 E Bromley Ln

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Denver has reclaimed about two-thirds of the jobs lost coronavirus-induced downturn. Tech employers typically during April shutdowns, according to September data allow the flexibility of telecommuting, and many office- from the Bureau of Labor Statistics. The nonfarm using employers have the capacity to facilitate a work- unemployment rate compressed to 6.5%, outperforming from-home transition. Office-using jobs in Denver have the national average. At the start of 2020, Denver's grown above the national average the past five years at unemployment rate was below 3%, making it one of the about 3% annually. tightest job markets in the country at the time. Government employment has also been consistent, if not Leisure and hospitality still weighed on the labor market pedestrian, in terms of employment growth in the state as employment in the sector was down 16% year-over- capital. The public sector has often been a stabilizing year. Other services, which include many jobs tied to force during past economic downturns. The government retail, were down about 12%. Work-from-home and professional and business services sectors were the industries continue to weather the storm relatively well. only nonfarm job sectors in Denver to grow at or above Information jobs were flat, and professional and business their five-year average in 2019. services were up about 1%. Although education and health services job gains were With a job location quotient near the national average for below their five-year average in 2019, it ranked as the retail and leisure and hospitality, Denver is not overly third-strongest employment growth sector behind exposed to the hardest-hit sectors. Nevertheless, professional and business services and government. Denver International Airport is a key economic driver for Healthcare is seeing a major investment in the $1.3 the region, generating more than $33 billion for the state billion VA hospital in Aurora, the Denver Health in a 5-year span. Administration's new headquarters in South Midtown, and Catalyst's 300,000-SF digital health facility in the Flights have been reduced by up to 90% by several RiNo neighborhood. airlines. Although Denver will not be more affected than most major metros in this regard, it does rely heavily on On the downside, oil and gas companies clustered in in-migration to fuel its labor force growth and overall Denver's CBD are now faced with volatile oil prices that economy, metrics which are expected to decline sharply plunged to 18-year lows in March. The last time oil in the coming months. prices were this weak in 2016, layoffs were widespread throughout the industry. This time, energy companies are The economic impact of the pandemic and shelter-in- faced with dual threats: oversupply due to Saudi Arabia place orders in April dwarfed that of the Great Financial and Russia posturing, and a precipitous fall in demand Crisis, which spanned several years. From 2008-09, as the movement of people and goods becomes Denver lost about 67,000 jobs, or about 100,000 fewer increasingly restricted due to the coronavirus. than reported during April. Even though Denver's overall employment growth Initial unemployment claims in Colorado have climbed showed signs of a slowdown last year along with the past 550,000 since mid-March. But weekly jobless national index, it added tech jobs at an accelerating claims, including gig workers and the self-employed, pace. Employment in Professional, Scientific & Technical continue to fall into July. Services grew by more than 7% annually in 2019, one of the best growth rates in the country. Corporate The last time oil prices fell this low in 2016, the local expansions and relocations by tech companies such as economy felt the impact. An oil price war between Saudi Amazon, Slack, and Conga drove employment gains and Arabia and Russia caused prices to plummet to $20 per epitomize the trend of West Coast firms choosing to barrel in March. The fallout of the demand shock caused expand in Denver for its robust workforce, quality of life, by the coronavirus led to oil prices hitting all-time lows in and cost of doing business. April, even after the U.S. and Mexico agreed to cut oil production along with OPEC+. Oil markets rebounded in Denver has been frequently lauded as a hot destination May, hovering around $30 per barrel. for young, educated job seekers throughout this cycle. Headwinds to this trend could come from housing costs, Denver's emergence as a bona fide technology market which are dramatically higher today for both renters and this cycle has helped insulate it from the impact of the prospective owners. While home prices continue to climb

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into the stratosphere (albeit at a slower rate than the Along with a young, highly educated, and growing labor peak years of this cycle), apartment rent growth has force, the FasTracks transit expansion is another selling moderated alongside elevated levels of construction, point. Transit-oriented development is taking hold which may provide a relief valve for those considering through the metro as additional lines connect downtown the metro for its otherwise robust employment prospects. to North Denver, Aurora, Southeast Denver, and the Denver International Airport.

