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Northern Colorado Office Figures H2 2022

February 8, 2023

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  • Positive net absorption of 3,700 sq. ft. was recorded in H2 2022. The I-25 North submarket led the market for the year, posting 24,000 sq. ft. of positive net absorption in 2022.
  • Direct vacancy was unchanged in the second half of 2022, maintaining the 5.2% seen in H1 2022. Year-over-year, direct vacancy fell 60 basis points from 5.8% at the end of 2021.
  • Sublease availability increased 18.8% compared to H1 2022’s level, reaching 405,000 sq. ft. as companies continue to determine space requirements and face economic headwinds.
  • The average direct asking lease rate increased to $16.34 per sq. ft. NNN, posting a 1.0% increase year-over-year from $16.54 per sq. ft. NNN.
  • The development pipeline stagnated in H2 2022, with three completions and leaving only one 5,100-sq.-ft. project under construction. 2022 total completions measured 77,100 sq. ft. 
  • Investment sales volume totaled $32.3 million in H2 2022, a 7.5% decrease from H1 2022 and a 32.5% year-over-year decline.