Denver Office Market
| Median Asking Rent (Price/SF) | $30.00 |
| Vacancy Rate (%) | 21.55% |
| Net Absorption (SF) | 215,897 |
After 11 years of expansion for the Denver office market, 2020 saw a 10-month unprecedented disruption from the pandemic, and 2021 marked a slow climb back towards normality. Activity steadily increased as the year progressed and reached pre-pandemic levels in the fall of 2021, although the rise of the Delta and Omicron variants once again brought uncertainty for some tenants at the end of the year. With the new year and the pandemic numbers continuing to drop, employers have once again started to set plans for returning employees to the office. Activity picked up across all submarkets and industry types, although medium- and small-sized tenants remain the most active and engaged.
Download Denver Office Market Report 1Q22Denver Industrial Market
| Median Asking Rent (Price/SF) | $10.23 |
| Vacancy Rate (%) | 6.0% |
| Net Absorption (SF) | 1,085,013 |
Following 2021’s record figures, Denver’s industrial market exhibited moderated levels of expansion for the first quarter of 2022, with an absorption of 1.1 million square feet. Although down from the previous quarter due to far fewer build-to-suit buildings being delivered, market-wide absorption was still up 44.4% year-over-year. Most of this expansion was attributed to sustained activity in the e-commerce, and food and beverage industries as we enter the post-pandemic world. Highly confident tenants drove elevated leasing in the sub-100,000-square-foot market, while large tenants prioritized waiting for high-end product over taking what was available. Vacancy market-wide marginally decreased by 0.2% from last quarter to 6.0% but remained below 6.8% vacancy in the first quarter of 2021.
Download Denver Industrial Market Report 1Q22