DENVER EMPLOYMENT BY INDUSTRY IN THOUSANDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 73 0.6 2.38% -3.69% 1.83% 0.66% 0.60% 0.45% Trade, Transportation and Utilities 274 1.0 -2.95% -3.22% 1.85% 0.86% 0.96% 0.68% Retail Trade 135 0.9 -2.06% -2.80% 1.21% 0.48% 0.81% 0.65% Financial Activities 111 1.2 -3.12% -1.25% 2.00% 1.25% 1.31% 0.75% Government 196 0.9 -4.63% -4.12% 1.05% -0.25% 1.32% 0.81% Natural Resources, Mining and Construction 108 1.3 -5.18% -3.30% 4.55% 2.54% 1.78% 1.16% Education and Health Services 191 0.8 -2.75% -4.09% 2.81% 1.54% 2.03% 1.93% Professional and Business Services 286 1.3 -0.17% -4.59% 3.37% 1.88% 1.52% 1.65% Information 51 1.8 -1.16% -6.01% 1.46% 0.05% 0.66% 2.15% Leisure and Hospitality 150 1.1 -13.93% -20.21% 1.54% 0.16% 3.62% 4.70% Other Services 54 0.9 -8.14% -7.01% 1.11% 0.29% 2.02% 1.43% Total Employment 1,495 1.0 -3.93% -5.69% 2.24% 0.91% 1.62% 1.51% Source: Oxford Economics LQ = Location Quotient

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YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics

DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro US Metro US Metro US Metro US Population 3,009,467 330,447,281 1.1% 0.5% 1.6% 0.6% 1.1% 0.5% Households 1,177,779 123,521,273 1.0% 0.4% 1.6% 0.7% 1.1% 0.5% Median Household Income $85,172 $67,422 4.6% 6.0% 3.8% 3.0% 2.3% 2.1% Labor Force 1,707,912 161,401,250 0.5% -1.8% 1.9% 0.5% 1.1% 0.7% Unemployment 6.9% 9.0% 4.4% 5.4% -0.2% 0% - - 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 729 12,127 7.7% 7 0 0 0% - 1 43 0.4% 5 2 Central 2,443 21,314 13.5% 3 12 172 0.8% 1 1 8 0% 8 3 Colorado Bl/Cherry Ck 323 5,102 3.2% 9 0 0 0% - 0 - - - 4 Downtown 235 3,887 2.5% 11 1 89 2.3% 5 1 76 1.9% 4 5 Northeast 1,173 15,252 9.6% 6 18 141 0.9% 3 4 93 0.6% 2 6 Northwest 1,513 24,977 15.8% 1 4 163 0.7% 2 8 125 0.5% 1 7 South 951 18,861 11.9% 4 6 87 0.5% 6 2 7 0% 10 8 Southeast 869 16,315 10.3% 5 8 62 0.4% 7 9 88 0.5% 3 9 Southeast Outlying 335 3,893 2.5% 10 7 92 2.4% 4 3 39 1.0% 7 10 Southwest 483 10,350 6.5% 8 1 3 0% 9 1 8 0.1% 9 11 Southwest Outlying 230 1,370 0.9% 12 1 1 0.1% 10 0 - - - 12 West 2,442 24,958 15.8% 2 3 32 0.1% 8 7 41 0.2% 6

SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 1 Aurora $16.99 12 1.8% 1 26.3% 1 2 Central $23.11 5 0% 9 1.9% 11 3 Colorado Bl/Cherry Ck $38.48 1 -1.4% 11 4.8% 5 4 Downtown $31.15 2 -2.5% 12 5.2% 4 5 Northeast $21.20 7 1.4% 4 4.2% 6 6 Northwest $20.93 8 0.6% 6 6.8% 2 7 South $27.86 3 -0.9% 10 4.0% 7 8 Southeast $25.74 4 0.9% 5 3.8% 8 9 Southeast Outlying $19.74 10 1.7% 2 5.4% 3 10 Southwest $21.25 6 1.4% 3 3.4% 10 11 Southwest Outlying $17.04 11 0.4% 8 1.4% 12 12 West $20.13 9 0.5% 7 3.6% 9

