The vacancy rate, including sublet space is about 16.1%. The spread above direct vacancy rose 30 basis points in the first half of 2002, after increasing 220 basis points in 2001.
"Denver's economy will likely remain sluggish through the end of 2002, but with increased signs of improvement thereafter," says Thomas "Chip" Clarke, president of the southwest region for Transwestern. "As the national economy strengthens in 2003, the core industries of Denver will gain momentum and begin to spur growth again. Distribution services, transportation, tourism, technology and financial services will all likely experience improved performance in 2003."
But the real turn around won't start to be seen until 2004, Clarke projects.
"More normal levels of growth are expected to resume in Denver's economy in 2004," he notes.
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