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LEASING UP SLIGHTLY
Quarterly leasing volume positively reversed directions, rising from 1.9 million square feet (msf) to 2.0 msf, and on par with the market’s longterm average. Tenants have leased 8.8 msf in the four most recent quarters, on track with the long-term market average.
CLASS A AVAILABILITY DROPS
The market’s overall availability rate ticked down by 10 basis points to 18.6% this quarter, the second consecutive quarter with a slight decrease. The region’s Class A rate posted a sharper 40 basis point decrease to 19.3%.
RENTAL RATE UP SLIGHTLY
Overall asking rent posted a 2.4% increase, rising from $27.54 to $28.20. The Class A asking rent rose by 2.3% to $31.90.
SALES UP
Office property sales during the first seven months of the year totaled $1.5 billion, a 31% increase compared to the first seven months of 2017.
“Sensing an opportunity, Denver tech firms, with support from state agencies are intensifying their efforts to lure talent and innovative firms to the region. A high quality of life and lower costs relative to California continue to appeal to some companies."
Brendan Fisher, Corporate Managing Director