Regional Summaries

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Denver, CO

The Denver area apartment market vacancy rate has been rising gradually, more or less, for the past several years. Indeed, it has been rising from a very low bottom—the 3.6% rate reported for the end of 2013. In the fourth quarter of 2016, it had risen only as high as 5.1%, a rate still considered very strong. A quarter earlier, however, it was 50 basis points lower, and the increase for the year was 90 basis points. At $1,235 and $1,121 per month, average asking and effective rates in the fourth quarter were up 4.5% and 4.3% for the year, high growth rates to be sure, but well below the gains of 8.4% and 7.8% reported for 2015. While a single quarter may not define a trend, fourth quarter 2016 numbers are startling: gains of just 0.1% are reported for both averages for the period. January 2017 followed with losses of 0.2% and 0.3% for the overall asking and effective averages. VIEW APARTMENT LISTINGS >
With development increasing over the past few years, the downward trend in the vacancy rate for the Denver warehouse/distribution sector has slowed. Despite quarterly fluctuations in 2016, however, the larger-scale descent has remained in place—with more of the same expected for 2017. At 9.2%, fourth quarter vacancy was down 20 basis points for the year but was down 40 for the quarter alone. A decline on the order of 10 points followed in January 2017. Rent growth in Denver has been strong, and rents have redeemed their recession-related losses. At $4.96 psf and $4.74 psf, average asking and effective rates for the fourth quarter of 2016 represented gains of 2.9% and 3.0% for the year. Growth rates for the fourth quarter alone were 0.6% apiece. January 2017 followed with increases of 0.4%. Vacancy in the local Flex/R&D market has seen a somewhat steeper recent decline, until it leveled off in 2016. At 10.4%, the fourth quarter rate was down 10 basis points year-over-year and was down 20 for the quarter alone. January brought no additional change. Rent growth in the Flex/R&D market, slowing slightly in 2015, picked up again in 2016. At $8.05 psf and $7.55 psf, mean fourth quarter asking and effective rates represented increases of 2.4% and 2.6% for the year. Growth rates for the fourth quarter alone were 0.8% and 0.7%. January brought increases of 0.1% to both averages. VIEW INDUSTRIAL LISTINGS >
Denver’s general purpose, multi-tenant office market fourth quarter 2016 vacancy rate was 17.5%, up 30 basis points over the quarter and up 10 for the year. January 2017 brought no additional change. At $24.27 psf and $18.72 psf, asking and effective averages in the fourth quarter as reported by Reis were up 2.6% and 2.4% for the year. Respective gains in the fourth quarter alone were 0.8% and 0.7%, to which January added increases of a penny to each. VIEW OFFICE LISTINGS >
The downward movement in the Denver area community-neighborhood shopping center market vacancy rate was arrested in 2015 by that year’s quiet and flat performance. It resumed in 2016, however. Vacancy in this sector per the fourth quarter was 9.8%, a decline of 10 basis points for the period but a loss of 80 for the year. January 2017, meanwhile, followed with another 10-basis-points decline. At $18.31 psf and $16.04 psf, respective fourth quarter 2016 average asking and effective lease rates represented gains of 3.2% and 3.4% for the year. Growth rates in the fourth quarter of 2016 alone, however, were just 0.2% and 0.3%, to which January brought no changes. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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