Denver Office Market
| Median Asking Rent (Price/SF) | $28.97 |
| Vacancy Rate (%) | 20.59% |
| Net Absorption (SF) | -1,104,050 |
Denver continued to recover and reopen from the unprecedented 10-month disruption caused by the pandemic. Deal velocity steadily increased in the second quarter across all submarkets and industry types, although still below pre-pandemic levels, as the vaccine rollout continued in earnest and companies continued to bring back employees and reopen offices. Many tenants that used the first quarter of 2021 to assess their needs for office space also reentered the market. Although there were multiple large tenants actively searching the market for space, 20,000 square feet or smaller available spaces saw the most activity.
Download Denver Office Market Report 2Q21Denver 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