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Denver Office Market

Average Asking Rent (Price/SF) $28.77
Vacancy Rate (%) 14.9%
Net Absorption (SF) 1,131,140

Denver's office market roared into the third quarter of 2018 with quarterly net absorption of 1.1 million square feet, which pushed year-to-date (YTD) net absorption to 2.2 million square feet. The market has not surpassed 2 million square feet of annual absorption since the pre-recession year of 2007. Vacancy fell to 14.9%, down more than a full basis point from the prior quarter and down from 15.1% 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 35 consecutive quarters, resulting in a total of 11.8 million square feet of net absorption, 8.6 million square feet of new deliveries and a 508-basis-point plunge in vacancy.

Denver Industrial Market

Average Asking Rent (Price/SF) $8.77
Vacancy Rate (%) 5.5%
Net Absorption (SF) 1,159,138

Denver's industrial market outpaced both the previous two quarters' absorption with 1.2 million square feet in the third quarter of 2018, as year-to-date net absorption reached 2.8 million square feet. Vacancy was 5.5%, up from 5.0% in the prior quarter and 5.1% one year ago, largely because of eight buildings totaling 1.5 million square feet that delivered completely vacant. New deliveries in the last quarter of the year will mean that vacancy will also continue to inch upward, as not all of the large buildings scheduled to deliver are entirely pre-leased. The Denver industrial market has enjoyed an impressive expansion run lasting 27 consecutive quarters with record-breaking deliveries, absorption, rental rates and vacancy in that time.



Denver Office Market Report
3Q18
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Denver Industrial Market Report
3Q18
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