Summary

● Kiewit is in the process of developing a 12.6-acre corporate campus in Lone Tree consist-ing of two buildings. The first is a five-story, 252,000-square-foot building, expected to open July 2021, that will eventually be home to 1,100 employees. The second building broke ground in May 2020. It’s a four-story, 142,000-square-foot facility that will house around 600 employees.

● The RidgeGate Parkway Expansion Project was completed in December 2020, which widened the roadway from two lanes to six lanes along the eastern border of the City of Lone Tree. The new project will enhance the movement of regional traffic and will support the upcoming development plans within Lone Tree to the east of I-25.

● Parker ranked No. 20 among RentCafe’s “Top Booming Suburbs for Renters.” The study analyzed data from Yardi Matrix for large-scale apartment buildings of 50 units or more to find what suburban areas have developed the most. Parker added 2,150 new apart-ments over the last five years, representing 41 percent of the town’s apartment stock.

● HealthONE’s Sky Ridge Medical Center received the Healthgrades 2021 America’s 250 Best Hospitals Award. Hospitals that have achieved the prestigious distinction ranked among the top five percent of nearly 4,500 hospitals assessed nationwide for superior clinical performance across at least 21 of 32 most common inpatient conditions and pro-cedures.

● Sky Ridge Medical Center received an “A” grade in hospital safety, according to the 2020 Leapfrog Hospital Safety Group. The rating is based on a hospital’s performance in pre-venting medical errors, injuries, accidents, infections, and other harms to patients in their care.

● Colorado ranked as the nation’s fifth-most educated state in a recent WalletHub study. The study compared all 50 states across 18 metrics, including educational attainment, school quality, and achievement gaps between genders and races. Colorado ranked first in the gender gap in educational attainment, first in percentage of associate degree holders, second in percentage of bachelor’s degree holders, and eighth in percentage of graduate or professional degree holders. Massachusetts, Maryland, Connecticut, and Vermont were among the top five states.

Economic Headlines

Employment128,686

Down 2.7% from 3Q 2019

Unemployment Rate5.2%

Up 3.2 percentage points from 4Q 2019

Existing Home Sales1,952

Up 23.5% from 4Q 2019

Residential Units Permitted1,155

Up 56.1% from 4Q 2019

Commercial Vacancy Rates

Douglas County Economic DevelopmentQuarterly Report - 4th Qtr 2020

SFA SFD

110,000115,000120,000125,000130,000135,000

3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020

0.0% 2.0% 4.0% 6.0% 8.0%

U.S.Colorado

Metro DenverParker

Castle RockDouglas County 4Q 2020

0.0%

4.0%

8.0%

12.0%

16.0%

Office Industrial Flex Retail

4Q 2019 4Q 2020

500

750

1,000

4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020

-

1,000

2,000

4Q 2019 4Q 2020

SFA SFD

Department of Community Development | Community and Resource Services100 Third St. | Castle Rock, CO 80104 | Ph: 303-660-7460 | douglas.co.us; search for business

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Note: Industry data may not add to all-industry total due to rounding, suppressed data, and employment that cannot be assigned to an industry. Source: Colo. Dept. of Labor and Employment, Labor Market Information, QCEW.

Covered Employment by Industry Supersector, 3rd Qtr 2020Douglas County Metro Denver

3rd Qtr 2020

Yr/Yr % Change

3rd Qtr 2020

Yr/Yr % Change

Total All Industries 120,545 -7.8% 1,532,549 -9.4%Private Sector Mining & Logging 429 -16.5% 13,139 -16.5% Construction 9,896 3.4% 103,903 -3.8% Manufacturing 2,175 9.1% 88,848 -2.1% Wholesale Trade 4,838 3.9% 78,058 -4.1% Retail Trade 17,737 -3.8% 147,776 -4.2% Transportation, Warehousing, & Utilities 1,909 9.6% 68,648 3.9%

