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Availability fluctuates over the quarter with new deliveries; asking rents push upwards
Overall availability in the Denver market increased in the fourth quarter, now at 17.6% - an 80-basis-point increase over the quarter, but essentially unchanged from the end of last year. The increase is largely attributed to a robust development pipeline, with 32 buildings currently under construction in the market totaling 3.5 million square feet (msf). The overall average asking rent was relatively unchanged over the quarter, increasing just 0.5% to $28.66 per square foot (psf), but has increased 2.9% year over year. Asking rents in the Central Business District increased 1.9% over the year to $35.53 psf with new options coming to market. The quality of amenities and space efficiencies offered by new construction in the Central Business District have made the submarket an increasingly desirable option for many tenants.