Denver Office Market
| Median Asking Rent (Price/SF) | $29.61 |
| Vacancy Rate (%) | 21.00% |
| Net Absorption (SF) | -215,616 |
While activity in the beginning of the quarter was slow, September saw a return to the increased activity seen in the previous quarter. However, the rise of the Delta variant once again brought uncertainty for some tenants. Many delayed their return to the office, and those in the market have changed their size requirements multiple times during their search as their plans change with the news cycle. The continuing supply problems also caused delays in construction and tenant improvements, contributing to other tenants having to push back their occupancy date into the fourth quarter. High-quality space, new construction and certain micromarkets are still attracting high interest.
Download Denver Office Market Report 3Q21Denver Industrial Market
| Median Asking Rent (Price/SF) | $9.39 |
| Vacancy Rate (%) | 6.9% |
| Net Absorption (SF) | 2,198,854 |
Tenants’ confidence in the future continued to improve due to vaccination and strong signs of the beginning to a larger economic recovery. Denver’s industrial market continued to flourish and outperform other product types in the second quarter of 2021, recording the second-best quarterly absorption in over 10 years with 2.2 million square feet, behind only second-quarter 2020, with 2.3 million square feet. Following a strong first quarter, year-to-date absorption reached 2.8 million square feet. Vacancy still increased to 6.9% due to the delivery of nearly 1.7 million square feet of vacant speculative space, up from 6.7% in the prior quarter and from 5.9% one year ago.
Download Denver Industrial Market Report 2Q21