Denver Downtown Office Figures Q4 2023

January 17, 2024 10 Minute Read

Downtown Office

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      Total vacancy remained at 31.5% in Q4 2023 and was up 210 bps year-over-year. Class A vacancy also remained unchanged during the quarter at 23.1%.

      Total net absorption of positive 26,100 sq. ft. was recorded in Q4 2023, bringing the year-to-date total to negative 579,000 sq. ft.

      Sublease availability increased in Q4 2023, rising 2.8% to slightly above 2.0 million sq. ft. but fell 8.5% year-over-year.

      Leasing activity totaled 307,000 sq. ft., down from the 526,000 sq. ft. recorded in the third quarter. Q4 2023’s rolling four-quarter total was 1.4 million sq. ft. Class A properties captured 67.3% of fourth-quarter leasing activity.

      The submarket’s average direct asking rent was up slightly in Q4 2023 and largely unchanged year-over-year at $39.90 per sq. ft.

      No new construction starts were seen this past quarter, keeping 1900 Lawrence as the only project under construction Downtown.