Office space rent up in Denver, suburbs

The Denver Business Journal - January 25, 2007

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Rent for office space in downtown Denver and the suburbs increased at a faster clip than the national average, although the price per square foot was still below average.

A report released Thursday by real estate firm Colliers International said that during the fourth quarter, the rent for Class A office space in downtown Denver rose 12 percent during the past year to reach $23.75 a square foot. By contrast, rents nationwide increased an average of 6.4 percent to hit $41.01 a square foot in the fourth quarter.

Rents for Class A space in the nation's suburbs was $25.84 a square foot in the fourth quarter, or 3.6 percent higher than a year ago. For suburban Denver office space, the rate was $21.14 a square foot, an increase of 5.3 percent.

Downtown rents saw the biggest increase in Las Vegas, where the difference between the fourth quarter and a year earlier was 34.9 percent. The rent for suburban space climbed the most in Seattle, where a 19.5 percent increase brought the price to $26.01 a square foot.

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