Commercial lease rates in downtown Aspen are going through the roof and “leading the way for Aspen’s real estate recovery” said Andy Gold of Aspen Appraisal Group in a presentation to the Aspen Board of Realtors at the Hotel Jerome this week. He noted some A-plus properties that had rented at $150 sq ft triple net a few years age were recently signed at $200 – $225 sq ft. Triple net does not include common are maintenance, or CAM fees, which add an additional $15-30 sq ft. The seemingly unstoppable demand is coming from national and international retailers who see an Aspen location as a flagship store – perhaps a loss leader (it loses money) but important for visibility and in reaching a significant high net worth audience (worth the money losing propostion).
Link to article by Curtis Wackerle, Feb 13, 2014 ADN
Prada Aspen at 312 S. Galena, Aspen, CO