Aspen Q3 2025 Market Update Report
MARKET TRENDS
The first nine months of 2025 have continued the 2024 solid market momentum for residential properties in the Aspen Snowmass market. Although commercial leasing activity in Aspen has remained strong with recent retail rents in downtown Aspen hovering around $275 – $325 per SF with office rents in the $66 – $100 per SF.
| 2024 Q3 | 2025 Q3 | %+- | |
| VELOCITY (Source – Aspen MLS) | |||
| Commercial Sales Volume |
$71.7M |
$16.5M |
-76.9% |
| Commercial Transactions | 9 | 5 |
-44.4% |
| VACANCY RATE |
3.0% |
3.0% (30,000 SF) |
0% |
| CAP RATE |
4.5 – 6.0% |
4.5 – 6.0% |
0% |
| SALES TAX INDICATORS (Source – City of Aspen- YTD August 2024 vs. YTD August 2025) | |||
| All Sales Tax (YTD) |
$787.4M |
$859.5M |
9% |
| Lodging Taxes (YTD) |
$124.6 |
130.8 |
5% |