Information 4,879 -5.6% 58,471 -1.3% Financial Activities 14,748 -1.0% 113,307 -2.4% Professional & Business Services 23,337 0.2% 307,337 -5.2% Education & Health Services 18,826 -2.1% 203,722 -5.1% Leisure & Hospitality 15,771 -12.6% 144,128 -26.2% Other Services 3,979 -5.1% 46,823 -11.4%Government 13,119 -3.6% 221,046 -3.8%

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Unemployment Rates 4th Qtr

20194th Qtr

2020Douglas County 2.0% 5.2% Castle Rock 2.2% 5.3% Parker 2.0% 5.8%Metro Denver 2.3% 7.0%Colorado 2.4% 6.7%U.S. 3.3% 6.5%

Sources: Colo. Dept. of Labor and Employment, Labor Market Information; U.S. Bureau of Labor Statistics.

Jobs covered by unemployment insurance as reported in the QCEW. These positions represent the vast majority of total employment, although the self-employed, some agricultural workers, some domestic workers, and several other categories of workers are excluded. This data series lags the CES series by about six months and is available for the nation, states, MSAs, and counties.

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Employment ActivityEmployment in Douglas County decreased 2.7 percent between the third quarters of 2019 and 2020, falling by 3,613 jobs over the year. Eight of the 13 supersectors reported decreases in employment during the period, with the largest declines in mining and log-ging (-16.5 percent), leisure and hospitality (-12.6 percent), and information (-5.6 percent). Transportation, warehousing, and utilities reported the largest over-the-year

increase of 9.6 percent, followed by manu-facturing (+9.1 percent), wholesale trade (+3.9 percent), and construction (+3.4 percent).

Employment in Metro Denver decreased 6.6 percent between the third quarters of 2019 and 2020. Twelve of the 13 supersec-tors reported over-the-year decreases, led by leisure and hospitality (-26.2 percent), min-

UnemploymentThe unemployment rate in Douglas County increased 3.2 percentage points between the fourth quarters of 2019 and 2020 as a second round of COVID-19 restrictions on eateries, events, and other sectors ratcheted up at the end of the year. However, the unemployment rate was unchanged over the quarter at 5.2 percent. Unemployment in Castle Rock also rose 3.2 percentage points, rising to 5.3 per-cent. Parker reported an unemployment rate of 5.8 percent in the fourth quarter of 2020, up 3.7 percentage points from a year ago.

The labor force decreased in all three areas over the year, declining 0.8 percent in Doug-las County and 0.7 percent in Castle Rock. Parker recorded a smaller 0.1 percent decline in the number of people employed or looking for work.

The unemployment rate in Metro Denver rose 4.7 percentage points over the year to 7 percent in the fourth quarter of 2020. Similar to Douglas County, the unemployment rate was unchanged over the quarter. The labor force in Metro Denver rose 0.7 percent, rep-resenting 13,776 more individuals working or looking for a job during the period.

Colorado’s unemployment rate increased 4.3 percentage points over the year to 6.7 per-cent during the fourth quarter of 2020, while the labor force increased 0.6 percent over the period. The unemployment rate in the U.S. rose 3.2 percentage points over the year to 6.5 percent, while the national labor force declined 2.3 percent during the period.

Manpower Employment Outlook SurveyMetro Denver Companies

HiringCompanies Laying Off

Companies No Change Unsure

National2nd Qtr 2021 21% 23% 3% 4% 71% 70% 5% 3%1st Qtr 2021 18% 21% 3% 6% 76% 68% 3% 5%2nd Qtr 2020 27% 23% 2% 3% 70% 73% 1% 1%

ing and logging (-16.5 percent), and other services (-11.4 percent). Transportation, warehousing, and utilities reported the only increase of 3.9 percent during the period.

Manpower Employment Outlook SurveyThe Manpower Employment Outlook Survey revealed that 21 percent of employers surveyed in the Denver-Aurora Metropolitan Statistical Area (MSA) will hire more employees in the second quarter of 2021, an increase of 3 percentage points from the previous quarter but a decrease of 6 percentage points compared with the same time last year. Surveyed employers were optimistic to hire in multiple industries including transportation and utilities, financial activities, professional and business services, and education and health services. For the third consecutive quarter, hiring intentions in Denver were below national hiring intentions, which reported that 23 percent of companies plan to hire in the second quarter of 2021.

