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Denver Market Reports

Denver Office Market

Median Asking Rent (Price/SF) $29.40
Vacancy Rate (%) 14.5%
Net Absorption (SF)  269,333

Following a banner year in 2018, Denver's office market continued its trend of expansion throughout 2019, posting 269,333 square feet of net absorption for the fourth quarter of 2019. Annual net absorption reached 1.5 million square feet, well above the 10-year annual average of 1.3 million square feet. Vacancy fell to 14.5%, down from 14.6% in the prior quarter and down 103 basis points from 15.5% one year ago. The Denver office market has to date enjoyed an impressive expansion run lasting 40 consecutive quarters, or 10 full years, and resulting in 12.9 million square feet of net absorption, 10.1 million square feet of deliveries, a 517-basis-point plunge in vacancy and steadily appreciating rental rates.

Denver Industrial Market

Average Asking Rent (Price/SF) $8.77
Vacancy Rate (%) 5.6%
Net Absorption (SF) 1,320,359

2019 proved to be another stable year for the Denver industrial market. The market has enjoyed an impressive run of expansion, lasting 32 consecutive quarters with record-breaking deliveries, absorption, rental rates and low vacancy in that time. Annual absorption in 2019 reached 3.8 million square feet. Although the annual absorption was less than the previous year, all seven submarkets ended 2019 with positive annual absorption for the second time in six years. The East continued to be the star submarket with 2.0 million square feet of annual absorption, and the Northwest posted its highest annual absorption in the past three years with 690,045 square feet. Although absorption has been strong, new deliveries have outpaced it since 2016, and that trend continued in 2019. A total of 5.3 million square feet were delivered over the course of the year, and much of it delivered vacant. This first-generation space is the reason vacancy reached 5.6% at year end, down from 5.9% in the previous quarter but up from 5.0% at the end of 2018. The amount of new product eclipsed the amount delivered last year but did not reach the record set in 2017. The largest building to deliver in 2019 was the 555,840-square-foot First Aurora Commerce Center warehouse in the East submarket, which delivered vacant.

Denver Office Market Report
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Denver Industrial Market Report
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