Real Estate Forum - February 2008

and Anadarko Petroleum Corp. enlarged its footprint at Granite Tower, signing on for 221,000 sf for seven years, reports Jones Lang LaSalle.

The city’s 90-million-sf inventory of investment-grade office product logged 1. 9 million sf of absorption, including sublease space, last year, according to JLL.

Meanwhile, the office vacancy rate slid down from 13.2% at year-end 2006 to 12.6% when 2007 closed. Overall rents, which landed at $22.12 per sf when last year ended, rose 6.8% over the course of 12 months, with class A lease rates seeing a 7.5% jump, reports Transwestern/Delta Associates.

2nd Annual

March 25, 2008

Westin Buckhead

Leading the Conversation of Real Estate

In these times of

MARKET UNCERTAINTY

It’s never been more

IMPORTANT to be INFORMED

Sustainable Development:

A Touch Of Green

Keynote Address

Inside the Real Estate Mind

U.S. Senator Johnny Isakson

Greg O’Brien
Senior Vice President
TRANSWESTERN

With many of the metro area’s largest industrial leases undertaken by retail companies, Denver’s industrial market appears to be insulated from a national economic slump, Ballenger asserts. “As a manufacturing and distribution center for a region that has had sustained consumer spending increases of nearly 10% in 2007, many companies are continuing with expansion plans,” he says. “The largest leases last year were retail driven, with Furniture Row, Western Metals and others purchasing or leasing significant warehouse space.”

CB Richard Ellis calculates Denver’s Q4 industrial vacancy rate at 6.6%, up from the 6.1% figure recorded in the third quarter of 2007. Asking lease rates for warehouse/distribution space edged down slightly in the fourth quarter to $5.97 a sf.

Consumer confidence and strong sales are also keeping the retail sector afloat. Although the market’s retail stock was nicked by 57,000 sf of negative absorption, the vacancy rate remains a healthy 6.4%, CBRE reports.

Ballenger foresees mixed results in the apartment market. As home foreclosures rise in the region, the economics of multi-family ownership have improved significantly and larger properties continue to attract the lion’s share of investment activity. Owners of smaller assets, however, who decide to sell must adjust their expectations to new market realities. “Rental rate increases are under way,” Ballenger says, “though they have not yet reached levels that would allow for new construction.”—Maria Wood

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