By the end of September, the Denver-area had lost 22,000 high-tech and telecommunication jobs, with economists predicting a continued soft job market through 2003.
The report notes demand for apartment improved in the first nine months of the year, leading to the absorption of 5,242 units, the market continued struggling with rising vacancy rates.
The rates rose from new construction, as well as renters moving into homes as they took advantage of low interest rates, the report notes.
By the end of the third quarter, the average rent was $829, compared with $852, a year earlier, the overall vacancy rate had risen to 9.4% from 7% in 2001, according to Hendricks.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
