The Denver Tech Center/Greenwood Village Office Market is expected to close out the year on a high note with net absorption matching its best year ever in the last 10 years at close to 500,000 sf. Major leases during the year includes Western Union’s 266,000 sf at the recently completed One Belleview Station and Charter Communications 257,000 sf at the recently completed Granite Place at Village Center. But not just these new buildings had major absorption. 5500 S. Quebec, the ex-home of CoBank who relocated to a new building last year, landed Air Methods for 62,000 sf, and the Cascades Office Building leased 61,000 sf to National Cinemedia.
Report generated from CoStar. For additional information call Vector Property Services @ 303.662.9300
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As a result of this activity, quoted rental rates have increased from an average at the beginning of 2017 of $25.34 psf to their current levels of $25.67 psf. Even with the delivery of over 600,000 sf of new office space, vacancy remained flat at 15%. Another 3 new buildings totaling 562,000 sf are under construction to deliver in 2018, but they are already 61% preleased.
All in All, a very good year for the Denver Tech Center/Greenwood Village Office Market. Happy Holidays!
Vector Property Services, LLC
Phone: (303) 996-8460
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