Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Denver Multifamily Sector on Upswing
CBRE has released the Denver Multifamily Figures Q3 2024. Nearly all statistical categories indicate Denver is on the rise.
Q3 2024 investment sales volume amounted to $1.7 billion, the highest quarterly total in more than two years. Sales volume was more than double that recorded in Q2 2024 and 61.0% above the total from a year ago.
The Denver multifamily market ended Q3 2024 with an occupancy rate of 94.0%. This represents a 10 basis point (bps) increase from Q2 2024 and a 30 bps increase year-over-year.
5,273 units were absorbed in Q3 2024, up from 4,330 units in Q2 2024 and an increase of 71.9% compared to the number of units absorbed a year earlier.
Deliveries reached a year-to-date high of 4,873 units in Q3 2024, up from 4,550 units in Q2 2024 and well above the total seen in Q3 2023.
The average rent per unit for the Denver metro rose to $1,930, an increase of 0.5% quarter-over-quarter but a decline of 0.6% year-over-year when rents peaked at an average of $1,941 per unit in Q3 2023.
Next Wednesday, learn from and network with experts from ICSC, Caruso, Anderson Real Estate, Primestor, and more at this year’s Connect Retail West conference. Don’t miss out, be at the Luxe Sunset Blvd Hotel for the leading retail CRE event next week on November 6th! Be sure to register in advance, registration pricing increases on event day!
Next Wednesday, learn from and network with experts from ICSC, Caruso, Anderson Real Estate, Primestor, and more at this year’s Connect Retail West conference. Don’t miss out, be at the Luxe Sunset Blvd Hotel for the leading retail CRE event next week on November 6th! Be sure to register in advance, registration pricing increases on event day!
- ◦Economy
