Availability continues to tighten in Denver; asking rents maintain upward trend
Overall space availability in Denver continues to decline, ending the quarter at 16.9% - a 180-basis-point decrease year-over-year. This marks the eighth consecutive quarter that the market’s overall availability rate has fallen. There is currently 3.5 million square feet (msf) under construction throughout Denver. With new product driving rental rate growth, asking rents increased 2.7% over the year, now at $28.44 per square foot (psf) for all classes. Class A asking rents increased 3.7% over the same period, now at $31.72 psf. Demand for new product is strong with tenants eager to upgrade amenities and increase space efficiency.