Availability continues to decline pushing asking rents up higher
Overall availability in Denver continues on a steady decline, dropping 160 basis points over the year to 17.1%. Availability in the market's core Central Business Distrit (CBD) submarkets currently stands at 16.2%, down 130 basis points year over year. There is currently more than 2.8 million square feet (msf) under construction throughout the overall market. With new product driving rental rate growth, asking rents increased 2.5% over the year, now at $28.32 per square foot (psf) for all classes. Rents in the CBD are increasing at an even faster pace, up 3.4% over the year to $35.59 psf.