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Denver Area's Office, Industrial Sectors Gaining Ground

DENVER-Patricia Silverstein, chief economist for the Metro Denver Economic Development Corp., releases year-end 2005 data that shows occupancy is on the rise; rents are holding steady; and construction's in check for current market conditions.

By John Rebchook | Updated on February 03, 2006

DENVER-With this year well under way, another year-end 2005 report has been issued with researchers saying the office vacancy rate declined for the fifth consecutive quarter in the Greater Denver area.

At a recent 2006 forecast meeting, Patricia Silverstein, principal of Development Research Partners and chief economist for the Metro Denver Economic Development Corp. said direct vacancy rate decreased to 13.4% in the fourth quarter, down from 14.8% a year earlier. The average lease rate, meanwhile, held steady at $14.47 per sf, but it’s the highest the overall office lease rate has been since third quarter 2003, according to Silverstein. “Based on slowly improving economic conditions, expect office vacancy rate to drop by 0.5 percentage points in 2006,” she said.

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