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AURORA, CO-The Aurora office market is stabilizing, according to a third-quarter report by CB Richard Ellis. “As ski season is coming up and hunting season is here, the Aurora Office Market has begun to show positive signs of life,” says Jason Thomas, a broker associate at CBRE.

“The overall Aurora office market has begun to stabilize as vacancy and availability rates have remained relatively unchanged, average asking lease rates have dipped slightly and although absorption is still negative, the market realized less negative absorption in the third quarter than any previous quarter this past 12 months.”

Still, Thomas cautions, it remains to be seen though if this “is the start of a trend or if we are still grinding in the muck and mire of the business cycle.” Thomas thinks it is the beginning of better times, but “the next several quarters will be telling.”

So what are the numbers?

The average weighted rental rate per sf is $14.91, while the 2.3 million sf of class A space commanding $15.69 per sf. The 1.6 million sf of class B space is at $15.70 per sf, while the 1.27 million sf of class C space is at $12.51 per sf.

The overall direct vacancy rate is 23.9%. The highest vacancy rate is in class C space at 31.46%, while class B space is the lowest at 17.61%. The vacancy rate in class A space is almost the same as the overall average at 23.98%.

When the available vacancy rate is tabulated, CBRE shows there is little difference between the direct space available. The overall available vacancy rate, which includes subleased space, is at 25.78%, with class A space at 27.65%, class B at 18.38% and class C at 31.46%.

The market shows negative absorption of 22,165 sf in the third quarter, compared with 79,682 sf in the first two quarters, for a total of 101,847 sf of negative absorption in the first nine months of the year.

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