Denver Office Market
Download Denver Office Market Report 3Q23
Absorption in the third quarter of 2023 totaled negative 837,000 SF, bringing year-to-date total to negative 1.8 MSF. One building completed in the third quarter: the eight-story 200 Clayton Street in the hot Cherry Creek micromarket has 71,000 square feet of office that was 86% pre-leased at the time of delivery. Vacancy increased from the prior quarter while rents hovered at their current rates, with Class A space getting record-breaking numbers.
Denver Industrial Market
Quarterly absorption recorded 572,556 SF, bringing year-to-date absorption to 1.8 MSF. Delays in construction and tenant improvements pushed back several expected move-ins to the end of the year. Vacancy grew to 8.4%, once again due to deliveries outpacing absorption. The increase in both availability and vacancy are keeping rental rates to remain stable despite rising costs. The average time between signing a lease for first generation space and when the tenant can occupy the space has increased to one year due to several compounding issues; therefore, the absorption of many leases signed now will not be seen until late 2024.
Download Denver Industrial Market Report 3Q23