Denver Office Market
| Median Asking Rent (Price/SF) | $30.27 |
| Vacancy Rate (%) | 22.24% |
| Net Absorption (SF) | -625,693 |
Denver experienced an inconsistent second quarter of 2022, with activity bifurcated by building quality and tenant sector; new construction saw a flurry of new leases signed from select industries looking to upgrade their office space from older Class A and Class B space, while other industries continued to downsize. Many tenants across all industry sectors are transitioning from worries about the pandemic and their solution to the work-from-home model to looming questions about the economy. Some have put their searches for new space on hold once again to minimize operating cost and provide a more cushioned balance sheet for an uncertain future. Although there were multiple large tenants actively searching the market for space, 20,000 square feet or smaller available spaces continued to see the most activity.
Download Denver Office Market Report 2Q22Denver Industrial Market
| Median Asking Rent (Price/SF) | $10.23 |
| Vacancy Rate (%) | 6.3% |
| Net Absorption (SF) | 715,758 |
After a solid first quarter of 2022, the Denver industrial market returned to normal deal flow, with a quarterly net absorption of 715,758 square feet. Food and beverage, as well as e-commerce tenants were responsible for a significant portion of leasing activity this quarter, as 2022 year-to-date absorption equaled 1.5 million square feet. Market-wide vacancy reached 6.3%, up from 6.0% last quarter but down from 6.9% year-over-year. An isolated large move-out in the I-76 Corridor contributed to lower net absorption, and the delivery of nearly 500,000 square feet of vacant speculative space led to higher vacancy this quarter.
Download Denver Industrial Market Report 2Q22