X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

AURORA, CO-The Aurora office market remained fairly stable in the third quarter, with the direct vacancy rate rising slightly to 19% and the “availability rate,” which includes subleased space also rising slightly to 21.17%, according to CB Richard Ellis.

“While the Aurora office market’s direct vacancy and availability rates are on par with other office submarkets in the metro Denver area, we believe that the narrow margin between [the two], currently at 1.17%, continues to show the strong relative health of the Aurora office market when compared to other office submarkets of comparable size or larger in the metro Denver area,” according to the report.

CB’s Aurora team is headed by Jason Thomas and Phil Sweeney. The Aurora market has about 7 million sf of space all together, and ended the quarter with negative absorption of 196,880-sf, compared with negative absorption of 178,410 sf in the second quarter of this year.

Office rental rates showed little change in the third quarter, with Class A space up 1% to $17.64 per sf; Class B and the overall market down by less than 1%. Class B rates are $16.80 per sf and Class C rates are at $12.96 per sf, and the overall weighted market rate is $16.27 per sf.

While the Aurora market, because of its older office stock, has been viewed as a lower-quality product, that will be changing in the near to mid-term, Thomas and Sweeney project. One driving force is the E-470 toll road in southeast and northeast Aurora. When connected to the Northwest Parkway under construction, E-470 will provide a beltway around the Denver metro area, improving access and helping Aurora’s corporate image and its economy, according to the two.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.