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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 745,928 6.2% 9 (105,530) -0.9% 7 - 2 Central 948,563 4.5% 3 (254,871) -1.2% 11 - 3 Colorado Bl/Cherry Ck 240,384 4.7% 6 (80,696) -1.6% 6 - 4 Downtown 243,731 6.3% 10 (44,817) -1.2% 5 - 5 Northeast 707,128 4.6% 4 40,461 0.3% 3 2.7 6 Northwest 1,600,382 6.4% 12 (115,227) -0.5% 9 - 7 South 1,049,196 5.6% 8 (286,759) -1.5% 12 - 8 Southeast 720,789 4.4% 2 64,036 0.4% 2 0.4 9 Southeast Outlying 63,598 1.6% 1 101,667 2.6% 1 0.9 10 Southwest 661,293 6.4% 11 (153,001) -1.5% 10 - 11 Southwest Outlying 63,707 4.7% 5 (19,551) -1.4% 4 - 12 West 1,258,238 5.0% 7 (105,636) -0.4% 8 -

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OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 160,392,183 783,701 0.5% 329,602 0.2% 2.4 2024 159,608,482 693,195 0.4% (115,487) -0.1% - 2023 158,915,287 447,781 0.3% 48,767 0% 9.2 2022 158,467,506 (83,889) -0.1% 532,155 0.3% - 2021 158,551,395 102,402 0.1% (1,637,044) -1.0% - YTD 158,448,993 0 0% (103,964) -0.1% - 2020 158,448,993 808,404 0.5% (855,442) -0.5% - 2019 157,640,589 697,811 0.4% 38,336 0% 18.2 2018 156,942,778 1,319,690 0.8% 2,044,349 1.3% 0.6 2017 155,623,088 1,512,818 1.0% 1,803,915 1.2% 0.8 2016 154,110,270 802,600 0.5% 1,502,567 1.0% 0.5 2015 153,307,670 867,368 0.6% 1,316,043 0.9% 0.7 2014 152,440,302 430,706 0.3% 1,466,602 1.0% 0.3 2013 152,009,596 1,002,901 0.7% 2,009,039 1.3% 0.5 2012 151,006,695 386,807 0.3% 1,249,616 0.8% 0.3 2011 150,619,888 898,257 0.6% 1,676,113 1.1% 0.5 2010 149,721,631 630,433 0.4% 1,431,696 1.0% 0.4 2009 149,091,198 2,343,792 1.6% 1,409,526 0.9% 1.7

MALLS SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 16,696,546 41,686 0.3% 32,749 0.2% 1.3 2024 16,654,860 36,894 0.2% 67,128 0.4% 0.5 2023 16,617,966 23,802 0.1% 95,490 0.6% 0.2 2022 16,594,164 (8,441) -0.1% 69,611 0.4% - 2021 16,602,605 (6,622) 0% (416,515) -2.5% - YTD 16,609,227 0 0% - - - 2020 16,609,227 64,500 0.4% (37,661) -0.2% - 2019 16,544,727 27,393 0.2% (174,035) -1.1% - 2018 16,517,334 75,072 0.5% 391,505 2.4% 0.2 2017 16,442,262 339,754 2.1% 481,397 2.9% 0.7 2016 16,102,508 188,969 1.2% 274,613 1.7% 0.7 2015 15,913,539 84,823 0.5% 153,428 1.0% 0.6 2014 15,828,716 7,264 0% (81,151) -0.5% - 2013 15,821,452 0 0% 96,951 0.6% 0 2012 15,821,452 38,547 0.2% 61,530 0.4% 0.6 2011 15,782,905 270,000 1.7% 42,169 0.3% 6.4 2010 15,512,905 7,232 0% 97,286 0.6% 0.1 2009 15,505,673 563,311 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 15,762,639 34,842 0.2% (5,524) 0% - 2024 15,727,797 30,837 0.2% 5,028 0% 6.1 2023 15,696,960 19,879 0.1% 40,249 0.3% 0.5 2022 15,677,081 (7,125) 0% 25,112 0.2% - 2021 15,684,206 (8,044) -0.1% (226,299) -1.4% - YTD 15,692,250 0 0% (5,078) 0% - 2020 15,692,250 0 0% 43,019 0.3% 0 2019 15,692,250 93,809 0.6% (56,050) -0.4% - 2018 15,598,441 57,500 0.4% (116,539) -0.7% - 2017 15,540,941 47,500 0.3% 143,964 0.9% 0.3 2016 15,493,441 18,099 0.1% (387,937) -2.5% - 2015 15,475,342 25,005 0.2% 71,201 0.5% 0.4 2014 15,450,337 119,775 0.8% 369,711 2.4% 0.3 2013 15,330,562 88,608 0.6% 116,383 0.8% 0.8 2012 15,241,954 128,031 0.8% 263,285 1.7% 0.5 2011 15,113,923 425,199 2.9% 639,637 4.2% 0.7 2010 14,688,724 27,609 0.2% 299,536 2.0% 0.1 2009 14,661,115 803,454 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 50,630,572 146,746 