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Denver Market Reports

Denver Office Market

Average Asking Rent (Price/SF) $28.98
Vacancy Rate (%) 14.9%
Net Absorption (SF) 578,509

Denver's office market enjoyed a banner year in 2018, as 578,509 square feet of net absorption for the fourth quarter boosted net absorption for the entire year to 2.8 million square feet. The market has not realized this level of annual absorption since the pre-recession year of 2006. Vacancy fell to 14.9%, down from 15.5% in the prior quarter and down slightly from 15.0% 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 nine years and resulting in 12.3 million square feet of net absorption, 9.4 million square feet of deliveries, a 509-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) 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
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Denver Industrial Market Report
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