The Denver industrial market closed the year strong. Direct vacancy stayed flat despite another big quarter for deliveries while average asking rates closed with the highest figures on record to close a year for both flex and warehouse product. The pipeline continued to grow as high demand continues and absorption recorded another strong figure despite substantial occupancies pushing into the new year. The table is set for another strong year for Denver industrial in 2023.
Denver’s office market is showing resilience as net absorption returned to a positive figure. Leasing activity remains subdued when compared to the historic average. Large employers continue to struggle with their return to office plans. As we get further past the pandemic, it is clear that the hybrid work model is here to stay. Employers are continuing to utilize robust amenity packages and upgraded workspaces to attract and retain employees back in the office.
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The Denver retail market continues to trend in the right direction.
Absorption was positive for the sixth consecutive quarter, asking rates
have surpassed pre-pandemic highs, and investor activity continues to
accelerate with the market on pace to comfortably surpass the largest
sales volume figure in metro history. As metrics continue to improve,