Denver office market report
Q1 2022
The Denver office market experienced an uptick in tour activity to start the year. Even though vacancy remains high and net absorption attempts to stabilize from eight quarters in the red, asking rents continue to creep up. This indicates owners are holding base rents in lieu of other concessions such as free rent and tenant improvement allowances. There is a particular emphasis on move-in-ready space that allows for shorter commencement periods and flexible lease terms.
Vacancy
Denver’s overall office vacancy rate holds steady at record levels, around 17.7% direct and 2.3% sublet.
Leasing
Leasing activity in Q1 2022; with 84% of which direct leasing and 15% subleasing activity.
Net absorption
Q1 2022 reversed the trend of 8 quarters with negative absorption.
Under construction
Office product under construction and under renovation, 1.1 msf of that is anticipated to be delivered in 2022 with another 1.1 msf on track for 2023.
Deliveries
Denver saw 931,000 sf of new office product delivered in 2021 and is on track to incrementally increase over the next two years. Q1 2022 included one delivery in the Rino submarket – One Platte.
Direct rent
Denver direct full-service rent continues a steady upward trajectory.
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