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● Construction began on Sky Ridge Station Apartments, a seven-story, 240-unit apartment complex at the Sky Ridge Station transit-oriented development in Lone Tree. The project includes one- and two-bedroom units ranging from 544 sq. ft. to 1,121 sq. ft. and ground floor retail space. It is expected to be completed in Fall 2022.

● Minneapolis-based Dominium began construction on South Range Crossings, a 204-unit affordable housing development at 19130 J Morgan Blvd. in Parker. The project is scheduled to be delivered in the spring of 2022 and include community amenities, including a club-house, community kitchen, fitness center, yoga center, swimming pool, and hot tub.

● Pulte Homes plans to purchase 197 homesites in Sterling Ranch over the course of two phases. Seventy-eight were purchased in Decem-

ber 2020, and the remaining 119 homesites are anticipated to close by June 2021. The Pulte Homes offering will feature one and two-story single-family home designs with flexible, open living spaces situated on large homesites, as well as unique alley-loaded three-story townhomes. Sales of these homes are anticipated to begin in late 2021 or early 2022.

● A new “active adult” apartment building in the Highlands Ranch Town Center will be ready for move-in by August 2021. The Audrey, developed by Shea Properties, will be limited to residents over 55 years of age who qualify for the affordable housing rental rate, which is about 60 percent of the area’s median income. The building will include 134 studio, one-, and two-bedroom apartment units.

● Solterra Companies broke ground on Bridgewater Living, a 142-unit residential health care community in Castle Rock. The project sits on 6.63 acres at 4001 Home St. and is expected to open in Summer 2022.

Consumer ActivityConsumer Confidence IndexThe Consumer Confidence Index for the U.S. decreased 26.2 percent over the year to 93.8 in the fourth quarter of 2020. Over the quarter, the national index rose 0.8 percent. The quarterly increase reflects a rebound for the second quarter in a row following a sharp decline reported in April and May due to the COVID-19 pandemic. Consumers’ assessment of current conditions decreased at the end of 4Q 2020 due to rising cases of COVID-19, but consumers were more optimistic about the short-term outlook head-ing into 2021, and their assessment of the job market and short-term income prospects also increased.

Colorado is included in the Mountain Region Index and the area reported a 24.1 percent decrease over the year. Over the quarter, confidence in the Mountain Region rose 13.5 percent.

continued on the next pg.

Source: Colorado Comps, LLC

Douglas County Existing Home Sales, 4th Qtr 2020Douglas County Submarkets Total

Castle Pines Castle Rock Highlands Ranch Larkspur Lone Tree Parker Douglas

CountyHome Sales Single-Family Detached 4th Qtr 2020 59 350 468 0 54 250 1,630 4th Qtr 2019 35 318 371 1 34 207 1,335 Single-Family Attached 4th Qtr 2020 3 73 105 0 29 47 322 4th Qtr 2019 1 60 70 0 18 37 246Average Sold Price Single-Family Detached 4th Qtr 2020 $779,286 $554,409 $606,342 $0 $926,885 $523,940 $657,293 4th Qtr 2019 $688,631 $464,844 $557,313 $290,000 $784,941 $456,493 $543,621 Single-Family Attached 4th Qtr 2020 $405,833 $336,179 $411,270 $0 $488,097 $284,366 $368,928 4th Qtr 2019 $339,500 $299,718 $407,186 $0 $486,750 $269,989 $367,465

Existing Home Sales Home sales accelerated in Douglas County in the fourth quarter of 2020 compared with one year ago. Between the fourth quarters of 2019 and 2020, existing home sales in Doug-las County increased 23.5 percent or an addi-tional 371 homes sold during the period. Five of the six submarkets recorded an over-the-year increase in detached sales, led by Castle Pines (+68.6 percent), Lone Tree (+58.8 per-cent), and Highlands Ranch (+26.1 percent). Highlands Ranch reported the largest abso-lute increase during the period, rising by 97 homes sold. Larkspur recorded the only over-the-year decrease between the fourth quar-ters of 2019 and 2020, falling from 1 to 0.

