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Market Report

Denver Office Market Report

4Q 2022

Suburban Office Occupancy Exhibiting Resurgence;
Northwest and Southern Submarkets Lead the Way

Availability tightening in specific locale. Vacancy in the northwest portion of the metro expanded by triple-digit basis points between 2020 and 2021, reflecting metrowide performance. However, the submarkets of Broomfield and Northwest Denver — spanning Arvada and Westminster — have since experienced a reversal. In both areas, availability was down over 200 basis points year-over-year at the midpoint of 2022. These submarkets have fared well in their pandemic recovery, given their discounted asking rents and larger local talent pools. Of late, engineering-centric businesses have accounted for the most new leases here, as these submarkets' relative proximity to the University of Colorado, a nationally-recognized program, offers benefit to recruiters.

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