Denver retail market vacancy drops to 5.5% in 1Q 2015 with a net positive absorption of 449,076 square feet. This was the fourth consecutive quarter of positive absorption, lowing the vacancy rate from 5.9% in the second quarter 2014, to 5.8% in third quarter 2014, to 5.6% at the end of fourth quarter 2014.

Net absorption was moderate in Denver first quarter 2015, with positive 449,076 square feet, compared to positive absorption of 516,460 square feet in 4Q 2014, positive 461,749 square feet in 3Q 2014, and positive 192,246 square feet in 2Q 2014. However, vacant sublease space in the Denver market continued its upward trend, totaling more than 300,998 square feet of available sublease space which has been increasing over the last four quarters. That compares to the 232,823 square feet of available sublease space in 2Q 2014.

Average asking rental rates for Denver retail market came in at $15.29 per square foot for the first quarter 2015, up from $15.17 in 4Q 2014, and $15.23 per square foot in 2Q 2014. Not a substantial increase considering the increase only represented a 0.8% gain from previous quarter and a 0.39% increase from four quarters ago.

A total of 14 buildings totaling 236,878 square feet was delivered in the first quarter 2015, compared to 16 buildings totaling 284,426 square feet in 4Q 2014, 19 buildings totaling 278,597 square feet in 3Q 2014, and 11 buildings totaling 187,400 square feet in 2Q 2014. Over the past four quarters a total of 987,301 square feet of retail space was delivered. At the end of first quarter, a total of 695,948 square feet of retail space were under construction.