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Absorption of office space continues across all qualities of properties which typically indicates the office market is under supplied. Demand for office space is being driven by Denver’s highly desirable quality of life that is attracting young, educated workers and driving corporate expansion and relocation. Unemployment in the Denver area is low, under 3% depending on your source.

The Denver office space market has become a real challenge for tenants having to make a lease decision, especially those with office lease renewals on long term leases. Tenants renewing their leases are finding that the office rental rates have increases of 15% to 40% from what they are paying and this is causing many office tenants to relocate to lower quality space. The Denver office market is no longer a level playing field. Tenants are having sticker shock with the increase in lease rates. Landlords are offering fewer concessions and incentives. In addition, Landlords can now be very choosey about the tenants they will approve. Some tenants are finding out that their Landlord will not renew their lease if their credit worthiness is not good, even though they have been making on time rent payments.

Tenants are having to compete for good space. Landlords receive multiple offers to lease the same space. Especialy for spaces under 10,000 sf. Credit is the key for tenants. If the tenant’s financial statement is not as strong as another offer, they will not get the space. As we said earlier, it is a Landlord’s market. All of this means that tenants must start their process of considering a renewal, relocation or expansion much earlier than in the past, in some cases, over a year in advance of when they need the space. Having the assistance of an experienced Denver office tenant rep, will make the process go much smoother and help in assuring a good outcome.

Average asking rates for Denver office space for rentor lease have continued to increase. Asking lease rates have surpassed their prerecession peaks with class A rates in the central business district exceeding the previous all-time high and class A rates in the Southeast suburban market hitting a new high as well. Denver has become an aging office market and older buildings have become functionally obsolete. With 88% of the central business district buildings older than 21 years and 54% of southeast suburban office properties older than 21 years, tenants will continue to look towards new construction or build-to-suits to get the infrastructure required for today’s business climate.

The strength in the office space market in Denver comes from energy resources and professional business services industries that are at the forefront of the market's tenant demand. This strength is expected to continue to provide stable growth. The downside to this for tenants is that rental rates will continue to rise as time goes by.

But there is help. If you need Denver office space, contact us using the request form above. It will give us a good idea of what you are looking for so we can assign the best match to you and your needs. Our local office space pro will get back to you right away. We pride ourselves on our fast response rate. Unlike many listing sites where you can make a request and then hear nothing back...ever. We make sure to follow up as quickly as possible. Even in the rare cases where we can't be of direct assistance, we won't leave you hanging. We will send you information on where you might be able to find help. For the vast majority who we can help, we have the top local office space professionals in the Denver area and their services are FREE for you. What they will do is start out by finding out about what you need, what you do and then they will provide you a customized search report and analysis for you using their proprietary databases to find the best space at the best price and located where you want to be. It is a no lose proposition.

Denver office space lease rents are still moving upward. We help mitigate those increases by finding opportunities in the market that you can benefit from!

Denver Executive Suite and Coworking Office Space For Rent

If you have a small business in the Denver area with less than 5 employees, you may find that an executive suite or coworking office space my work well for you. Many smaller companies looking to find Denver office space or in the surrounding submarkets, find an executive Suite office space may be a good option to meet their office space needs, especially since credit it the name of the game in renting conventional office space in Denver. Most offer virtual office options where you can get access to an office or conference room on an as needed basis. We have a comprehensive list of options by submarket in Denver that will allow you the flexibility desired by many small businesses. Rental terms are flexible and can be had anywhere from month-to-month to annual terms. An executive suite also includes the access to administrative assistance on an on-demand basis, along with conference rooms and office equipment such as copy machines, scanners and Wi-Fi Internet access.

Denver Office Space For Sale

In addition, we also can help you when it comes to office space for sale in Denver. Our local reps maintain current listing databases of office properties for sale, as well as information on properties that are not currently listed for sale. Whether you are looking for a free standing office building, an office condo or a medical office for sale, our Denver team can help find it and get the best possible deal. This is all at no cost to you. With exceptional market knowledge and many years of experience, they will ensure you have all of the information you need to make a good decision. They can also help you with deciding whether leasing or buying office space in Denver would be in your best interest.

If you need Denver office space, tell us what you need and we will get right to work.

Denver Office Space Markets

Find Denver Office Space for Lease or Rent

Belcaro Place

Centrally Located Denver Office Space

Coworking • Private Offices • Team Rooms • Meetings & Events
Denver Office Center

Denver Office Space at a Prestigious Location
East Belleview Center - Denver

Everything You Need In A Denver Office Space
Find Denver office space 487
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16 Market Square

Market Square Denver office space available - zip 80202
1600 Broadway

Broadway Denver office space available - zip 80202
Cherry Creek

Cherry Creek Denver office space available - zip 80206
Colorado Boulevard Center

Colorado Boulevard Center Denver office space available - zip 80246
Denver Place

Denver Place Denver office space available - zip 80202

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Denver Office Space for Lease or Rent: Current Conditions

Those of you looking to move your office to or in Denver, Colorado picked a good city to work in thanks to a bustling economy there. However, before you make a final decision, you'll want to look at the Denver office market to see if it truly suits your budget. It's important to look at vacancy rates, and rental rates before you do any leasing.

You'll also want to look at various submarkets to see what's going on there in the way of office rental statistics.

