Q1 2019 Denver Office Market Report

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At A Glance

Market Overview

Similar to the beginning of 2018, the Metro Denver office market continues to profit due to a strong economy and an increase of employment throughout the area. As expected, asking rental rates continue to increase in contrast to the overall vacancy rates which saw a decrease over the previous quarters. In addition, direct vacancy rates reported a decrease from the previous quarter while sublease vacancy rates remained the same. Construction activities throughout the metro area currently totals out at 2.7 million square feet, which is a slight decrease from the previous quarter’s 3.1 million square feet. Despite the decrease, construction continues to flourish predominately in the Downtown and Southeast submarkets showing no signs of slowing down as 2019 continues. More than 475,000 square feet of deliveries were delivered in the first quarter providing a slight decrease from the previous quarter. In conclusion, the overall total inventory in square feet topped off at 151.5 million which was a minimal increase from the previous quarter’s 149.8 million.

 

              MarketIndicators 

Highlighted Trends

  • The Bureau of Labor Statistics reported an unemployment rate of 3.3 percent for Metro Denver during February 2019. The national unemployment rate is 3.7 percent
  • Metro Denver total employment increased by approximately 42,700 jobs between March 2018 and March 2019
  • Investment spending during the quarter totaled out at $840 million, a minor decrease from the previous quarter's $1 billion

 

   

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Q1 2019 Denver Office Market Report

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