Commercial property landlords in Denver and the 17 other office markets included in a new study are using free rent as a way to attract tenants.
The Real Estate Investor Survey released Monday by PriceWaterhouseCoopers reveals tenants are getting the biggest break in Atlanta, with an average 10.3 months of free rent.
Denver landlords are offering an average 6.6 months of free rent, with a range of a single month to as many as 15.
PriceWaterhouseCoopers said 94 percent of its survey participants were offering free rent, up from 91 percent a year earlier and from 84 percent two years prior.
The report predicted 2011 will be a year of decreasing vacancies nationwide, although job creation is expected to remain a concern.
For Denver, PriceWaterhouseCoopers predicts the office market will remain in a recovery mode for 2011 and 2012, and then begin to expand in 2013 and 2014.
Denver’s retail market isn’t expected to see signs of a recovery until 2013. The industrial market is forecast to see signs of expansion beginning in 2013.
The multifamily market in Denver is already in an expansion mode, according to the report.
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Article source: http://www.bizjournals.com/denver/news/2011/03/21/commercial-landlords-offering-free-rent.html
