Improvement Seen in Southeast Submarket

The team reports that the projected 12-month gross leasing activity dipped in March, but "was back on the upswing in April."

The team notes the US Commerce Department recently reported that inflation-adjusted gross domestic product grew at a 4.2% annual rate in the first quarter, marking the first time in 10 years that the economy had an annualized growth rate that exceeded 4% for three consecutive quarters.

Along Denver's southeast corridor, there are only two tenants seeking more than 75,000 sf, accounting for 240,000 sf on the market. There are three tenants seeking 50,000 sf to 74,999 sf for a total of 190,000 sf; 10 tenants seeking 25,000 to 49,999 sf for a total of 315,000 sf; 30 tenants seeking 10,000 sf to 24,999 sf, for a total of 434,256 sf; 19 tenants seeking 5,000 to 9,999 sf for a total of 123,500 sf; and 39 tenants seeking less than 5,000 sf for a total of 102,511 sf.

So far this year, the CB Richard Ellis South Team has completed 44 assignments for a total of 277,913 sf.

In April, the team completed 16 deals, ranging from 71,081 sf in the Dry Creek Crop. Center 3 to 890 sf for Mazerov Research & Consulting at 5675 DTC Blvd.