Denver Office Market Report

Office landscape mixed across submarkets. Downtown Denver’s vacancy remained the metro’s highest at over 30 percent in 2024 amid new speculative supply and downsizing tech firms; however, local net absorption reached its highest level since 2019. This boost, fueled by improved demand across quality tiers, helped limit vacancy expansion. A single 300,000-square-foot delivery in 2025 — one-third of 2024’s completions — and move-ins like Ibotta’s 85,000-square-foot lease should further ease vacancy pressures. Elsewhere, Cherry Creek is projected to stay exceptionally tight, with vacancy near 5 percent entering 2025. A 140,000-square-foot build-to-suit project and 100,000-square-foot office, already 60 percent pre-leased, should sustain strong property performance here. Some suburban areas are also seeing rising tenant demand, led by health care firms that cater to elderly clients and favor convenient locations. Aurora and Thornton exemplify this trend. By absorbing a net of over 200,000 square feet in 2024, they enabled local vacancy to fall more than 100 basis points from their 2023 peaks to roughly 10 percent each.