Submarket Snapshot_4Q2023_Office_Interactive

OFFICE 4Q23 SUBMARKET SNAPSHOT BOULDER

MARKET

4Q 2023

3Q 2023

4Q 2022

CARA STAMP Research Manager Tel: +1 303 218 3258 cara.stamp@cushwake.com MINH NGO Research Analyst Tel: +1 303 312 4293 Minh.ngo@cushwake.com

Inventory (SF)

5,711,483

5,711,483

5,750,227

Under Construction (SF)

369,478

313,478

313,478

Direct Vacancy (all Classes)

16.7%

16.9%

13.6%

Direct Vacancy – Class A

18.5%

17.2%

12.9%

Direct Vacancy – Class B

16.3%

17.5%

15.3%

Sublease Availability

191,438

203,827

194,200

Avg. Direct FSG Asking Rate (all Classes)

$38.89

$38.78

$39.88

Avg. Direct FSG Asking Rate – Class A

$45.59

$47.67

$49.81

Avg. FSG Asking Rate – Class B

$35.55

$33.94

$34.88

Net Absorption – Current Qtr. (SF)

20,666

-202,969

-50,749

A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in approximately 400 offices and 60 countries. In 2022, the firm reported revenue of $10.1 billion across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It also receives numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), Environmental, Social and Governance (ESG) and more. For additional information, visit www.cushmanwakefield.com. ©2024 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources believed to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. cushmanwakefield.com

Net Absorption – YTD (SF)

-144,741

-165,407

-65,531

Leasing Activity – Current Qtr. (SF)

96,252

66,490

92330

Leasing Activity – YTD (SF)

367,116

270,864

299,880

RENTAL RATE VS. VACANCY RATE

HISTORICAL SUBLEASE AVAILABILITY

250,000

$42.00

19.0%

$40.00

200,000

17.0%

$38.00

15.0%

150,000

13.0%

$36.00

11.0%

100,000

$34.00

9.0%

$32.00

50,000

7.0%

5.0%

$30.00

0

Direct Avg. Asking Rate (FSG)

Direct Vacancy Rate