Denver office market in Q3: New space comes online, LoDo is still hot

DENVER BUSINESS JOURNAL - Metro Denver's office market absorbed more than 544,000-square feet of space in the latest quarter, and the LoDo office market remains the city's priciest.

That's according to the latest JLL third-quarter office stats report for the Denver market, which indicate that two big deals contributed to a 544,277 square feet of total net absorption (including subleases) in the quarter: Arrow Electronics moving into a 227,000-square-foot building at 9151 Panorama in the Southeast Suburban submarket and Comcast occupying 211,879 square feet at INOVA Dry Creek 1 in the Southeast Suburban market.

"After five straight quarters of rising vacancy, Denver recorded a 20-basis-point decline in the third quarter thanks to positive net absorption," JLL said in its latest report, adding "rents rose just 0.2 percent market-wide—a paltry increase compared to the 6.5 percent increase year-over-year and the nearly double-digit leap Denver recorded last year."

Metro-wide, the LoDo market remains the city's priciest, with average direct asking rent of $42.50 per square foot, compared with the metro Denver average of $28.28 per square foot.

Read more at the Denver Business Journal: http://bit.ly/2y3YaY2

Copyright 2017 Denver Business Journal


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