0.3% (29,570) -0.1% - 2024 50,483,826 129,724 0.3% (84,236) -0.2% - 2023 50,354,102 83,677 0.2% 63,083 0.1% 1.3 2022 50,270,425 (30,086) -0.1% 34,462 0.1% - 2021 50,300,511 38,213 0.1% (697,348) -1.4% - YTD 50,262,298 0 0% (127,210) -0.3% - 2020 50,262,298 58,300 0.1% (837,783) -1.7% - 2019 50,203,998 240,802 0.5% (10,056) 0% - 2018 49,963,196 170,534 0.3% 531,208 1.1% 0.3 2017 49,792,662 252,882 0.5% 416,737 0.8% 0.6 2016 49,539,780 212,886 0.4% 752,563 1.5% 0.3 2015 49,326,894 461,153 0.9% 466,239 0.9% 1.0 2014 48,865,741 277,198 0.6% 541,643 1.1% 0.5 2013 48,588,543 315,432 0.7% 724,388 1.5% 0.4 2012 48,273,111 496,745 1.0% 883,620 1.8% 0.6 2011 47,776,366 115,322 0.2% 349,889 0.7% 0.3 2010 47,661,044 325,047 0.7% 378,602 0.8% 0.9 2009 47,335,997 159,890 0.3% 105,731 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 8,922,886 54,124 0.6% 8,976 0.1% 6.0 2024 8,868,762 47,852 0.5% (31,056) -0.4% - 2023 8,820,910 30,877 0.4% (29,827) -0.3% - 2022 8,790,033 (11,122) -0.1% 8,851 0.1% - 2021 8,801,155 (9,116) -0.1% (68,757) -0.8% - YTD 8,810,271 0 0% 4,843 0.1% 0 2020 8,810,271 15,700 0.2% (86,777) -1.0% - 2019 8,794,571 54,695 0.6% 82,125 0.9% 0.7 2018 8,739,876 126,702 1.5% 127,416 1.5% 1.0 2017 8,613,174 51,663 0.6% 46,977 0.5% 1.1 2016 8,561,511 34,548 0.4% 79,095 0.9% 0.4 2015 8,526,963 34,322 0.4% 112,912 1.3% 0.3 2014 8,492,641 40,508 0.5% 148,989 1.8% 0.3 2013 8,452,133 58,221 0.7% 105,136 1.2% 0.6 2012 8,393,912 28,456 0.3% 81,295 1.0% 0.4 2011 8,365,456 0 0% 79,377 0.9% 0 2010 8,365,456 0 0% 111,820 1.3% 0 2009 8,365,456 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 67,020,348 492,360 0.7% 314,608 0.5% 1.6 2024 66,527,988 435,108 0.7% (72,993) -0.1% - 2023 66,092,880 279,878 0.4% (119,733) -0.2% - 2022 65,813,002 (29,143) 0% 385,992 0.6% - 2021 65,842,145 88,381 0.1% (218,699) -0.3% - YTD 65,753,764 0 0% 23,481 0% 0 2020 65,753,764 669,904 1.0% 46,602 0.1% 14.4 2019 65,083,860 281,112 0.4% 196,352 0.3% 1.4 2018 64,802,748 561,762 0.9% 729,915 1.1% 0.8 2017 64,240,986 813,615 1.3% 778,841 1.2% 1.0 2016 63,427,371 290,421 0.5% 723,995 1.1% 0.4 2015 63,136,950 262,065 0.4% 509,025 0.8% 0.5 2014 62,874,885 (14,039) 0% 488,616 0.8% - 2013 62,888,924 540,640 0.9% 962,280 1.5% 0.6 2012 62,348,284 (304,972) -0.5% (45,959) -0.1% - 2011 62,653,256 87,736 0.1% 565,891 0.9% 0.2 2010 62,565,520 270,545 0.4% 538,390 0.9% 0.5 2009 62,294,975 746,580 1.2% 334,408 0.5% 2.2

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OTHER SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 1,359,192 13,943 1.0% 8,363 0.6% 1.7 2024 1,345,249 12,780 1.0% 642 0% 19.9 2023 1,332,469 9,668 0.7% (495) 0% - 2022 1,322,801 2,028 0.2% 8,127 0.6% 0.2 2021 1,320,773 (410) 0% (9,426) -0.7% - 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 $24.57 136 0.8% 7.3% 11,022,695 6.9% 0.2% 2024 $24.38 135 1.2% 6.5% 10,583,085 6.6% 0.5% 2023 $24.09 134 2.3% 5.2% 9,772,199 6.1% 0.2% 2022 $23.55 131 3.2% 2.8% 9,366,607 5.9% -0.4% 2021 $22.81 127 -0.4% -0.4% 9,971,172 6.3% 1.1% YTD $22.92 