A new report affirms just how much people want to be in LoDo by demonstrating how much more they’ll pay.
Average rents for Class A office space in LoDo were around $40 per square foot for a full-service lease in the second quarter, compared with around $33 per square foot for office properties in all of downtown combined, making lease rates in LoDo about 21 percent higher.
Even with the higher rents in LoDo, office users are willing to pay the price, as the level of absorption in the area demonstrates.
Since the end of the recession, LoDo has had 1.4 million square feet of positive net absorption while the rest of downtown recorded flat or slightly negative levels of net absorption in the years between the second quarter of 2009 and the second quarter of 2014.
Companies have flocked to LoDo in search of proximity to transit with the opening of the redeveloped Union Station.
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