"The good news is most feel that the worst is behind us and 2004 should seen an improving economy in Denver and a stabilized real estate industry," Morris says.
For the office market, the report says that this year should bring slightly lower vacancy rates. When subleased space was included 2003 ended with a 19% vacancy rate, according to the report. Also, Fuller is projecting moderate positive absorption in the office market this year, after negative absorption of 350,000 sf across the market in 20003.
"While this improvement will not be dramatic, it will be more stable and 2004 will likely be looked upon as the bottom of the office leasing market," according to the Fuller report. "There, will, however, continue to be landlord concessions as the lingering effects of a down market continue to persist."
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