127 0.1% 0.1% 8,302,937 5.2% 0.1% 2020 $22.90 127 0.3% 0% 8,198,973 5.2% 1.0% 2019 $22.83 127 2.5% -0.3% 6,550,034 4.2% 0.4% 2018 $22.28 124 3.6% -2.7% 5,911,388 3.8% -0.5% 2017 $21.52 119 4.8% -6.0% 6,653,365 4.3% -0.2% 2016 $20.53 114 4.4% -10.4% 6,962,035 4.5% -0.5% 2015 $19.67 109 3.6% -14.1% 7,669,002 5.0% -0.3% 2014 $18.99 105 5.5% -17.1% 8,105,025 5.3% -0.7% 2013 $18.00 100 3.6% -21.4% 9,153,890 6.0% -0.7% 2012 $17.38 97 1.1% -24.1% 10,163,891 6.7% -0.6% 2011 $17.20 95 0.1% -24.9% 11,026,700 7.3% -0.6% 2010 $17.17 95 -1.9% -25.0% 11,804,781 7.9% -0.5% 2009 $17.50 97 -2.8% -23.6% 12,547,680 8.4% 0.5%

MALLS RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $32.70 133 0.9% 5.4% 834,573 5.0% 0% 2024 $32.41 131 1.3% 4.4% 826,056 5.0% -0.2% 2023 $32.00 130 2.3% 3.1% 856,344 5.2% -0.4% 2022 $31.29 127 3.2% 0.8% 927,976 5.6% -0.5% 2021 $30.31 123 -0.4% -2.3% 1,005,976 6.1% 2.5% YTD $30.48 124 0.2% -1.8% 595,014 3.6% 0% 2020 $30.43 123 -2.0% -2.0% 595,014 3.6% 0.6% 2019 $31.03 126 1.8% 0% 492,853 3.0% 1.2% 2018 $30.50 124 2.2% -1.7% 291,425 1.8% -1.9% 2017 $29.84 121 3.6% -3.8% 607,858 3.7% -1.0% 2016 $28.80 117 4.0% -7.2% 749,501 4.7% -0.6% 2015 $27.70 112 1.6% -10.7% 842,145 5.3% -0.5% 2014 $27.26 111 5.1% -12.2% 910,750 5.8% 0.6% 2013 $25.94 105 3.3% -16.4% 822,335 5.2% -0.6% 2012 $25.12 102 1.1% -19.0% 919,286 5.8% -0.2% 2011 $24.85 101 1.3% -19.9% 942,269 6.0% 1.4% 2010 $24.53 99 1.0% -21.0% 714,663 4.6% -0.6% 2009 $24.30 99 -1.4% -21.7% 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 $26.14 137 0.7% 6.7% 1,375,604 8.7% 0.2% 2024 $25.96 136 1.1% 6.0% 1,335,845 8.5% 0.1% 2023 $25.67 134 2.2% 4.8% 1,309,981 8.3% -0.1% 2022 $25.13 131 3.1% 2.6% 1,330,237 8.5% -0.2% 2021 $24.37 127 -0.5% -0.5% 1,362,381 8.7% 1.4% YTD $24.52 128 0.1% 0.1% 1,148,183 7.3% 0% 2020 $24.49 128 0.4% 0% 1,143,105 7.3% -0.3% 2019 $24.39 128 2.5% -0.4% 1,186,124 7.6% 0.9% 2018 $23.79 124 3.7% -2.9% 1,036,265 6.6% 1.1% 2017 $22.95 120 5.0% -6.3% 862,226 5.5% -0.6% 2016 $21.86 114 4.7% -10.7% 958,690 6.2% 2.6% 2015 $20.88 109 3.7% -14.8% 552,654 3.6% -0.3% 2014 $20.13 105 5.8% -17.8% 598,850 3.9% -1.7% 2013 $19.02 99 3.5% -22.3% 848,786 5.5% -0.2% 2012 $18.39 96 1.3% -24.9% 876,561 5.8% -0.9% 2011 $18.15 95 0.2% -25.9% 1,011,815 6.7% -1.7% 2010 $18.12 95 -2.1% -26.0% 1,226,253 8.3% -1.9% 2009 $18.50 97 -3.2% -24.5% 1,498,180 10.2% 2.1%

NEIGHBORHOOD CENTER RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $22.83 134 0.7% 6.6% 4,992,531 9.9% 0.3% 2024 $22.67 133 1.1% 5.9% 4,819,214 9.5% 0.4% 2023 $22.43 132 2.1% 4.7% 4,604,303 9.1% 0% 2022 $21.96 129 3.1% 2.5% 4,582,663 9.1% -0.1% 2021 $21.30 125 -0.5% -0.5% 4,646,545 9.2% 1.5% YTD $21.43 126 0.1% 0.1% 4,033,984 8.0% 0.3% 2020 $21.42 126 1.1% 0% 3,906,774 7.8% 1.8% 2019 $21.19 124 2.2% -1.1% 3,010,691 6.0% 0.5% 2018 $20.74 122 3.8% -3.2% 2,758,653 5.5% -0.8% 2017 $19.99 117 4.9% -6.7% 3,129,245 6.3% -0.4% 2016 $19.05 112 4.5% -11.0% 3,293,307 6.6% -1.1% 2015 $18.23 107 3.9% -14.9% 3,832,984 7.8% -0.1% 2014 $17.54 103 4.9% -18.1% 