Northern Colorado Office Figures H2 2023

February 5, 2024 5 Minute Read

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      Positive net absorption of 43,000 sq. ft. was recorded in 2023. This represents a 11.3% year-over-year increase from the 38,000 sq. ft. of positive net absorption that occurred in 2022.

      Direct vacancy decreased 50 basis points (bps) year-over-year and 10 bps compared to the 4.7% recorded at the close of H1 2023.

      Sublease availability decreased 4.0% year-over-year to 389,000 sq. ft. but increased 1.4% from H1 2023.

      The direct average asking rent fell to $16.30 per sq. ft. NNN, posting a 1.3% decrease year-over-year from $16.52 per sq. ft. NNN.

      The development pipeline dropped to zero in H2 2023, with one project delivering in Loveland Downtown for 8,000 sq. ft.

      Investment sales volume totaled $12.8 million in H2 2023, a 31.7% increase from H1 2023. Total sales volume for 2023 decreased 66.6% compared to 2022.