Residential Real Estate

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Douglas County Residential Building Permits, 4th Qtr 2020Single-Family

DetachedSingle-Family

Attached Multi-Family

Total Units 4th Qtr

2020

Total Units 4th Qtr

2019Units

Avg. Valuation per Unit

UnitsAvg.

Valuation per Unit

Permits UnitsAvg.

Valuation per Unit

Aurora 106 84 106 $254,379 0 $0 0 0 $0Castle Pines 142 78 108 $405,193 34 $251,897 0 0 $0Castle Rock 358 217 265 $321,621 48 $236,558 1 45 $213,891

Highlands Ranch 1 18 1 $704,110 0 $0 0 0 $0

Littleton 0 0 0 $0 0 $0 0 0 $0Lone Tree 10 4 10 $457,979 0 $0 0 0 $0Parker 199 90 116 $394,945 83 $211,151 0 0 $0Unincorporated Douglas 339 249 279 $319,019 60 $181,284 0 0 $0Total Douglas County 1,155 740 885 $334,530 225 $214,764 1 45 $213,891

Note: Excludes permits for residential construction activity that does not affect overall housing inventory. Source: Douglas County and individual municipalities.

Residential Real Estate continued from pg. 3Single-family attached home sales in-creased at a strong pace in Douglas County in the fourth quarter of 2020, rising 30.9 percent or by 295 homes. Five of the six submarkets recorded increases in attached sales, led by Castle Pines (+200 percent), Lone Tree (+61.1 percent), and Highlands Ranch (+50 percent). Attached sales in Larkspur were unchanged at 0 between the fourth quarters of 2019 and 2020. Existing Homes - Average Sales PriceHome price appreciation in Douglas County was strong between the fourth quarters of 2019 and 2020 for single-family detached homes. The average sale price of a single-family detached home rose 20.9 percent or an increase of $113,672 to $657,293 in Douglas County, the largest over-the-year increase in detached prices among the seven counties in Metro Denver. Castle Rock recorded the largest price increase

of 19.3 percent, or $89,565, followed by Lone Tree (+18.1 percent), Parker (+14.8 percent), and Castle Pines (+13.2 percent). Lone Tree recorded the highest sale price of the six submarkets of $926,885 in the fourth quarter of 2020, while Parker re-corded the lowest sale price of $523,940 during the period.

The average price of a single-family attached home in Douglas County rose 0.4 percent over the year, rising by $1,463. Five of the six submarkets recorded over-the-year increases in attached home prices, with the largest increases recorded in Castle Pines (+19.5 percent), Castle Rock (+12.2 percent), and Parker (+5.3 percent). Castle Pines recorded the largest absolute increase in price of an additional $66,333 per home during the period. Average prices ranged from a high of $488,097 in Lone Tree to a low of $284,366 in Parker.

ForeclosuresForeclosure filings in Douglas County fell 89.3 percent over the year to six filings during the fourth quarter of 2020, down 50 filings during the period. Filings remained un-changed at six between the third and fourth quarters of 2020.

Foreclosure filings in Metro Denver fell 86.1 percent over the year to 98 total filings, representing a decrease of 609 foreclosures during the period.

The low filings were due to the foreclosure moratorium in effect in Colorado from April 30 to July 13 due to the COVID-19 pandemic. Further, homeowners with a federally backed mortgage, which covers two-thirds of residential mortgages across the U.S., are protected from foreclosure until June 30, 2021.

Building PermitsResidential building permits in Douglas County increased 56.1 percent between the fourth quarters of 2019 and 2020, rising by 415 units permitted. Single-family detached units permitted across Douglas County increased 43 percent over the year, while single-family attached units permitted increased 102.7 percent and multi-family units permitted increased from 10 units permitted to 45 units permitted during the period. Six of the eight submarkets reported over-the-year increases, led by Lone Tree

(+150 percent), Parker (+121.1 percent), and Castle Pines (+82.1 percent). Permits de-creased in Highlands Ranch, falling from 18 units permitted to 1 unit. No units were per-mitted in Littleton in the fourth quarters of 2019 and 2020. The only multi-family project was the 45-unit Oakwood Senior Apartments in Castle Rock in the fourth quarter of 2020.

