Direct vacancy increased 60 basis points over the previous year to 5.2%.
The average direct asking lease rate at year-end 2019 was $16.00 per sq. ft. triple net, up 4.0% from 2018.
Negative 31,001 sq. ft. of net absorption was recorded in H2 2019, bringing the market’s year-to-date net absorption to positive 12,086 sq. ft.—down from the 120,290 sq. ft. of positive net absorption posted in 2018.
A total 72,767 sq. ft. of office projects were underway at year-end 2019—the largest overall construction footprint for Northern Colorado since 2016.
Investment activity reached $30.4 million in H2 2019, pushing the annual 2019 sales volume to $98.1 million with an average price per sq. ft. of $111.96.