Aspen 2025 Market Update Report
MARKET TRENDS
2025 continued the 2024 solid market momentum for residential and commercial property sales in the Aspen Snowmass market. Commercial leasing activity in Aspen and Snowmass 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 with the vacancy rate at about 1.6%.
Largest sale in Aspen Snowmass was the $120 million Benedict Monastery sale that closed in December 2025.
| 2024 | 2025 | %+- | |
| VELOCITY (Source – Aspen MLS) | |||
| Commercial Sales Volume |
$77.5M |
$40.8M |
-47.4% |
| Commercial Transactions | 9 | 8 |
-11.1% |
| VACANCY RATE |
2.5% |
1.6% (28,000 SF) |
-36.0% |
| CAP RATE |
4.5 – 6.0% |
4.5 – 6.0% |
0% |
| SALES TAX INDICATORS (Source – City of Aspen- YTD Nov 2024 vs. YTD Nov 2025) | |||
| All Sales Tax (YTD) |
$1,069.9M |
$1,187.8M |
11.0% |
| Lodging Taxes (YTD) |
$160.0M |
$171.6M |
7.3% |