The average valuation of single-family detached units permitted rose 6.7 percent over the year to $334,530, representing $21,141 more per home during the period.

Highlands Ranch recorded the highest average valuation for single-family detached homes at $704,110, while Aurora reported the lowest valuation at $254,379. The average valuation for single-family attached units rose 9.9 percent to $214,764 in Douglas County, with valuations ranging from a low of $181,284 in unincorporated Douglas County to a high of $251,897 in Castle Pines. The average valuation for multi-family units was $213,891 in the fourth quarter of 2020.

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percent between the fourth quarters of 2019 and 2020. Four of the six market areas in Douglas County recorded increases over the year, with the largest vacancy increase reported in Highlands Ranch, rising 29.2 percentage points over the year to 36.1 percent, primarily due to vacancies at the

Lucent Campus located at Lucent Blvd. and C-470. Castle Rock, Lone Tree, and Parker all recorded increases in the vacancy rate be-tween the fourth quarters of 2019 and 2020 of at least 1.7 percentage points. Larkspur was the only submarket to record a decline, falling 1.7 percentage points over the year.

Douglas County Commercial Vacancy and Lease Rates by Property Type, 4th Qtr 2020Total Existing Sq. Footage Vacancy Rate Avg. Lease Rate (per sq. ft.)

4th Qtr 2020 4th Qtr 2019 4th Qtr 2020 4th Qtr 2019 4th Qtr 2020 4th Qtr 2019Office Castle Pines 55,102 55,102 0.0% 0.0% $26.42 $28.14 Castle Rock 1,251,398 1,225,042 3.8% 2.1% $26.54 $27.30 Highlands Ranch 1,985,116 1,985,116 36.1% 6.9% $33.69 $30.69 Larkspur 28,688 28,688 0.0% 1.7% - - Lone Tree 2,959,901 2,935,901 9.5% 5.5% $31.30 $28.20 Parker 1,292,155 1,287,155 9.5% 6.4% $31.46 $25.17 Total Douglas County 13,419,955 13,364,599 13.0% 8.5% $28.37 $26.10 Metro Denver 198,000,742 196,417,799 10.9% 9.0% $28.37 $27.58Industrial Castle Pines - - - - - - Castle Rock 1,233,257 1,233,257 8.6% 13.7% $9.89 $12.24 Highlands Ranch 450,277 450,277 29.0% 70.8% - - Larkspur 30,509 30,509 0.0% 0.0% - - Lone Tree 36,686 36,686 0.0% 0.0% - - Parker 864,859 665,312 20.5% 2.2% $13.17 $13.74 Total Douglas County 7,748,433 7,084,672 9.2% 7.4% $11.20 $12.54 Metro Denver 232,934,512 227,948,301 5.5% 4.9% $8.61 $8.44Flex Castle Pines - - - - - - Castle Rock 257,905 257,905 6.4% 8.2% $13.00 $13.72 Highlands Ranch 337,987 337,987 0.0% 0.0% $12.65 $13.00 Larkspur - - - - - - Lone Tree 71,516 71,516 23.0% 15.5% $11.85 $10.00 Parker 205,269 205,269 0.0% 0.0% $12.58 - Total Douglas County 2,594,527 2,594,527 2.9% 3.6% $12.55 $12.12 Metro Denver 47,871,097 47,466,866 7.4% 5.7% $13.55 $12.68Retail Castle Pines 315,689 310,289 5.6% 4.0% $21.00 $21.58 Castle Rock 4,184,986 4,102,352 2.2% 2.1% $21.03 $24.04 Highlands Ranch 3,577,359 3,570,919 3.2% 1.9% $20.16 $22.64 Larkspur 25,203 25,203 5.0% 0.0% - - Lone Tree 4,421,987 4,386,591 2.3% 0.7% $27.08 $23.60 Parker 4,553,611 4,516,100 2.5% 2.1% $22.97 $20.48 Total Douglas County 18,857,702 18,649,321 2.6% 1.8% $22.25 $20.86 Metro Denver 174,716,330 173,812,073 5.1% 4.2% $18.87 $18.55

Note: Vacancy rate and average lease rate are for direct space only (excludes sublet space). Industrial and retail lease rates are triple-net. N/A indicates non-applicable; - indicates no data. Source: CoStar Realty Information, Inc.

