Tim Richey, an investment specialist, who has sold more than 16million sf of buildings for more than $1.3 billion, says he oftenis asked if Denver's office market is at its peak.He breaks officemarkets into four cycles: expansion, oversupply, recovery andbottoming.

Denver, along with Frankfurt, Germany, Paris, New York City,Boston and Washington, DC are in various stages of marketexpansion, says Richey. Amsterdam is about to peak and SanFrancisco has peaked, he contends. North Virginia, Madrid, London,Atlanta and Phoenix are suffering from an oversupply, he believes.Meanwhile, he says Warsaw, Shanghai, Bangkok and Los Angeles, allhave bottomed while Tokyo, Seoul, Singapore and Hong Kong arerecovering from downturns.

Overall, office markets across the country are in good shape,Richey says. "We have the lowest vacancy rates in history," hesays. "CBD performance is off the charts, and will continue totighten. Suburban vacancy rates are healthy, but essentially flatat 10.3%."He said the correction in the NASDAQ has caused owners toincrease credit requirements from owners. "I have never seen somuch scrutiny on who the tenants are as I have in the last sixmonths," Richey tells GlobeSt.com.