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Office asking rents really up more than 20% this decade

  • ​No one questions that Denver office space is notably more expensive today than when the calendar turned to the 2010s. But, we ought to be careful when stating the magnitude of change. Nearly every office submarket has seen asking rents climb since 2010’s first quarter, but when adjusting for inflation, we see the rate of growth considerably more concentrated in those submarkets where developers have opted to raise steel.
  • Seven-and-a-half years into the decade, which areas have really seen rents climb most sharply? First to mind are markets including Boulder, LoDo, RiNo and Cherry Creek—areas that have certainly not lacked for high-profile news coverage and where builders have placed bets.
  • Still, whether you’re a submarket that’s enjoyed the spoils of significant rent growth or one whose rents have largely remained stagnant, the story overall is RENT GROWTH. We’re midway through 2017, and when we look back to the start of 2010, we see rents climbing every quarter across the larger CBD and the Suburban markets, by $0.22 and $0.14 respectively, each and every 90 days. That’s “real money”—for owners and occupiers alike.

Source: JLL Research

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