Cherry Creek Alliance’s 2023 Report Showcases District's Stellar Contribution to Denver's Economy

Published 04-01-2024

Generating $112 million in tax revenue in 2023 and attracting 14.2 million visitors; Cherry Creek’s growth forecast remains strong into 2024

DENVER, CO., April 2, 2024 Cherry Creek Alliance, a partnership designed to advocate on behalf of the Cherry Creek business community, issued its 2023/2024 State of Cherry Creek Report confirming Cherry Creek’s position as Colorado’s most appealing district to work, live and visit. The greater Cherry Creek North area generated $112 million for the City and County of Denver in 2023 and continued to be a beacon for tourism with 14.2 million visitors taking advantage of top amenities like boutique hotels, fashionable retail spots, wellness services and restaurants.

Despite many state and national trends, Cherry Creek continues to benefit from low vacancies, higher than average lease rates and many newly planned projects that promise to add economic growth. In 2023, the Cherry Creek area office vacancy rate was half of the City of Denver’s rate. While new office builds are declining nationwide, Cherry Creek has more than 360,000 sq. ft of office space under construction and more than 54% of all office space in Cherry Creek is Class A, compared with the metro Denver average of 39% Class A builds.

“Looking ahead retailers and businesses will witness the completion of four new commercial buildings, contributing an impressive 360,000 sq. ft. of office space to the vibrant Cherry Creek area. Furthermore, the forthcoming Cherry Creek West development endeavors to introduce a pedestrian-oriented redevelopment initiative adjacent to the Cherry Creek Shopping Center, enriching the locale with expanded retail, residential and commercial offerings. This dynamic expansion, combined with Cherry Creek North's distinction of boasting Denver's highest concentration of locally owned businesses, underscores the area's appeal and potential for growth,” said Nick LeMasters, president and CEO Cherry Creek Alliance.

Cherry Creek accounted for nearly 5% of Denver’s retail tax revenue due to high employment, strong retail sales and low office vacancies. These report highlights factor into Cherry Creek being one of Denver’s top economic drivers:

To view the report in its entirety, please visit here.

About Cherry Creek Alliance

The Cherry Creek Alliance, a partnership designed to advocate on behalf of the business community in the Cherry Creek area, encompasses 1,770 businesses and almost 17,000 employees. The partnership's members, trustees, and leadership council work together to ensure the needs of the area considered in city and statewide decision-making. The alliance works on public safety, mobility, advocacy, and economic development initiatives that enable Cherry Creek to be a thriving community and premier destination. Located in the heart of Metro Denver, Cherry Creek prospers from robust development and boasts a walkable outdoor community with more than 300 independently owned businesses, including boutique hotels, restaurants, home stores, art galleries, clothing retailers and numerous health and wellness services. For more information, please visit here.

Thank you to our trustees