Denver office market report

Q2 2022

Denver ranks in the top 10 markets for office job growth. There’s a continued demand for new, high-quality office space, which has helped create a $8-$15 psf premium for new construction buildings over existing Class A. Overall leasing volume climbs back to pre-pandemic levels. Sublease rents resemble pre-pandemic rates.

2.4 msf

Inventory under construction

Denver currently has 2.4 msf of office space under construction, supporting the flight to quality trend and resembling pre-pandemic construction levels.

(697,021)
sf

Net Absorption

Q1 2022 reversed the trend of 8 quarters with negative absorption however Q2 was not as positive.

$31.77

Direct Asking Rent

Denver direct full-service rent continues a steady upward trajectory.

27.7 msf

Availabilities

Availabilities remain high as companies maintain their hybrid work posture. Sublease space accounts for 16.2% of total available space across the market.
17.8%
Direct

Vacancy

Denver’s overall office vacancy rate holds steady at record levels, around 17.8% direct and 2.9% sublet.

$407m

Investment Sales

Investment sales were down 34% from the prior quarter with the average price per square foot around $233.

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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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