Denver Market Trends
At Capital Realty Group, our goal is to provide our clients with information on the Denver commercial real estate trends. Below are some Denver Commercial Real Estate Market trends according to our partners at CoStar Group. Please contact us today if you have any questions regarding any of the information below.
The office vacancy rate in the Denver market area across all building classes decreased to 11.4% at the end of the fourth quarter 2013. The vacancy rate was 11.6% at the end of the third quarter 2013, 11.8% at the end of the second quarter 2013, and 11.9% at the end of the first quarter 2013.
The amount of vacant sublease space in the Denver market decreased to 868,074 square feet by the end of the fourth quarter 2013, from 973,057 square feet at the end of the third quarter 2013.
The average quoted asking rental rate for available office space, all classes, was $22.03 per square foot per year at the end of the fourth quarter 2013 in the Denver market area. This represented a 1.7% increase in quoted rental rates from the end of the third quarter 2013, when rents were reported at $21.67 per square foot.
Total office inventory in the Denver market area amounted to 186,987,415 square feet in 7,311 buildings as of the end of the fourth quarter 2013. The Class-A office sector consisted of 60,023,810 square feet in 315 projects. There were 3,808 Class-B buildings totaling 102,480,903 square feet, and the Class-C sector consisted of 24,482,702 square feet in 3,188 buildings. Within the Office market there were 532 owner-occupied buildings accounting for 19,556,503 square feet of office space.
Tallying office building sales of 15,000 square feet or larger, Denver office sales figures rose during the third quarter 2013 in terms of dollar volume compared to the second quarter of 2013.
Please contact us today for a comprehensive report on the Denver Market.