CREJ - page 93

June 15-July 5, 2016 — COLORADO REAL ESTATE JOURNAL — Page 13C
D owntown Denver currently
has a total of 36 million
square feet of existing office
space. The direct vacancy rate is
almost at a record low of 9.5% and
net absorption as of fourth quarter of
2015 was 469,427 square feet.
With vacancy rates dropping, the
market is responding not only with
increasing average lease rates of
$33.14 SF, but also by constructing
additional office space. A total of 2.7
million square feet of new space is
currently under construction, planned
or proposed throughout Downtown
Denver.
The newest office projects recently
completed or under construction
in Downtown Denver include 1601
Wewatta, a 10 story, 300,000
square feet building, The Triangle
Building, an 11 eleven story,
200,000 square feet office tower,
Union Tower West, the 100,000
square foot office space component
of a mixed use project, and 16
Wewatta, a 5 story, 50,000 square
foot building.
With almost all of the parcels
around Denver Union Station under
various phases of construction,
developers are beginning to look for
other opportunities for investment.
There are additional projects planned
or under construction in other
parts of Downtown including 1401
Lawrence, a 21 story, 290,000
square feet tower, Dairy Block,
a 6 story, 260,000 square foot
project, Riverview at 1700 Platte,
a 4-5 story, 210,000 mixed-use
project, and the 32 story, 606,500
square feet tower on Block 162.
One of the tallest office towers to
be built in Downtown in 20 years,
is 1144 Fifteenth Street, a 40
story, 640,000 square foot tower is
currently under construction at 15th
& Arapahoe and projected to be
complete in first quarter of 2018.
Image courtesy of Shea Properties
999 17th Street, a 10 story, 100,000 square foot mixed-use project under construction in the Central Business District at 17th & Curtis.
999 17th Street
COMMERCIAL
Image courtesy of Portman Holdings
Union Tower West, a 12 story, 100,000 square foot office-hotel project under construction in the Central
Platte Valley/Denver Union Station neighborhood at 18th & Wewatta.
Image courtesy of Unico Properties
1615 Platte, a 5 story, 90,000 square foot mixed-use project planned in the Central Platte Valley neigh-
borhood planned at the corner of 16th & Platte.
Union Tower West 1615 Platte