3,838,387 7.9% -0.6% 2013 $16.72 98 3.0% -21.9% 4,102,832 8.4% -0.9% 2012 $16.23 95 0.7% -24.2% 4,513,868 9.4% -0.9% 2011 $16.11 95 -0.1% -24.8% 4,900,743 10.3% -0.5% 2010 $16.12 95 -2.6% -24.7% 5,135,310 10.8% -0.1% 2009 $16.55 97 -2.9% -22.7% 5,131,049 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 $23.34 134 0.7% 7.0% 704,121 7.9% 0.4% 2024 $23.18 133 1.1% 6.3% 660,141 7.4% 0.9% 2023 $22.91 131 2.2% 5.1% 581,253 6.6% 0.7% 2022 $22.42 128 3.2% 2.8% 520,276 5.9% -0.2% 2021 $21.72 124 -0.4% -0.4% 540,065 6.1% 0.7% YTD $21.83 125 0.1% 0.1% 474,518 5.4% -0.1% 2020 $21.81 125 1.1% 0% 479,361 5.4% 1.2% 2019 $21.57 124 2.3% -1.1% 376,884 4.3% -0.3% 2018 $21.08 121 3.7% -3.4% 404,314 4.6% -0.1% 2017 $20.32 116 4.9% -6.8% 405,028 4.7% 0% 2016 $19.38 111 4.1% -11.1% 398,717 4.7% -0.5% 2015 $18.62 107 4.1% -14.6% 443,264 5.2% -0.9% 2014 $17.89 102 5.2% -17.9% 521,854 6.1% -1.3% 2013 $17.01 97 3.6% -22.0% 630,335 7.5% -0.6% 2012 $16.42 94 0.6% -24.7% 677,250 8.1% -0.7% 2011 $16.32 93 -0.6% -25.2% 730,089 8.7% -0.9% 2010 $16.42 94 -3.0% -24.7% 809,466 9.7% -1.3% 2009 $16.94 97 -3.0% -22.3% 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 $23.67 140 0.9% 8.0% 3,082,323 4.6% 0.2% 2024 $23.46 139 1.3% 7.0% 2,913,836 4.4% 0.7% 2023 $23.16 137 2.4% 5.6% 2,404,458 3.6% 0.6% 2022 $22.61 134 3.4% 3.1% 1,999,760 3.0% -0.6% 2021 $21.87 129 -0.3% -0.3% 2,404,412 3.7% 0.5% YTD $21.93 130 0% 0% 2,048,466 3.1% 0% 2020 $21.93 130 0.3% 0% 2,071,947 3.2% 0.9% 2019 $21.85 129 3.0% -0.3% 1,463,552 2.2% 0.1% 2018 $21.22 126 3.9% -3.2% 1,400,801 2.2% -0.3% 2017 $20.43 121 5.2% -6.8% 1,576,354 2.5% 0% 2016 $19.43 115 4.3% -11.4% 1,560,571 2.5% -0.7% 2015 $18.62 110 4.0% -15.1% 1,994,145 3.2% -0.4% 2014 $17.90 106 5.9% -18.4% 2,228,136 3.5% -0.8% 2013 $16.90 100 4.3% -22.9% 2,743,760 4.4% -0.7% 2012 $16.21 96 1.3% -26.1% 3,167,183 5.1% -0.4% 2011 $16.00 95 -0.1% -27.0% 3,426,196 5.5% -0.8% 2010 $16.01 95 -2.2% -27.0% 3,904,351 6.2% -0.5% 2009 $16.37 97 -3.1% -25.3% 4,171,648 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 $23.55 138 1.1% 8.9% 33,543 2.5% 0.4% 2024 $23.30 137 1.5% 7.7% 27,993 2.1% 0.9% 2023 $22.96 135 2.6% 6.2% 15,860 1.2% 0.8% 2022 $22.38 131 3.6% 3.5% 5,695 0.4% -0.5% 2021 $21.62 127 -0.1% -0.1% 11,793 0.9% 0.7% YTD $21.63 127 0% 0% 2,772 0.2% 0% 2020 $21.63 127 1.1% 0% 2,772 0.2% -1.3% 2019 $21.40 126 1.6% -1.1% 19,930 1.5% 0% 2018 $21.08 124 3.5% -2.6% 19,930 1.5% -5.8% 2017 $20.37 119 5.0% -5.8% 72,654 7.3% 7.2% 2016 $19.40 114 4.6% -10.3% 1,249 0.1% -0.3% 2015 $18.54 109 4.1% -14.3% 3,810 0.4% -0.3% 2014 $17.81 104 4.6% -17.7% 7,048 0.8% 0.1% 2013 $17.02 100 3.2% -21.3% 5,842 0.6% -0.4% 2012 $16.50 97 -0.1% -23.7% 9,743 1.0% -0.6% 2011 $16.51 97 0.7% -23.7% 15,588 1.7% 0.1% 2010 $16.40 96 -1.6% -24.2% 14,738 1.6% -0.7% 2009 $16.68 98 -2.1% -22.9% 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 ------$251.24 183 6.4% 2024 ------$248.03 180 6.4% 2023 ------$242.99 177 6.4% 2022 ------$234.79 171 6.5% 2021 ------$222.71 162 6.6% YTD ------$226.43 