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Denver Market Reports

Denver Office Market

Average Asking Rent (Price/SF) $26.73
Vacancy Rate (%) 15.9%
Net Absorption (SF) 188,826

Denver's office market entered its ninth straight year of expansion, as net absorption in the first quarter of 2018 totaled 186,826 square feet. Vacancy was 15.9%, up from 15.1% in the prior quarter and from 14.6% one year ago. Vacancy will likely 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 33 consecutive quarters, resulting in a total of 9.7 million square feet of net absorption, 7.4 million square feet of new deliveries and a 409-basis-point plunge in vacancy.

Denver Industrial Market

Average Asking Rent (Price/SF) $8.48
Vacancy Rate (%) 4.4%
Net Absorption (SF) 1,120,688

The Denver industrial market managed to avoid the trend of the past two years that had first quarters stuck in the doldrums, as the first quarter of 2018 posted extremely strong net absorption with 1.1 million square feet. Not only was this six times the quarterly absorption year-over-year, but most of the large move-ins occurred in new space previously delivered vacant. In the past several years, the industrial market has relied heavily on pre-leasing for absorption, riding a wave of unprecedented new construction. In 2017, construction began to outpace pre-leasing, but as this quarter has shown, it has not outpaced demand. Vacancy dropped to 4.4%, down from 4.8% in both the previous quarter and the previous year.

Denver Office Market Report
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Denver Industrial Market Report
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