Quoted office rates, however, barely budged from $20.78 per sf a year earlier to $20.15 per sf.
To put Denver office vacancy rate in perspective, only five of the 24 cities Staubach profiled had higher office vacancy rates. They are Dallas/Fort Worth at 20.7%; Raleigh/Durham at 19%; Phoenix, 17%; Chicago, 16.5%; and Cleveland, 16.3%.
New York City was the only metropolitan area in the single digits, with a 9.2% vacancy rate.
As far as negative absorption, seven markets are in worse shape than Denver. Of those, only Chicago and Dallas/Fort Worth also have higher office vacancy rates.
Markets with more negative absorption were San Francisco Bay Area, 4.3 million sf; Chicago, 3.37 million sf; Houston, 2.79 million sf; Los Angeles, 2.479 million sf; Dallas Fort Worth, 2.02 million sf; Detroit, 2.017 million sf; and Seattle/Puget Sound, 1.88 million sf.
Atlanta was the lone metro area to show positive absorption, at 436,287 sf.
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