According to the CoStar Report just released, office vacancy rates in Denver held steady for the third quarter with rates at 10.4%. The largest lease signings were the 333,929 sq. ft. lease by Encana Oil & Gas at 370 17th St in Downtown Denver, the 266,776 sq. ft. lease for Western Union at 7001 E. Belleview Ave. in Southeast Denver, and the 257,744 sq. ft. lease by Charter Communications at 6360 S. Fiddlers Green Cir. in Southeast Denver.
Industrial buildings in Denver had a slight increase in vacancy with rates at 5%. That’s just nudged up from the previous quarter’s 4.9%. The largest lease signings included 2,399,500 sq. ft lease penned by Amazon at I-25 and E. 144th Ave in North Denver and the 357,555 sq. ft. deal by UPS at I-70 / Montbello. The average rental rate was $8.47 per square foot per year in the Denver market. This is up 0.2% over rental rates at the end of the second quarter.