DENVER-Newmark Grubb Knight Frank (NGKF) has released its third-quarter research figures on the Denver office market, which reveal that the sector continues to enjoy a healthy recovery.
According to the report, year-to-date absorption totaled more than 1.0 million square feet – topping full-year absorption for 2012 and sending a clear signal that Denver's office market is firmly in expansion mode. Additionally, the trend of declining vacancy stretched into its 15th quarter, with overall vacancy falling slightly to 16.3%, down year-over-year from 17.7%.
“Denver's office market has exceeded our high expectations for a breakout year, with compelling activity throughout the third quarter,” said Kevin McCabe, executive vice president and regional managing director. “By year-end, Class A rates in the CBD may very well reach the previous all-time high of $32.00/sf seen in 2008. This would echo the new high of $24.55/sf for class A rates the Southeast Suburban (SES) submarket recorded in the second quarter of 2013.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
