Regional Summaries

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Denver, CO

The Denver apartment market vacancy rate slipped under 4.0% during the second quarter of 2013 and remained there for a year. It has been rising since, however, in the wake of rising construction completion totals. By the end of the third quarter of 2017, it had risen to 5.3%, a gain of 30 basis points for the period and unchanged year-to-date after 2016’s 100-basis-points increase. At $1,295 and $1,206 per month, meanwhile, asking and effective averages for the third quarter of 2017 were up 4.2% and 4.5% year-to-date. Respective increases for the quarter alone were 1.4% and 1.5%, to which October added gains of 0.3% and 0.4%. VIEW APARTMENT LISTINGS >
With demand running increasingly strong, the increases in development over the past few years have not interfered with the downward movement in the Denver warehouse/distribution vacancy rate. At 7.9%, third quarter 2017 vacancy in this sector was down 20 basis points for the period and was down 50 year-to-date following a decline on the order of 60 all told through 2016. By the end of October, 10 additional points had been shed. Rising rates of rent growth are the current trend. At $5.21 psf and $4.99 psf, warehouse/distribution asking and effective average rents were up fully 3.2% apiece year-to-date. Gains in the third quarter alone were 1.0% asking and 1.2% effective, to which October added increases on the order of 0.4% and 0.2%. Vacancy in the Denver Flex/R&D market has seen a somewhat steeper recent decline. At 8.5%, vacancy in that sector as of the third quarter of 2017 was down fully 80 basis points for the period alone and was down 190 year-to-date following 2016’s loss of just 10 basis points. October brought an additional decline, to 8.4%. At $8.35 psf and $7.85 psf, mean third quarter asking and effective rents were up 2.8% apiece year-to-date. Third quarter gains were 1.0% for both rates. Increases of 0.2% asking and 0.3% effective followed in October. VIEW INDUSTRIAL LISTINGS >
The vacancy rate in the Denver area general purpose, multi-tenant office market has held relatively steady, closing 2016 at 17.3%, down 30 basis points from a year earlier. The large volume of new supply delivered year-to-date in 2017, however, with more on the way, pushed well ahead of demand. By the end of the third quarter, the rate had risen to 17.8%. At $24.75 psf and $19.06 psf, average asking and effective lease rates for the third quarter were up 2.0% and 1.8% year-to-date. Gains in the third quarter alone were 0.3% for both averages. October followed with increases at 0.2% apiece. VIEW OFFICE LISTINGS >
The Denver area community-neighborhood shopping center market vacancy rate has been moving downward nearly without interruption since 2012. The rate closed the third quarter of 2017 at 9.4%, down 30 basis points for both the period and year-to-date following a 90-basis-points decline through 2016. An additional 10 points were subtracted in October. The $18.73 psf and $16.44 psf asking and effective average rents in the third quarter were up 2.1% and 2.3% year-to-date. Respective growth rates for the third quarter alone were negative 0.1% and positive 0.1%. October followed with increases of 0.3% asking and 0.4% effective. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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