Regional Summaries

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Denver, CO

The vacancy rate in the Denver apartment market slipped under 4.0% during the latter half of 2013 but has risen since. It breached the 5.0% threshold in late 2016, closing the year at 5.3% after adding fully 110 basis points from a year earlier. By the end of the first quarter of 2017, the rate had climbed to 5.5% (where it ended April as well). The decline in rates of rent growth, meanwhile, is noteworthy, particularly so given the large volumes of new construction. As calculated by Reis, the 4.6% and 4.8% increases reported for the average asking and effective rents for 2016 were well off the gains of 8.4% and 7.9% recorded for 2015 and the gains of about 8.0% seen as well the year before. Even more to the point, the first quarter of 2017 followed with losses of 0.6% for each rate to $1,230 per month asking and $1,130 per month effective. Those declines were quickly reversed by the gains of 0.6% and 0.8% reported for April. VIEW APARTMENT LISTINGS >
With development increasing over the past few years, the downward trend in the vacancy rate for the Denver warehouse/distribution sector, while continuing, has slowed. Still, the market remains tight, relatively speaking. At 9.2%, first quarter 2017 vacancy was unchanged for the period following a decline on the order of 20 basis points all told last year. April, however, followed with a 20-basis-points decline. At $5.01 psf and $4.79 psf, first quarter Denver area asking and effective averages were up fully 1.0% and 1.1% for the period after rising 2.9% and 3.0%, respectively, last year. April followed with increases of 0.4% for both rates. Vacancy in the Denver Flex/R&D market has seen a somewhat steeper recent decline, although that decline slowed in 2016. Indeed, at 10.5% the vacancy rate for the first quarter of 2017 was up 10 basis points for the period following last year’s loss of just 10 points. April brought an additional 10-basis-points increase. Rent growth in the Flex/R&D market, slowing slightly in 2015, picked up again in 2016 and should remain favorable in 2017. At $8.10 psf and $7.60 psf, mean first quarter asking and effective rates were up 0.6% and 0.7% for the period after last year’s increases of 2.4% and 2.6%. Gains of 0.2% and 0.4% followed in April. VIEW INDUSTRIAL LISTINGS >
The Denver area general purpose, multi-tenant office market vacancy rate closed 2016 at 17.5%, down 10 basis points from a year earlier. The year 2017, however, started with a bang: the large volume of new supply that came online during the first quarter drove vacancy to 18.0%, highest since the second quarter of 2014. The addition of still more supply in April added 30 more basis points to the rate. At $24.45 psf and $18.83 psf, average asking and effective lease rates for the first quarter were up 0.7% and 0.6% for the period following increases of 2.6% and 2.4% all told in 2016. April followed with an essentially flat performance. VIEW OFFICE LISTINGS >
The Denver community-neighborhood shopping center market vacancy rate has been on a downward path since 2012. The rate closed the first quarter of 2017 at 9.7%, unchanged from a quarter earlier following a decline on the order of 90 basis points in 2016. No change followed in April. At $18.52 psf and $16.24 psf, first quarter 2017 average asking and effective rents were up 1.1% and 1.2% for the period following gains of 3.2% and 3.4% all told last year. April followed with increases of 0.3% for both. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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