Aspen real estate is turning around. Land sales and hot commercial activity are speeding the recovery of the Aspen real estate market. Spec builders have returned buying up land driving prices up and supply down.
Prime downtown retail space is hard to come by with international brands scooping up the best locations. Newcomer to town Valentino is slated to open in summer of 2014. Downtown retail vacancy is 1%. Rents are at an all time high with the best spaces renting between $200-$225/SF gross.
Well located, renovated office space is hard to come by. Vacancy for newer offices hovers between 5-8%. Only the older, fringe spaces remain soft in vacancy and rental rates.
The newly remodeled Ute Building has the newest office space in the downtown core combing excellent location with an elegant remodel. The spaces are hot and going fast with new fellow tenant Valentino and steadfast tenants such as Burberry and Wind River Gallery the building now has quite a draw for shoppers and businessmen alike. Look for new restaurants and retail locations to open in the coming months.