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in ~epub=i~ Plaza and <br />other r~1°~o buildings <br />News Hed Eaa(r Editor <br />1998 was a banner year for <br />Broo<field, downtown Denver s <br />largestlandlor~. <br />Brcokfeld, which owns the 56- <br />story Republic Plaza and the <br />World Trade Center, leased a re- <br />cord c36,799 square feet. <br />The leases, which run an aver- <br />age five years, represent $85.2 <br />million in dells, including $10 mil- <br />lion in the Colorado State Bank <br />Building and $6.2 million in High- <br />land Place B near Park Meadows. <br />Republic and the World Trade <br />Center represented $68.2 million. <br />The previous year's activity was <br />wort:-. about S45 million. <br />"At Republic, we have a vacancy <br />rate of O..i percent, while at World <br />Trade Center, we have zero space <br />ig .. :erregernertr <br />Services. <br />Brookfield leased atraut 15J,000 <br />square feet more than the previ- <br />ous record of about 500,00() square <br />feet in 1997. <br />Nick Pavlakovich, a broker with <br />Cushmzn Realty, said the: down- <br />town office market ended with an <br />overall vacancy rate of 8.l8 per- <br />cent, the lowest level since 198L. <br />And lease rates in downtown <br />skyrocketed 20-25 percent in <br />1998, justifying construction of <br />several new buildings, he szid. <br />"Brookfield controls z remen- <br />dous amount of space, so what <br />they do is indicative of the entire <br />downtown market," Pavlakovich <br />said. He noted that he worked on <br />more than 500,000 square feet of <br />deals with Brookfield, and 75 per- <br />cent of the tenants were expand- <br />ing. <br />Of the leasing activity last year, <br />374,000 square fee[ was new or <br />expanded space, while 237,000 <br />represented renewals. <br />~~'~~;~~:~~ESS ~~iefing <br />ECCr?CVIC <br />INDICA~ CR <br />CtaST[i4~T1:'N UP: U.S. con <br />s[ruction spending increased for <br />the sixth consecutive month in <br />November, propelled by strong <br />gains in housing and government <br />projects. <br />Spending advanced 0.9 percent <br />from the month before to a sea- <br />sonally adjusted annual rate of <br />$677.8 billion, the Commerce De- <br />parhi erd: said 1Lesday. It was the <br />first time [he volatile series posted <br />~~~ rmsc_utivc grins since 1993. <br />THQ; DILBERT Q~Iti~E <br />1T'S TIME <br />TO WALK <br />TtiE RAT ~. <br /> <br />