Positive net absorption of 33,136 sq. ft. was recorded in the Downtown submarket in Q4 2019, bringing annual net absorption for 2019 to over 743,000 sq. ft. Although down from 2018, this is the second highest year-end net absorption posted since 2010.
The average direct asking lease rate was $35.09 per sq. ft. FSG in Q4 2019, a decrease of 1.5% year-over-year.
Direct vacancy in the submarket increased for the first time in five quarters to 14.3%.
Nearly 1.2 million sq. ft. of office construction was underway in downtown Denver, accounting for 38.5% of all office developments under construction metro-wide.
Leasing activity totaled 2.2 million sq. ft. in 2019, driven by Technology, Financial Services and Energy users.