Denver office market report

Q2 2024

The Denver office market capped the first half of the year with consistent leasing activity totaling 954,874 sf of space transacted in Q2, driven by an uptick in demand for smaller spaces. This demand shift has helped the office sector to reverse its course, resulting in 494,687 sf of positive absorption after being down three straight quarters. Sustained leasing activity and substantial move-ins are helping to stabilize absorption levels. Looking ahead, the construction pipeline indicates that
high-quality Class A and B buildings will comprise the majority of new product coming available over the next two years.
954 ksf

Smaller lease space still leading in demand

Smaller office space remained in high demand during the first half of 2024, with a
total of 2.3 msf leased. Deals in the 5,000-10,000 sf range continued to be the most
sought-after, contributing significantly to this activity, with 954,874 sf transacted in
Q2.

494 ksf

Denver office records postive absorption

After three consecutive quarters of negative absorption, the office market has
turned the corner by absorbing 494k sf in Q2, driven by significant move-ins from
major tenants like Discovery Natural Resources and Colorado School of Mines.

2.3 msf pipeline

High-quality office properties seeing the most demand in construction pipeline

Over the next two years, a total of 2.3 msf of office space is slated to deliver, with
over half (51.1%) already preleased. Class A office space will account for the
majority of the new construction, with 1.8 msf coming online, followed by 323,984
sf of Class B office space by 2026.

Your source for the latest Denver office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Denver area. Avison Young advisors look at Denver commercial real estate activities and the latest Denver statistics to provide you expert market research on Denver's office properties.

Explore different topics like the latest office market pricing trends and analysis of Denver's current office real estate market conditions. Gain a better understanding of Denver’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Denver's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Denver.

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