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Denver Market Reports

Denver Office Market

Median Asking Rent (Price/SF) $28.82
Vacancy Rate (%) 14.4%
Net Absorption (SF) 406,079

Following a banner year in 2018 and a strong first half of 2019, Denver's office market continued its trend of expansion, posting 406,079 square feet of net absorption for the third quarter of 2019 and boosting year-to-date (YTD) net absorption of 1.3 million square feet. Vacancy fell to 14.4%, down from 14.8% in the prior quarter and down 136 basis points from 15.8% 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 39 consecutive quarters and resulting in 12.8 million square feet of net absorption, 9.9 million square feet of deliveries, a 521-basis-point plunge in vacancy and steadily appreciating rental rates.

Denver Industrial Market

Average Asking Rent (Price/SF) $8.77
Vacancy Rate (%) 6.0%
Net Absorption (SF)  937,851

Denver's industrial market continued its trend of new deliveries providing consistent strong absorption and a diversity of options while simultaneously pushing up vacancy. Year-to-date (YTD) net absorption in the third quarter of 2019 reached 2.5 million square feet. With eight buildings delivering a total of 1.3 million vacant square feet, vacancy increased to 6.0%, up slightly from 5.5% in the prior quarter and one year ago. New deliveries in coming quarters will continue to inch vacancy further upward, as the seven new spec buildings scheduled to deliver in the fourth quarter are expected to have no occupancy upon delivery.

Denver Office Market Report
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Denver Industrial Market Report
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