CBRE has released its Q3 retail and Q3 life sciences figures:
- The Denver retail market closed Q3 2024 with an availability rate of 4.7%. This represented a 10 basis point decrease from Q2 2024 and a 40 basis point drop year-over-year.
- The total retail sq. ft. absorbed in Q3 2024 was 207,000 sq. ft., compared to 528,000 sq. ft. in Q2 2024.
- There was 103,000 sq. ft. of new retail space that delivered in Q3 2024, which was down from 308,000 sq. ft. in Q2 2024.
- The overall average net asking rent for retail space in Denver ended Q3 2024 at $20.01, representing a $0.47 decrease from Q2 2024.
- Total retail investment sales in Q3 2024 amounted to $226.4 million in total volume, up significantly from the $73.7 million seen in Q2 2024.
Denver/Boulder Life Sciences Figures Q3 2024
- Leasing activity declined due to the absence of sizable renewals that had supported higher levels of recent activity. Q3 2024 activity comprised two new leases in the Northeast submarket totaling 14,300 sq. ft.
- Direct vacancy rose 130 basis points (bps) quarter-over-quarter to 11.5% but was down a slight 20 bps year-over-year.
- The construction pipeline eased again this quarter after one new delivery and no new construction starts.
- 5505 Central Ave in Flatiron Park was completed in Q3 2024 and is the first speculative purpose-built life sciences building constructed in the Boulder submarket.
- The average asking rent for laboratory space in the Denver/Boulder metro has remained largely stable over the past year at approximately $60.00 per sq. ft. NNN.
- Life sciences venture capital (VC) funding climbed to a 12-month high in Q2 2024 but experienced a slowdown in Q3 with $23.7 million raised.
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