Denver’s economy ended 2019 with strong economic fundamentals, recording an approximate 2.1% raised in non-farm employment from the fourth quarter 2018. In turn, Denver’s unemployment rate decreased 90 basis-points (bps) yearly, to 2.6% show one of the lowest large-metro unemployment rates in the United States. Approximately, half of the jobs created in the Denver metro are (Denver-Aurora and Boulder MSA) coming from sectors that are office-occupying jobs, including the information, financial activities, professional, business services, and government sectors. In an average, these sectors contributed 15,900 jobs as the 2019 ended. On the other hand, all other industries together totaled 30,600 jobs in same period, marking an increase of 1.8% over the previous year. The professional and business services sector is still growing the fastest of all office-using employment categories, rising up to 4.1% compared to the previous year. Categories are technology jobs, which is very in demand in the market in the recent years.

ABSORPTION

Quarter four of last year marked as the strongest quarter of 2019 with approximately 429,249 sq. ft. of net absorption metro wide. The employment growth attributed a lot to the positive absorption of the market. The year-end totaled to 1.8 MSF, way far from the over 2.7 msf absorbed during 2018. Nonetheless, it is higher than the prior three-year average of approximately 1.2 msf.

LEASING

Leasing activity has shown a downward trend at 13.1% decreased quarter over quarter, approximately 2.0 MSF leased during the fourth quarter of 2019. Even there was decrease every qyarter, the year-end new leasing activity reached 9.4MSF, almost the same with the annual average of the prior three years. Class A still dominating the activity throughout 2019, showing 58.2% of leasing activity with around 5.5MSF leased. The biggest deal happened during the fourth quarter of 2019 was Computershare’s 282,802 SF lease signed at the Millennium Plaza in the Southeast. The second notable transaction was DanoneWave’s 144,200 SF renewal in the Northwest Corridor at 12002 Airport Way. The third one was the Comcast Spotlights’s 68,600 SF renewal and expansion in the CBD.

Vacancy

Denver’s direct vacancy rate decreased 50bps quarter-over-quarter, went down to 11.6%. This decrease was relating to Central Business District (CBD) and the Southeast Suburban (SES) submarkets, which had huge move-ins by SunRun, occupied 118,131 sq. ft. in the downtown submarket. Lockheed Martin also leases over 62,000 sf and WeWork happened in fourth quarter of 2019. Class A documented a large decrease quarter-over-quarter of 100bps to 14.5%. Whereas Class B product had a little increase of 20 bps to 15.5% as end of the year. The overall trend of 2019 projects that Class A is persistently seeing the bulk of tenant activity as tenants continue to view their real estate as an employee recruitment and retention strategy. Majority of this product situated in location with good amenities, accessible to public transportation and eye-catching finishes that entice both companies and employees.

RATES

Overall gross rental rates persisted flat from the third quarter of 2019, increasing $0.03 psf to $28.80 psf at the end of 2019. If looking at the year-to-year, overall gross rental rates went up 2.1% from when rates were $27.99 psf. This shows a huge decrease compared to 4.2% average increase recognized in the prior three years. Direct gross rental rates marked a slight increase quarter-over-quarter, going up $0.19 psf to $28.55 psf at the end of the fourth quarter 2019. Year-over-year, direct gross rental rates went up at around 1.1% from $28.25 psf, one year ago. All classes shown rental rate increases on a quarterly basis, with Class B showing the most significant increase of 2.9% to $25.58 psf at the end of 2019. The increase was highly influenced by the large blocks of Class B being vacated, specially the Whiting’s move-out at 1700 Broadway.

Constructions

There was only one building delivered and one ground-breaking in Denver metro office in the fourth quarter of 2019. The sole delivery was Platte 15, delivered around 138,500 sf of office and 18,400 sf of retail spaces to the CBD, 59.7% was pre-leased to EF Education and Pivotal. And the only ground-breaking happened in Boulder submarket as the year ended, it was the second phase of Boulder Commons in the Central Boulder micro-market. The construction will delivery roughly around 40,000 sf of office and 12,000 SF of retail to the tight Central Boulder micro-market and is it will be ready by summer of 2020. At this time, there are 10 developments under construction for approximately 1.7 msf of new office product. These are expected to be delivered by end of this year. However, McGregor Square is set to deliver mid of 2021. Almost of the mentioned constructions are approximately 26% preleased, which is also projected to increase as projects near completion.

Contact us if we can help you find more offices to rent, lease or purchase throughout the great city of Denver. We have a great team of office space specialists in Denver who can help you with your office space needs.

Our Denver Office is Located at:

OfficeFinder Denver
9145 E. Kenyon Ave.
Denver, CO 80237

Useful Statistics for businesses looking for office space in Denver
  Denver CO State
2016 Estimated Population 663,303 5,359,295
Median Age 34.2 36.4
Housing Units 299,338 2,284,863
Occupied 281,072 2,051,616
Owned 138,870 1,320,617
Rented 142,202 730,999
Average Household Size 2.31 2.56
Rental Vacancy Rate 4.1% 4.8%
Homeowner Vacancy Rate 1% 1.3%
Median Home Value $292,700 $264,600
Median Monthly Rental Cost $1,035 $1,057
Estimated Mean Income $103,161 $99,363
Median Household Income $56,258 $62,520
Percent of Individuals below poverty level 16.4% 12.2%
Educational Attainment: Percent high school graduate or higher 86.4% 91%
Educational Attainment: Percent high school graduate 17.6% 21.7%
Educational Attainment: Percent with some College 17.7% 22.2%
Educational Attainment: Percent bachelor degree or higher 45.7% 38.7%
Average Commute time in minutes 25.1 24.9
Commute 353,976 2,673,188
Commute by car, truck or other vehicle - Drive Alone 248,551 2,010,669
Commute by car, truck or other vehicle - Carpool 28,872 248,493
Use Public Transportation 24,092 83,995
Work from Home 24,588 187,719
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