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Denver Market Reports

Denver Office Market

Median Asking Rent (Price/SF) $29.04
Vacancy Rate (%) 14.8%
Net Absorption (SF) 414,002

Following a banner year in 2018 and a strong first quarter, Denver's office market continued its trend of expansion, posting 414,002 square feet of net absorption for the second quarter of 2019 and year-to-date (YTD) net absorption of 922,033 square feet. Vacancy fell to 14.8%, down from 15.3% in the prior quarter and down 126 basis points from 16.1% one year ago. Vacancy will likely continue to fall over the next several quarters, as tenants, many of them new to the Denver market, occupy space leased in both new and existing buildings. The Denver office market has enjoyed an impressive expansion run lasting 38 consecutive quarters and resulting in 12.3 million square feet of net absorption, 9.8 million square feet of deliveries, a 479-basis-point plunge in vacancy and steadily appreciating rental rates.

Denver Industrial Market

Average Asking Rent (Price/SF) $8.77
Vacancy Rate (%) 5.5%
Net Absorption (SF)  529,212

Denver's industrial market continued to move from relying on pre-leased new deliveries for healthy absorption to a market with a diversity of options, in which a range of tenants are taking advantage of both vacant first generation space and secondary space from the tenants that vacate for high quality space. Year-to-date net absorption in the second quarter of 2019 reached 1.5 million square feet. Vacancy was 5.5%, up slightly from both 4.9% in the prior quarter and 5.2% one year ago, largely because of 10 buildings totaling 1.6 million square feet delivering vacant. New deliveries in coming quarters will cause vacancy to inch further upward, as not all of the large buildings scheduled to deliver are entirely pre-leased.

Denver Office Market Report
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Denver Industrial Market Report
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