Denver office sector ended Q4 strong as average asking lease rates for the metro Denver office space rose 7.5% in the fourth quarter of 2013, while setting a record level of $22.20 per square foot. Investment sales rose 33% for the year, totaling $1.9 billion while office developments under construction reached 1.8 million square feet, a level not seen since 2007 and the fifth straight quarter of positive absorption. The largest investment sale of the year was the purchase by Sorenstein Properties of Denver City Center which sold for $286 million in Q4 bringing the total to $502.6 million in investment sales for Q4. Direct vacancy stood at 13.5% for the metro Denver office space, down both year over year and quarter and quarter. A total of 167,463 square feet was absorbed in Q4, bringing the 2013 total to 1.4 million square feet which was 729,036 square feet more than in 2012. The energy and professional services were the two leading sectors with positive absorption of 200,000 square feet and 100,000 square feet respectively. Downtown had the highest average asking lease rates at $30 per square foot, while the Hampden/Alameda area came in the lowest at $12.44 per square foot. Cherry Creek, Longmont, Capitol Hill and Boulder had some of the lowest direct vacancy rates at 7.3%.