AmeriVest Properties Announces Occupancy Information As of May 31, 2006.

DENVER -- AmeriVest Properties Inc. (AMEX: AMV) today announced property occupancy information as of May 31, 2006. Overall portfolio occupancy was 90.3% at May 31, 2006, compared to 90.0% at March 31, 2006 and 91.2% at December 31, 2005. Data reflects same store occupancy (buildings acquired on or before December 31, 2005 and excluding properties that were sold). E[acute accent]During the months of April and May, 2006 the Company completed 21 lease transactions involving more than 90,500 square feet, including eight leases with new tenants involving more than 33,400 square feet and more than 11,100 square feet in expansions of six existing tenants. The average transaction size was 4,310 square feet, ranging from 343 to 16,083 square feet. E[acute accent]Charles Knight, AmeriVest's President and CEO said, "While the number of transactions during this two month period and their occupancy impact was relatively modest, we are pleased that the rental rates and term extensions achieved in these transactions will create significant value in the sale of our buildings. In particular, three new tenant transactions at our Camelback Lakes buildings in Phoenix achieved a weighted average effective rate of $31.63, compared to a $24.56 effective rate for leases in place for Camelback Lakes at the end of the prior quarter."

E[acute accent]Company Information

E[acute accent]AmeriVest Properties Inc., with its principal office in Denver, Colorado, provides Smart Space for Small Business(R) in Denver, Phoenix, and Dallas, through the acquisition, repositioning and operation of multi-tenant office buildings in those markets. To receive AmeriVest's latest news and information, visit our website at www.amvproperties.com.

E[acute accent]In addition to historical information, this press release contains forward-looking statements and information under federal securities laws. These statements are based on expectations, estimates and projections about the industry and markets in which AmeriVest operates, management's beliefs and assumptions made by management. While AmeriVest management believes the assumptions underlying its forward-looking statements and information are reasonable, such information is necessarily subject to uncertainties and may involve certain risks, many of which are difficult to predict and are beyond management's control. As such, these statements and information are not guarantees of future performance, and actual operating results may differ materially from what is expressed or forecasted in this press release. In particular, the factors that could cause actual operating results to differ materially include, without limitation, continued qualification as a real estate investment trust, the effects of general and local economic and market conditions, competition, regulatory changes, the ability to enter into new leases or renew leases on favorable terms, dependence on tenants' financial condition, the uncertainties of real estate development and acquisition activity, development and construction costs, insurance risks, the costs and availability of financing, potential liability relating to environmental matters and liquidity of real estate investments and other risks and uncertainties detailed in AmeriVest's 2005 Annual Report on Form 10-K, AmeriVest's Proxy Statement for its 2006 annual meeting (filed April 18, 2006) and from time to time in the Company's filings with the Securities and Exchange Commission.

Property Occupancy Information
------------------------------

                                     May 31, 2006    December 31, 2005
                                     ------------    -----------------
   Building/      Year   Rentable Occupancy  Average Occupancy Average
    Location    Acquired Area(1)   Rate(2)  Rent Per    Rate     Rent
                                              SF(3)              Per
                                                                 SF(3)
----------------------------------------------------------------------

Same Store-
Sheridan Center
   Denver, CO      2000   140,290      80.3%  $15.37      79.7% $15.95

Kellogg Building
   Littleton, CO   2001   111,501      96.6%   19.61      95.1%  19.56

Arrowhead Fountains
   Peoria, AZ      2001    96,203      95.5%   23.21     100.0%  22.08

Centerra
   Denver, CO      2002   187,571      84.7%   17.31      84.2%  17.36

Parkway Centre II
   Plano, TX       2002   151,921      95.7%   20.06      85.5%  19.61

Southwest Gas Building
   Phoenix, AZ     2003   145,696      89.0%   22.91      90.3%  23.08

Greenhill Park
   Addison, TX     2003   248,249      85.7%   16.97      86.5%  17.41

Scottsdale Norte
   Scottsdale, AZ  2003    79,689     100.0%   23.62     100.0%  22.76

Camelback Lakes
   Phoenix, AZ     2004   202,794      88.7%   25.36     100.0%  23.78

Hackberry View of Las Colinas
   Irving, TX      2004   114,598      95.7%   20.13      95.7%  21.01

Parkway Centre III
   Plano, TX       2004   152,396      87.9%   20.85      91.2%  20.61

Hampton Court
   Dallas, TX      2004   108,183     100.0%   21.56      98.0%  21.46
                        ----------------------------------------------

               Subtotal 1,739,091      90.3%  $20.38      91.2% $20.26
                        ----------------------------------------------

Sold-

Keystone Office Park
  Indianapolis, IN 1999/
                   2003       N/A       N/A      N/A      79.1%  17.35

Financial Plaza,
   Mesa, AZ        2003       N/A       N/A      N/A      90.8%  23.59
                        ----------------------------------------------
                Subtotal      N/A       N/A      N/A      79.1%  22.07
                        ----------------------------------------------

                  Total 1,739,091      90.3%  $20.38      90.5% $20.61
                        ==============================================

(1) Includes office space but excludes storage, telecommunications and
garage space. As tenant spaces rollover, new NRA based on appropriate
core factors for each property have been applied.
(2) Includes approximately 17,000 square feet (0.10% of total rentable
area) that has been leased but is not yet occupied and approximately
4,000 square feet (0.2% of total rentable area) that is leased but has
been vacated.
(3) Annualized cash basis revenue divided by leased area.