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DENVER-The southeast suburban office corridor absorbed 488,600 sf in the third quarter, according to the latest report by the South Denver Office Team of CB Richard Ellis. The team of Mitch Bradley, Sergio Castaneda, John Marold and Brett Nathan also reports that the average asking lease rate rose to $16 per sf from $15.40 per sf in the fourth quarter of 2003.

Tenants are on track to rent 3.5 million sf along the corridor this year. The leasing activity dropped the availability rate to 22.3% in the third quarter form 24.4% at the end of last year. And subleased space decreased to 741,000 sf as of Dec. 1. But, “we still have a long way to go,” based on the amount of space available, according to the report.

There currently are 105 spaces available of at least 10,000 sf, 48 spaces of at least 25,000 sf, 26 spaces of at least 50,000 sf, 16 blocks of at least 75,000 sf, and 12 blocks of 100,000 sf or more.

Tenant demand, steady throughout 2004, should continue into 2004, according to the team. However, “landlords will need to be aggressive to make deals, as tenants will still scour the market for the best deal out there,” the team cautions.

In November, the tan completed 12 deals for a total of 77,805 sf. Ranging from 42,925 sf at Waterview III to a 20-acre land sale in the Meridian International Business Park in Douglas County. So far this year, the team has completed 134 transactions for 1.03 million sf.

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