Source: The Denver Post —
Denver’s office real estate market has a higher vacancy rate than at any point since the fall of 2009, according to the real estate services firm CBRE.
Over the second financial quarter of this year — from April through the end of June — the metro-wide vacancy rate rose to 18.8%. That doesn’t account for the still-increasing amount of sublease space hitting the market. There is now roughly 5 million square feet of technically “leased” space available to would-be second renters. That’s more than 4% of the total space that exists in the market today by CBRE’s count.
Despite the COVID-19-sparked losing streak that derailed a red-hot market there are reasons for building owners to be optimistic, in the company’s view, and it starts with a substantial uptick in new leasing.