Denver office space for lease vacancies dropped below 14% in 1Q of 2013 for the first time since 2008. Denver metro area office vacancy stood at 13.9% down from 15.1% in 4Q 2012 and nearly 1% down from a year ago. Average lease rates stood at $20.57 per square foot, up from $20.20 in 4Q 2012 and up a $1.00 from a year ago which the sixth consecutive quarter of increased leasing rates. Southeast sub-market was the brightest spot with 351,987 square feet of positive absorption out of a total of 721,000 square feet with CBD (Central Business District) absorbing 113,124 square feet.  CBD had the highest lease rate which stood at $26.03 and one of the lowest vacancy rates at 12.5%. LoDo continues to outperform any sub-market and lease rates have increased 16% year-over-year and a vacancy rate at 6.9%. The lowest lease rate was Hampden-Alameda area which stood at $13.45 per square foot and one of the highest vacancy rates at 18.4%