Cherry Creek North reports robust economy in 2014

With another strong sales tax report and an influx of new businesses, the Cherry Creek North Business Improvement District continues to produce positive economic results for Denver.  In 2014, Cherry Creek North businesses generated nearly $10 million in retail sales tax revenue for the City and County of Denver.

“Cherry Creek North is experiencing an unprecedented economic upswing and the data clearly indicates that people want to live, work, visit and do business in this thriving neighborhood,” said Julie Underdahl, president and CEO of the Cherry Creek North Business Improvement District.

The largest category of sales tax collections in Cherry Creek North in 2014 was from restaurants and hotels, which increased 6.4 percent. The second largest category, clothing and accessories, increased 9.1 percent.

“2014 saw large economic growth including a 9.7 percent increase in office employment and almost 400,000 square feet of new office and retail space under construction,” Underdahl said.  “Strong investments in Cherry Creek North continue to demonstrate the attractiveness of the area to residents, visitors and employers.”

Over the last five years, the retail vacancy rate in the BID has dropped by more than half from a high of 14 percent in 2009 to less than 4 percent at the end of 2014.  So far this year, 17 new businesses have opened their doors in Cherry Creek North with more announcements being made monthly.  These businesses include financial, oil and gas, clothing, food and beverage, health and personal care and services industries. Several well-known national retail businesses opened first-ever locations in Denver, choosing Cherry Creek North as their home. This growth resulted in an additional 300 jobs in Cherry Creek North.

Other report highlights include:

Sales Tax Revenue

•  Sales tax collections in Cherry Creek North increased 6.4 percent from 2013 to 2014 generating nearly $10 million in retail sales tax for the City of Denver.

Assessed Valuation

• The total assessed valuation in 2014 in Cherry Creek North of $159.2 million represents 1.4 percent of the total in the City and County of Denver.

Jobs

• Businesses in Cherry Creek North employed approximately 6,800 workers in 2014, with 3,350 office workers earning an average annual salary of $142,500 and 3,450 workers in the retail, hospitality and other personal services earning an average salary of $28,800.*

Real Estate

• Cherry Creek North recorded a fourth-quarter retail vacancy rate of 3.9 percent, the lowest level recorded since the start of the data series in the first quarter of 2006.
• Cherry Creek North vacancy rates were lower than those throughout Metro Denver and the City and County of Denver at the end of 2014.