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Five Fast Office Facts Denver

Cara Stamp • 7/18/2023
The Denver Metro office net absorption continues to trend negative with downsizing and tenant move-outs, however asking rents remain steady at the end of Q2 2023.
  1. Unemployment Rate Remains Flat Despite Economic Concerns
    After falling 70 basis points in the Q1 2023, the Denver Metro unemployment remained unchanged in Q2 2023, ending June at 2.8%, well below the national average of 3.6%.

  2. Vacancy, Sublease Availability Falls Slightly
    Overall vacancy decreased 20 basis points QOQ in Q2 2023, while sublease availability fell to 6.2 msf.

  3. Leasing Activity decreases in Second Quarter 2023
    The Denver Metro recorded just 1.4 msf of leasing activity in Q2 2023, a decrease of 21.8% compared to Q1 2023.
  1. Asking Rents Remain Steady
    Rental rate growth remained stable QOQ, ending Q2 2023 at an average rate of $31.84 per square foot (psf) on an overall basis. This represented a $0.18-psf increase QOQ and an $0.48-psf increase compared to Q2 2022.
  1. Net Absorption Continues to Trend Negative
    Absorption continues to be heavily impacted by downsizing and tenant move-outs, resulting in 1.5 msf of negative net absorption in Q2 2023, a decline from the negative 0.8 msf of negative absorption recorded in Q2 2022.

5-Fast-Facts-_-Q2-2023-Denver-Office

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