Here's a look at the trends, announcements and deals you may have missed at the mid-week point in Texas, New Mexico, Colorado, Oklahoma and Arkansas.
BY THE NUMBERS
DENVER—The second quarter 2017 Savills Studley Denver office market report was recently released with the following highlights: As Denver sales and leasing activity during the last four quarters have failed to meet historical averages–especially the levels attained in 2014 and 2015–tenants have gained leverage for improved concession packages in most submarkets. The Denver region's overall availability rate rose by 40 basis points in second quarter to 17.4%, the class-A availability rate increased by 60 basis points to 20.3% and CBD registered a 70-basis point jump to 22.8% in its class-A rate. The overall average asking rent rose by 1.5% to $26.58 in the second quarter but average class-A rent ticked up by only 0.4%. Conditions are still extremely tight for tenants in LoDo, Downtown Boulder and Cherry Greek, where average asking rents in each submarket outpaced the US Index for second quarter. Firms that are most focused on recruiting younger talent consider space in these locations essential to aggressive hiring goals. The class-A availability rate in suburban Denver ended mid-year at 19.6%, up by 80 basis points year-on-year despite the four largest deals for the region in second quarter taking place in Southeast or Northwest submarkets. With space sitting vacant for an extended period, more owners are beginning to accept the need to adjust asking rent or at least significantly boost concessions.
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