In a major shift for the film industry and the local economy, the Sundance Film Festival is relocating to Boulder, Colorado from Park City, Utah beginning in 2027. This move is expected to bring a substantial influx of visitors, businesses, and investment to the region. For commercial real estate stakeholders, the festival’s arrival presents exciting opportunities and potentially significant changes.
Increased Demand for Hospitality and Retail Spaces
Sundance attracts more than 70,000 attendees annually, contributing over $130 million to Park City’s (and surrounding communities) economy. Boulder can expect a similar economic boost, leading to heightened demand for:
- Hotels and Short-Term Rentals – Accommodations will see a surge, creating opportunities for new development and increased occupancy rates.
- Retail and Dining – The festival will bring a wave of customers to local shops, restaurants, and entertainment venues, making commercial leases in high-traffic areas even more desirable.
- Office and Production Spaces – With industry professionals, media companies, and film executives in town, demand for co-working spaces and event venues is likely to grow.
Rising Property Values and Leasing Rates
As Boulder cements itself as a hub for arts and culture, commercial property values could see significant appreciation. The festival’s economic impact in its previous host city was estimated at $132 million annually, a figure that could drive up leasing rates, especially in areas near festival venues. Property owners may find new opportunities to repurpose or renovate spaces to cater to the growing demand. Investors may look to secure key locations ahead of the festival’s arrival, leading to competition in Boulder’s already tight commercial real estate market. Developers may also consider expanding or repurposing properties to align with new business needs.
Opportunities for Coworking and Event Spaces
With the film industry and media professionals converging in Boulder for an extended period each year, there will be an increased need for flexible workspaces, production studios, and event venues. Coworking spaces, in particular, could see a boost as filmmakers, journalists, and executives look for temporary offices during the festival.
Long-Term Economic and Cultural Impact
Beyond the festival itself, Sundance’s presence in Boulder will elevate the city’s reputation even more as a cultural hub. This could attract additional film-related businesses, tech startups, and creative industries looking to capitalize on the city’s growing prestige. Over time, Boulder may position itself as a year-round destination for film and media, sustaining economic growth well beyond the annual event.
How Do We, as Commercial Real Estate Professionals, Prepare?
- Identify High-Potential Properties – Locations near downtown, Pearl Street, and key transit areas may see the greatest benefits.
- Explore Mixed-Use Developments – Combining retail, hospitality, and office space could maximize investment potential.
- Engage with Local Businesses – Partnerships with event organizers and service providers could help commercial landlords and tenants thrive during the festival season.
In Conclusion
For commercial real estate professionals, now is the time to assess the potential of strategic acquisitions, lease adjustments, and development opportunities that align with the festival’s arrival. Whether you own retail space, operate a hospitality business, or manage office properties, Sundance’s relocation presents a unique chance to capitalize on Boulder’s growing prominence on the global stage.
Are you considering investing or leasing commercial property in Boulder? Vista Commercial Advisors can help you navigate the evolving market. Contact us today!
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