Denver Real Estate Market Reports

Denver Office Market

The fourth quarter of 2025 recorded positive net absorption for the first time since the first quarter of 2022 and possibly signaling a significant turn in the overall market recovery. Only one building delivered and one project broke ground in 2025: the 300,000 SF Steel House in the Downtown submarket finished in the second quarter and 84,000 SF Milwaukee Place in the Cherry Creek neighborhood of the Midtown submarket began construction in the third quarter. Median asking rental rates saw a slight decrease year-over-year as more space in Class B and C product became available.

Denver Industrial Market

The third quarter recorded absorption of 1.9 MSF, bringing annual absorption of 2.6 MSF. In addition to the PepsiCo Center, nearly 840,000 SF of speculative space was delivered vacant, limiting the change in vacancy from the prior quarter, despite significant positive absorption. Leasing activity increased from the previous quarter but total leasing activity down year-over-year, both in number of leases signed and total SF leased.