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Office Rental Market is Mixed Traffic Signal

DENVER-Submarkets are going in different directions, according to Sharon Barrett, a principal of tenant rep brokerage firm Liberty Greenfield. She green-lights the Central Business District, while the stop sign is on in the Southeast and Northwest suburban submarkets.

By John Rebchook | Updated on February 06, 2002

DENVER-Sharon Barrett, a principal of tenant rep brokerage firm Liberty Greenfield, uses the colors of traffic lights to describe the three major markets in the metro Denver area. Speaking before about 150 women attending the Commercial Real Estate Women Network Winter Conference, Barrett gives the overall office market a ”yellow” for cautions.

Meanwhile, she gives the Central Business District a green and the Southeast Suburban and Northwest markets a red.

”The Southeast Suburban market has experienced three dynamics in the last year: the tech fallout, tenants consolidating into campus environments leaving relet space behind, and overbuilding, putting (the) vacancy at 23.4%,” Barrett says. ”Some of the tenants who consolidated to campus environments include Oncor, Invesco, Lucent and CH2MHill, leaving behind relet class B space. In addition, there were nine new projects build last year with over 60% still unencumbered.”

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