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Market Report

Denver Office Market Report

4Q 2023

Bright Spots in Select Areas Spark Optimism,
Though Marketwide Challenges Persist 

Denver retains its status as a high growth market. This year’s net in-migration total of 18,200 new residents will register as the metro’s largest influx since 2016. A notable portion of these relocations are among 20- to 34-year-olds, allowing the demographic to expand by a five-year high 1.1 percent. This substantial increase is partially tied to a tight local labor market. As of July, Denver’s unemployment rate held below 3 percent, well under its 3.9 percent decade-long average. Despite a net reduction over the initial seven months of the year, employment among traditionally office-using sectors was 5.2 percent above its 2019 headcount. Combined with a pullback in construction, this should benefit the metro’s existing office stock, even as employers continue to encourage in-person and hybrid schedules. 

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