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Denver Downtown Office Figures Q3 2022

October 13, 2022

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  • Sublease availability increased 24.9% quarter-over-quarter to 2.0 million sq. ft., matching the previous peak recorded in Q2 2021.
  • Leasing activity slowed in Q3 2022, decreasing by 30.6% quarter-over-quarter and 62.8% year-over-year to 250,000 sq. ft.
  • 73,000 sq. ft. of negative direct net absorption was recorded this quarter, marking a solid improvement over Q2 2022’s negative 122,000 sq. ft.
  • The average direct asking lease rate has held flat for five consecutive quarters, decreasing 0.9% quarter-over-quarter to $39.77 per sq. ft. FSG in Q3 2022.
  • Total vacancy rose 70 bps to 27.0%, remaining well above pre-COVID 19 levels.
  • 1900 Lawrence remains the sole property Downtown under construction, keeping the development pipeline static at 704,000 sq. ft.