Vacancy increased from 15.1 % at the beginning of the year to 17.5% at midyear in The Denver Tech Center/Greenwood Village Office market (I-25 Corridor from I-225 to Arapahoe) due mainly to the delivery of 318,000 sf of new space at One Belleview Station with 270,000 sf show as vacant in Southeast Denver.
In spite of the increased vacancy, the average asking direct rental rate increased from $25.92 psf to $26.24 psf, an all-time record high since 1999 when CoStar started tracking this data.
Report generated from CoStar. For additional information call Vector Property Services @ 303.662.9300
Copyrighted report licensed to Vector Property Services LLC - 88388.
Major lease transactions reported for Southeast Denver office space, included Charter Communications’ 257,000 sf and CSG Systems’ 42,000 sf at the under-construction Granite Place at Village Center and Air Methods 62,000 sf at the Landmark Corporate Center. With no further new speculative construction set to deliver until later in 2018 and the economy continuing to add jobs, vacancies for Greenwood Village and DTC office space should decline for the rest of 2017.
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