COMMERCIAL TENANT AND BUYER REPRESENTATION
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Denver Commercial Real Estate Market UpdateOFFICE MARKET - 4th Quarter 2011 The Denver Office market ended the fourth quarter 2011 with a vacancy rate of 13.0%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 556,275 square feet in the fourth quarter. Vacant sublease space decreased in the quarter, ending the quarter at 913,403 square feet. Rental rates ended the fourth quarter at $19.78, an increase over the previous quarter. A total of four buildings delivered to the market in the quarter totaling 71,388 square feet, with 872,660 square feet still under construction at the end of the quarter. Office Absorption Office Vacancy Office Sublease Vacancy Total Office Vacancy and Leasing Rates* for key submarkets in the Metro Denver, Colorado area:
* Quoted Lease Rates/square foot are full service gross, including all operating costs. INDUSTRIAL MARKET - 4th Quarter 2011 The Denver Industrial market ended the fourth quarter 2011 with a vacancy rate of 7.8%. The vacancy rate was up over the previous quarter, with net absorption totaling negative (487,534) square feet in the fourth quarter. Vacant sublease space increased in the quarter, ending the quarter at 434,399 square feet. Rental rates ended the fourth quarter at $5.85, no change over the previous quarter. There was 50,796 square feet still under construction at the end of the quarter.
Industrial Absorption
Net absorption for the overall Denver Industrial market was negative (487,534) square feet in the fourth quarter 2011. That compares to positive 933,297 square feet in the third quarter 2011, negative (51,102) square feet in the second quarter 2011, and negative (300,654) square feet in the first quarter 2011. Industrial Vacancy
The Industrial vacancy rate in the Denver market area increased to 7.8% at the end of the fourth quarter 2011. The vacancy rate was 7.6% at the end of the third quarter 2011, 7.9% at the end of the second quarter 2011, and 7.8% at the end of the first quarter 2011. Sublease Vacancy
The amount of vacant sublease space in the Denver market increased to 434,399 square feet by the end of the fourth quarter 2011, from 419,552 square feet at the end of the third quarter 2011. There was 770,857 square feet vacant at the end of the second quarter 2011 and 821,956 square feet at the end of the first quarter 2011. Rental Rates
The average quoted asking rental rate for available Industrial space was $5.85 per square foot per year at the end of the fourth quarter 2011 in the Denver market area. This represented a 0.0% change in quoted rental rates from the end of the third quarter 2011, when rents were reported at $5.85 per square foot. Source: The Costar Office and Industrial Market Reports – 4th Quarter 2011
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