Denver Office Market
The rate of new vacancies slowed in the second quarter of 2024 and absorption was nearly flat with negative 50,138 SF. Three buildings completed in the second quarter, the 704,000 SF 1900 Lawrence building and the 189,000 SF Paradigm River North in the Downtown submarket along with 50,000 SF Fillmore @ Third in Cherry Creek. Class A space continued to see the strongest leasing activity and further pushed up record-breaking asking rates, moving the overall median asking rate along with them, despite vacancy and availability increasing.
Download Denver Office Market Report 2Q24Denver Industrial Market
Quarterly absorption recorded negative 550,843 SF, the first quarter to post a net loss in occupancy since the third quarter of 2020. Vacancy increased to 10.0% due to the negative absorption and the delivery of 1.5MSF of vacant spec space with no pre-leasing. Activity continued at its stable and moderate pace from the previous three quarters
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