Figures | Adaptive Spaces, Creating Resilience, Evolving Workforces, Future Cities

Denver Downtown Office Figures Q4 2022

January 12, 2023

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  • Positive 13,600 sq. ft. of direct net absorption was recorded in Q4 2022, marking the first quarterly positive absorption since Q3 2020 and bringing the annual total to negative 434,900 sq. ft.
  • Sublease availability increased 44.1% year-over-year, reaching a new peak of 2.2 million sq. ft.
  • Q4 2022 leasing activity totaled 283,000 sq. ft. of transactions, bringing the annual total to 1.4 million, a 38.4% decrease year-over-year.
  • The average direct asking lease rate remained flat year-over-year at $39.68 per sq. ft. FSG.
  • Total vacancy rose 40 bps quarter-over-quarter and 330 bps year-over-year to 27.2%. Q4 2022 marks the eighth consecutive quarter of increasing vacancy.
  • 1900 Lawrence remains the sole property Downtown under construction, keeping the development pipeline static at 704,000 sq. ft.