State of Cherry Creek report highlights $119 million tax revenue and growth

A new State of Cherry Creek report says the Denver district generated more than $119.3 million in tax revenue in 2025 while continuing to outperform local and national trends in office and retail real estate.

The report, released Thursday by the Cherry Creek Alliance, found Cherry Creek attracted more than 16.8 million annual visitors and supported 1,694 businesses and more than 16,800 workers.

Cherry Creek’s office vacancy rate rose to 10.5% in 2025, while the vacancy rate in Cherry Creek North fell to 1.3%, according to the report. Retail vacancy in the district stood at 1.9%, with lease rates averaging $36.05 per square foot on a triple net basis.

The report also identified 16 major development projects in the pipeline, including eight under construction and eight announced. Projects include Cherry Creek West, Waldorf Astoria Residences and Cherry Lane.

Cherry Creek generated $62.1 million in retail sales tax revenue, $44.7 million in property tax revenue, $7 million in lodger’s tax revenue and $4.9 million in parking revenue for Denver in 2025, according to the report.

The district’s business base is primarily made up of smaller companies. Of the area’s 462 ground-level retail and service businesses, 87% have fewer than 50 employees and 60% have fewer than 10 employees. More than half of the small and micro businesses are locally owned.

The report also found Cherry Creek posted 1.7% employment growth and 3% wage growth in 2025, with office and professional sectors contributing wage increases of 7.2%. The average annual wage in the district reached $102,266.

Cherry Creek North hotels reported a 72.78% occupancy rate, a $295.51 average daily room rate and $216.61 revenue per available room, outperforming city and statewide averages, according to the report.

“Cherry Creek continues to prove that it is a vibrant, walkable mixed-use district and a powerful driver of economic growth and community vitality,” said Nick LeMasters, president of the Cherry Creek North Business Improvement District.