The study broke Downtown into seven submarkets - the Core CBD, which includes the 17th Street financial district and the 16th Street Mall, the two areas with the greatest concentration of office space; the Denver Performing Arts Center/Convention Center; Uptown; Northeast; LoDo; Federal Governmentand Local and State government, near the state capital.
The most expensive rates continue to be found in the Core area, where the maximum daily rate averaged $10.44, a 7.4% increase from a year ago. The Northeast shows the lowest rate at $2.84, down 8.7% from 2000.
Jim Burbach, a director with the firm, says the increased popularity of the new light rail line that connects Downtown to the southwest suburbs plays the greatest role in the drop in demand for parking spaces. A recent employee survey by the Downtown Denver Partnership notes light rail use rose by 10% during the past year.
Prices will continue to remain in the same range in the near future, with only cost of living type of increases, says Brad A. Weiman, managing director of the Denver office. The main reason, he says, is because of the large amount of subleased office space poised to come on the market will curtaildemand.
The latest report marks the 11th consecutive year the company has tracked the market.
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