Submarket Snapshot_4Q2023_Office_Interactive

SUBMARKET SNAPSHOT CHERRY CREEK NORTH

OFFICE 4Q23

CHERRY CREEK NORTH

4Q 2023

3Q 2023

4Q 2022

Inventory (SF)

1,367,618

1,367,618

1,367,618

Under Construction (SF)

358,520

218,020

289,479

Direct Vacancy (all Classes)

3.0%

4.1%

5.2%

Direct Vacancy – Class A

4.7%

3.5%

3.9%

Direct Vacancy – Class B

6.1%

2.2%

4.4%

Sublease Availability

17,949

5,687

15,026

Avg. NNN Asking Rate (all Classes)

$41.85

$42.66

$40.45

Avg. NNN Asking Rate – Class A

$48.54

$48.23

$46.21

Avg. NNN Asking Rate – Class B

$33.15

$35.43

$33.35

Net Absorption – Current Qtr. (SF)

(20,857)

8,487

28,305

Net Absorption – YTD (SF)

-8,427

55,090

46,603

Leasing Activity – Current Qtr. (SF)

27,752

5,687

45,253

Leasing Activity – YTD (SF)

154,678

96,817

91,130

HISTORICAL DIRECT VACANCY RATE

LEASING ACTIVITY VS. ABSORPTION

-50,000 -25,000 0 25,000 50,000 75,000

0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0%

3-yr. Average : 5.9%

Leasing Activity Net Absorption