Availability marches higher as soft conditions, weakened demand persists across Metro Denver
The Denver office market remained in a weakened state in Q2 2023 as occupiers continued to reconsider the scope of their future space requirements. Leasing activity remained above levels witnessed in the depths of the pandemic but has yet to return to pre-pandemic levels. Many transactions in the first half of 2023 were driven by upcoming lease expirations. Market availability inched up 50 basis points (bps) from the 26.3% reported in the first quarter and jumped 250 bps since Q2 2022. Availability across the downtown submarkets accelerated at an even faster pace, rising 490 bps over the year to 33.8%.