Commercial Real EstateNote: lease rates for industrial, flex, and retail property are triple-net; office rates are full-service.

Office MarketThe office vacancy rate in Douglas County increased 4.5 percentage points to 13

Office rates are full service. continued on the next pg.

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Commercial Real Estate continued from pg. 5

Douglas County Commercial Building Permits Issued, 4th Qtr 2020

Jurisdiction Project Description Valuation Total Sq. Ft.

Castle Rock Hangman's Gulch Garage Condominiums Bldg. D $1,458,400 37,419

Castle Rock Ubergrippen Indoor Climbing Facility $3,920,000 17,453Castle Rock Good Car Buys $1,050,000 11,488Castle Rock Liberty Express Car Wash Tunnel $1,306,000 5,950Castle Rock In-N-Out Burger $1,800,000 4,940Castle Rock Montaine Active Adult Pavilion $265,211 936Parker The Big Tool Box $3,955,386 N/AParker Wild Goose Saloon $994,567 N/AParker Discount Tire $948,980 N/AUnincorporated Amazon Distribution Center $11,661,534 147,001

Unincorporated Redstone Community Park - Storage, Workshop, & Service Center $943,886 13,265

Unincorporated Solstice Community Clubhouse & Fitness Studio $966,018 9,320

Unincorporated Toyota Regional Tech. Training Facility Addition $896,058 4,350

Source: Douglas County and individual municipalities.

Nonresidential Development ActivityDouglas County building officials issued permits for 252,122 sq. ft. of non- residential space valued at approximately $30.2 million during the fourth quarter of 2020. The largest project was the Amazon Distribution Center in unincorporated Douglas County that will add 147,001 sq. ft. of space valued at nearly $11.7 million. Other notable projects included the 37,419-square-foot Hangman’s Gulch

Garage Condos in Castle Rock and the 17,453-square-foot Ubergrippen Indoor Climbing Facility in Castle Rock.

Certificates of completion or occupancy were issued for 141,572 sq. ft. of non- residential space during the fourth quarter of 2020. The largest project now ready for occupancy is a new Lockheed Martin storage facility in Highlands Ranch.

The vacancy rate in Castle Pines remained constant at 0 percent. The vacancy rate in Metro Denver rose 1.9 percentage points to 10.9 percent during the period.

The average lease rate in Douglas County rose 8.7 percent to $28.37 per square foot between the fourth quarters of 2019 and 2020. Parker reported the largest over-the-year increase of 25 percent, followed by Lone Tree (+11 percent) and Highlands Ranch (+9.8 percent). Castle Pines reported the largest over-the-year decrease in the lease rate of 6.1 percent, followed by a 2.8 percent decline in Castle Rock. The average lease rate in Metro Denver increased 2.9 percent to $28.37 per square foot, the same lease rate that was recorded in Douglas County.

Industrial MarketThe industrial vacancy rate in Douglas County increased 1.8 percentage points to 9.2 percent between the fourth quarters of 2019 and 2020. Parker reported the largest over-the-year increase in vacancy of 18.3 percent-age points, while there was no vacancy in Larkspur or Lone Tree. Vacancy in Highlands Ranch fell 41.8 percentage points and fell 5.1 percentage points in Castle Rock during the period. Metro Denver reported a 0.6 percentage point increase in vacancy to 5.5 percent over the year.

