Denver office market report
Q3 2021
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The Denver market continues to make recovery progress as leasing activity in Q3 2021 reached its highest point since Q1 2020 while the unemployment rate has improved to 5.5% in August 2021, down from 12.4% in April 2020. Rents have held firm throughout the pandemic while sales activity has picked up among institution investors.
Economic conditions
Denver’s unemployment rate continues to improve while total private sector office-using jobs have surpassed pre-pandemic levels.
Leasing activity
Leasing activity in Q3 2021; Denver has seen two consecutive quarters of 2.0+ msf of leasing activity and are on pace to surpass 2020 totals.
Overall office vacancy
Overall vacancy saw a slight decline in Q3 2021 when compared to Q2 2021 which offers a positive sign for the market and demonstrates an overall slow-down in new vacancies being brought to the market.
Total available sublease space
Sublease vacancy saw its first quarter-over-quarter decline since Q4 2019 in Q3 2021 as leasing activity has picked up and tenants are beginning to move forward with long-term real estate decisions.
Absorption
Denver’s net absorption in Q3 2021; this is the first quarter of positive net absorption since Q4 2019.
Direct asking rents
Asking rents have held firm throughout the pandemic, growing by approximately 1.0% since Q4 2020..
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Get in-depth office market reports and insights from commercial real estate experts in the Greater Denver area. Avison Young advisors look at Denver commercial real estate activities and the latest Denver statistics to provide you expert market research on Denver's office properties.
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