The report shows 322,800 sf of negative absorption in the first quarter. Of that, 295,084 sf is in the suburbs.
"The bottom line is that for Denver's office market to improve, companies that lease office space need to create more jobs and hence will eventually need more space to accommodate these new employees," the report notes. "Unfortunately, new job growth for Denver is forecasted at just 1.2% for 2004. This growth rate will not translate into a need for more office space, but at least there is some job growth projected."
If the national economy picks up, Denver likely will benefit about six months later, the report notes, as Denver tends to lag the national economy and the national commercial real estate market by about six months.
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