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Doldrums Predicted to Continue in Suburbs

DENVER-While the Downtown office market rebounds in three years to a healthy 6% vacancy rate, suburban office vacancies will still top 15% by 2005, more than a point below the current rate.

By John Rebchook | Updated on June 05, 2002

DENVER-Although Denver could boast the strongest Downtown office market in 2005, the suburban submarkets will be at the other end of the scale, according to a projection by Jones Lang LaSalle. The Jones Lang LaSalle projection predicts in three years the suburban markets surrounding Denver will have an overall vacancy rate of 15.2%, moderately better than the direct vacancy rate of 16.6% at the end of this year.

By contrast, Jones Lang LaSalle project a 6% office vacancy rate in 2005 for Downtown, the best of the 10 cities profiled.

The report shows that by 2005, only one city will have a higher suburban office vacancy rate, Houston, which it projects at 5.8%. San Francisco will have the lowest suburban office vacancy rate in 2005 at 7.6%. Next is New York City at 7.9%.

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