164 6.6% 2020 631 $960.8M 3.7% $2,268,422 $257.30 5.9% $226.45 164 6.6% 2019 625 $1.3B 4.0% $2,755,647 $252.69 6.2% $224.21 163 6.7% 2018 723 $1.5B 6.7% $2,729,858 $198.60 6.5% $214.70 156 6.7% 2017 637 $1.3B 5.4% $2,607,188 $182.82 6.2% $207.23 151 6.7% 2016 647 $1.3B 4.2% $2,432,617 $246.23 6.6% $197.72 144 6.8% 2015 748 $1.4B 6.7% $2,433,792 $191.13 6.8% $188.63 137 6.9% 2014 700 $1B 5.8% $1,812,420 $154.57 7.1% $174.54 127 7.2% 2013 653 $1B 5.6% $2,170,811 $161.50 7.5% $152.01 110 7.6% 2012 546 $855.9M 4.9% $2,213,728 $178.03 7.8% $146.51 106 7.7% 2011 411 $499.6M 3.7% $1,650,168 $135.81 8.3% $133.02 97 8.1% 2010 322 $351.2M 2.4% $1,313,724 $107.08 8.2% $126.14 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 ------$237.63 164 6.3% 2024 ------$234.40 161 6.3% 2023 ------$229.49 158 6.3% 2022 ------$221.72 153 6.3% 2021 ------$210.34 145 6.5% YTD ------$214.10 147 6.5% 2020 13 $9M 5.7% $3,010,000 $61.74 - $214.08 147 6.5% 2019 4 $13M 0.1% $3,240,000 $556.77 5.4% $211.99 146 6.5% 2018 48 $199.5M 19.0% $6,235,218 $146.99 6.0% $202.58 140 6.6% 2017 14 $77.8M 2.5% $7,073,874 $265.98 5.5% $196.18 135 6.6% 2016 13 $18.8M 2.7% $3,128,340 $347.66 5.4% $188.04 130 6.7% 2015 22 $256.2M 10.5% $25,623,040 $403.80 5.6% $183.29 126 6.7% 2014 4 $4.8M 1.9% $2,399,000 $387.25 6.9% $170.99 118 6.9% 2013 22 $25.7M 3.5% $3,211,750 $394.84 - $157.61 109 7.2% 2012 30 $302.9M 10.6% $37,858,678 $522.43 8.2% $153.62 106 7.2% 2011 2 $3.5M 1.4% $1,753,500 $15.45 8.9% $140.11 97 7.6% 2010 2 $4.6M 0.1% $2,309,250 $568.43 9.0% $133.41 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 ------$230.42 167 6.4% 2024 ------$227.82 166 6.4% 2023 ------$223.57 162 6.4% 2022 ------$216.42 157 6.5% 2021 ------$205.72 149 6.6% YTD ------$209.74 152 6.7% 2020 24 $60M 1.7% $2,610,643 $226.20 5.5% $209.73 152 6.7% 2019 16 $54.5M 1.6% $3,632,667 $228.15 6.1% $208.10 151 6.7% 2018 26 $115.9M 4.3% $4,625,640 $173.88 6.7% $198.69 144 6.7% 2017 19 $77M 6.2% $4,529,721 $102.35 6.5% $194.08 141 6.7% 2016 12 $77M 1.5% $6,417,705 $330.01 7.0% $185.64 135 6.8% 2015 32 $115.7M 7.3% $5,507,476 $186.27 6.2% $178.40 130 6.9% 2014 45 $56.1M 6.4% $5,606,457 $241.11 7.1% $168.62 123 7.0% 2013 48 $255.9M 10.1% $10,234,735 $226.95 7.4% $148.12 108 7.4% 2012 34 $53.4M 6.2% $4,105,307 $160.40 7.5% $144.58 105 7.5% 2011 21 $36M 8.2% $6,008,302 $168.54 10.2% $132.64 96 7.9% 2010 6 $8M 1.6% $1,602,320 $34.38 - $126.80 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 ------$220.54 175 6.5% 2024 ------$218.03 173 6.5% 2023 ------$213.90 170 6.5% 2022 ------$207.00 165 6.6% 2021 ------$196.71 156 6.7% YTD ------$200.33 159 6.7% 2020 93 $188.2M 2.5% $3,217,381 $194.94 5.9% $200.34 159 6.7% 2019 103 $452M 5.0% $5,373,963 $202.53 6.3% $198.78 158 6.8% 2018 118 $356.5M 5.1% $3,593,605 $155.88 6.8% $189.11 150 6.8% 2017 130 $465.3M 6.1% $4,213,440 $167.64 6.2% $182.36 145 6.9% 2016 121 $559.8M 4.6% $4,863,571 $250.20 6.5% $174.07 138 7.0% 2015 136 $405.5M 6.4% $3,407,641 $146.56 6.6% $166.54 132 7.1% 2014 122 $352.5M 