The report shows that areas with a high concentration of R&D flex space surprisingly experienced improving conditions during the third quarter. The Northwest (comprising Westminster, Broomfield and Louisville) and Southeast (including the Centennial, Inverness and Meridian Business Parks, the DTC and the Southeast C-470 corridor) submarkets saw vacancy decline to 10.9% and 17.3%, respectively.
The Glendale submarket's 2.3% vacancy remained lowest in the market, while the Southeast submarket again had the highest vacancy rate in the region.
However, third-quarter net absorption dropped to 497,510 sf, following absorption of 772,081 sf in the second quarter, as the anticipated economic recovery continues to sputter.
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