X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-High office vacancy rates, as well as more downtown workers taking light rail to work, led parking lot owners in downtown to drop their rates for the second consecutive year.

Overall, the average daily rate for public lots in Denver and surrounding areas is $5.83, a 6.7% drop from last year, according to a new report by Integra Realty Resources, an appraisal firm.

The last time rates were lower was in 1999, when they average $5.47 a day. Parking rates peaked in 2001 at $6.55 per day.

The core area of the central business district still continues to charge the highest daily rate at $10.44, according to Jim Burbach, director of Integra. The core area, in fact, saw the average rate rise by 0.88%.

The Denver Center for Performing Arts/Colorado Convention Center was the only other sector of downtown to see rates rise. Rates there increased by 1.5%.

In other sectors of the market: the federal government area dropped by 18.5%; Northeast fell by 14.7%; Uptown dropped by 12.9%; LoDo dropped by 4.8%; and state and local government fell by 0.9%.

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.