Denver Office Market
Absorption in the first quarter of 2024 totaled negative 582,000 SF. One building completed in the first quarter, the 214,000 SF T3 RiNo building in the Downtown submarket. Xcel Energy has pre-leased the entire building but won’t occupy until summer 2025. Class A space continues to set record-breaking numbers each quarter pushing up the overall median asking rate, despite vacancy and availability also increasing.
Denver Industrial Market
Quarterly absorption recorded 219,841 SF, down from the previous quarter but higher than the first quarter of 2023. Vacancy increased to 9.1% despite positive absorption due to 1.9MSF of spec space delivering vacant and with no pre-leasing.Activity maintained its more consistent, stable and moderate pace from the previous two quarters.
Download Denver Industrial Market Report 1Q24