5.5% $3,234,324 $144.86 6.8% $155.43 124 7.3% 2013 117 $334.7M 5.6% $3,281,583 $145.57 8.0% $135.63 108 7.7% 2012 97 $168.7M 4.2% $2,677,483 $103.79 7.6% $132.19 105 7.8% 2011 80 $201.6M 3.8% $3,251,878 $150.68 7.3% $120.34 96 8.2% 2010 44 $112.2M 2.3% $2,794,686 $116.82 7.9% $115.24 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 ------$282.13 189 6.4% 2024 ------$278.85 187 6.4% 2023 ------$273.51 183 6.4% 2022 ------$264.53 177 6.5% 2021 ------$251.07 168 6.6% YTD ------$255.41 171 6.6% 2020 24 $31.1M 2.8% $2,008,033 $204.86 6.8% $255.38 171 6.6% 2019 37 $85.9M 3.8% $2,754,737 $292.47 7.1% $250.57 168 6.7% 2018 46 $81.7M 4.4% $2,765,878 $329.31 5.9% $244.14 163 6.7% 2017 55 $88.6M 6.1% $2,507,573 $230.39 7.2% $235.02 157 6.7% 2016 54 $89.9M 6.3% $2,089,634 $197.59 7.1% $224.83 150 6.7% 2015 58 $106.7M 7.6% $2,539,589 $209.14 7.2% $212.49 142 6.9% 2014 62 $72.8M 6.5% $1,343,825 $141.42 7.6% $195.04 131 7.2% 2013 43 $46.4M 5.8% $1,532,404 $137.02 8.1% $167.73 112 7.7% 2012 49 $60M 6.4% $1,677,170 $145.15 8.4% $160.26 107 7.9% 2011 27 $25.6M 3.1% $1,666,678 $138.08 8.3% $145.52 97 8.3% 2010 19 $19.1M 2.3% $1,853,711 $147.16 7.5% $136.43 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 ------$278.46 195 6.3% 2024 ------$274.59 192 6.3% 2023 ------$268.67 188 6.4% 2022 ------$259.25 181 6.4% 2021 ------$245.54 172 6.5% YTD ------$249.19 174 6.6% 2020 477 $672.4M 4.7% $2,075,057 $304.94 5.9% $249.23 174 6.6% 2019 465 $704.1M 4.9% $2,060,372 $294.05 6.0% $246.70 173 6.6% 2018 484 $713.3M 5.8% $2,020,574 $252.26 6.5% $236.93 166 6.6% 2017 417 $572.8M 5.4% $1,776,239 $202.01 6.1% $228.11 160 6.7% 2016 447 $575.9M 4.7% $1,564,653 $241.29 6.6% $217.13 152 6.7% 2015 500 $565.4M 5.7% $1,399,620 $185.30 6.8% $205.77 144 6.9% 2014 467 $531M 6.8% $1,371,696 $156.75 7.2% $188.39 132 7.2% 2013 422 $372.8M 5.0% $1,193,088 $144.43 7.0% $161.69 113 7.7% 2012 336 $270.9M 3.5% $997,375 $145.96 7.6% $154.03 108 7.8% 2011 281 $232.9M 3.3% $1,061,808 $135.82 8.3% $139.11 97 8.3% 2010 251 $207.3M 3.4% $986,453 $106.38 8.3% $130.87 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 ------$253.07 172 6.4% 2024 ------$249.15 170 6.4% 2023 ------$243.46 166 6.5% 2022 ------$234.48 160 6.5% 2021 ------$221.64 151 6.6% YTD ------$224.43 153 6.7% 2020 ------$224.43 153 6.7% 2019 ------$219.07 149 6.7% 2018 1 $0.00 0.4% - - - $206.80 141 6.8% 2017 2 $16.8M 6.2% $8,415,850 $274.23 6.2% $203.12 138 6.8% 2016 ------$196.15 134 6.8% 2015 ------$188.86 129 6.8% 2014 ------$176.99 121 7.1% 2013 1 $0.00 2.2% - - - $155.10 106 7.5% 2012 ------$151.18 103 7.6% 2011 ------$138.48 94 7.9% 2010 ------$133.23 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

3431 S Broadway 3840 W Colfax Avenue 100 N Kalamath Street $17.00 SF/YR (NNN) $935,000 $22.00 SF/YR SIZE TERMS SIZE TERMS SIZE TERMS 2,925 SF FOR LEASE 600 SF FOR SALE 2,630 SF FOR LEASE

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 | 2700 S Broadway #307 | Denver, CO 80113 | 720.572.5187 office www.hoffleigh.com/denver