Quarterly leasing volume totaled 2.0 million square feet (msf) for the third quarter in a row, staying on par with the market’s long-term average. Tenants have leased 8.2 msf in the four most recent quarters, on track with the long-term market average.
CLASS A AVAILABILITY FALLS
The market’s overall availability rate fell for the fourth quarter in a row, declining by 70 basis points to 17.9%. The Class A rate posted a larger drop, falling by 130 basis points to 18.0%.
RENT UP FROM A YEAR AGO
Overall asking rent rose from year-end 2017, increasing by 3.3% to $27.86. The Class A asking rent also jumped, increasing by 3.7% to $31.08.
Office property sales during the first eleven months of 2018 totaled $2.4 billion, a 57% increase compared to the same period during 2017.
"Attracting and retaining talent is the single most important priority across all sectors. We have energy sector clients now talking about changing their approach to space utilization and allocation. Law firms in Denver are starting to catch up to national trends in law and general industry."Greg Bante (Executive Managing Director)