The average lease rate for the industrial market in Douglas County decreased 10.7 percent over the year to $11.20 per square foot in the fourth quarter of 2020. Castle Rock and Parker were the only two market areas to report an average lease rate, and both declined over the period. Castle Rock reported a 19.2 percent decline in the rental rate to $9.89 per square foot. Parker record-ed a 4.1 percent decrease in the rental rate over the year to $13.17 per square foot. The average lease rate in Metro Denver rose 2 percent to $8.61 per square foot, $2.59 lower than the rate in Douglas County.

Flex MarketDouglas County reported a flex vacancy rate of 2.9 percent in the fourth quarter of 2020, a 0.7 percentage point decline from one year ago. Flex vacancy rates decreased in Castle Rock (-1.8 percentage points) but increased in Lone Tree (+7.5 percentage points). The flex vacancy rate remained at 0 in Parker and Highlands Ranch. Metro Denver reported a vacancy rate of 7.4 percent in the fourth quarter of 2020, up 1.7 percentage points from the same time last year.

The average flex lease rate in Douglas County rose 3.5 percent to $12.55 per square foot between the fourth quarters of 2019 and 2020. Lone Tree reported the only over-the-year increase, rising 18.5 percent to $11.85 per square foot during the period. Castle Rock and Highlands Ranch reported decreas-es in the flex rate over the period. Castle Rock reported the largest over-the-year de-crease of 5.2 percent, followed by Highlands Ranch (-2.7 percent). Metro Denver reported a 6.9 percent increase in the flex rate during the period, rising to $13.55 per square foot.

Retail MarketThe retail vacancy rate in Douglas County rose 0.8 percentage points to 2.6 percent be-tween the fourth quarters of 2019 and 2020, with all submarkets either holding steady or reporting an increase. Larkspur reported the largest over-the-year increase in the vacancy

rate of 5 percentage points, followed by Castle Pines (+1.6 percentage points), Lone Tree (+1.6 percentage points), and High-lands Ranch (+1.3 percentage points). Retail vacancy in Metro Denver rose 0.9 percentage points to 5.1 percent.

The average lease rate in Douglas County rose 6.7 percent over the year to $22.25 per square foot in the fourth quarter of 2020. Lone Tree reported the largest increase of 14.7 percent, followed by Parker that rose 12.2 percent to $22.97 per square foot. Castle Rock reported the largest over-the-year decrease of 12.5 percent, followed by Highlands Ranch (-11 percent) and Castle Pines (-2.7 percent). The retail lease rate in Metro Denver rose 1.7 percent over the year to $18.87 per square foot, $3.38 below the level in Douglas County.

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Provided by:Douglas County Department of Community Development100 Third St.; Castle Rock, CO 80104303-660-7460; www.douglas.co.us

Prepared by:Development Research Partners, Inc.10184 West Belleview Ave., Ste. 100; Littleton, CO 80127303-991-0070; www.developmentresearch.net

Douglas County Commercial Certificates of Occupancy Issued, 4th Qtr 2020

Jurisdiction Project Description Total Sq. Ft.

Castle Rock Commercial Bldg. - 215 N. Wilcox St. 43,814Castle Rock Commercial Bldg. - 2811 Highway 85 13,225Castle Rock Commercial Bldg. - 1031 Aloha St. 3,716Highlands Ranch Lockheed Martin Storage Facility 50,069

Highlands Ranch Clubhouse for Apartment Complex - 1360 Martha St. 8,346

Highlands Ranch Frog Life Fitness 3,057Larkspur Wastewater Treatment Facility N/ALarkspur Jellystone Park Comfort Center N/ALone Tree Colorado Orthopaedics 6,500Parker The Depot at Twenty Mile Apartment Garage N/AParker E-470 Vehicle Storage, Salt Barn, & Wash N/AParker Crumbl Cookies N/AParker Hannah Lifestyle Enterprises N/AUnincorporated Sterling Ranch Rec Center/Community Center 4,913Unincorporated A Dog's World 3,682Unincorporated Modular Office Bldg. 2,130Unincorporated Apex Meridian II Apartment Clubhouse 2,120

Source: Douglas County and individual municipalities. *Includes all certificates, except remodels, pools and additions.

Nonresidential Development Activity continued from pg. 6