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CBD Leading Office Space Race

DENVER-Vacancies are lower and asking rents are higher Downtown, but the submarket does have 343,705 sf of negative absorption in the third quarter, as well as 947,686 sf in the first nine months of the year.

By John Rebchook | Updated on November 21, 2001

DENVER-A Grubb & Ellis ”Market Snapshot” shows that of the three major submarkets — the Central Business District, the Southeast Suburban and Northwest corridor — the CBD is in the best shape with an 11.2% vacancy rate in the third quarter.

By comparison, the Northwest corridor between Boulder and Denver, which depended heavily on telecommunication companies such as Level 3, Sun Microsystems and the bankrupt 360Networks, has the dubious distinction of the highest vacancy rate of any of the dozen submarkets tracked by Grubb & Ellis. The Northwest corridors’ vacancy rate is 25.6%.

The Southeast Suburban market, the largest submarket with 25 million sf compared with 22.9 million sf in the CBD, has a 17.4% vacancy rate. Only the CBD ‘s vacancy rate is below the overall average vacancy rate of 15%.

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