Denver Real Estate Market Reports

Denver Office Market

Downsizes and consolidations offset the growth of other tenants as some move-ins were delayed from their expected occupancy date, but many submarkets also saw the total space on the market decrease. No new buildings completed in the first quarter as Steel House in the Downtown submarket was delayed until next quarter. Tenants continued to value higher quality space with better amenities over cheaper rates, and the Class A median rental rate grew faster from the prior quarter than any other product type, despite a larger increase in vacancy than Class C.

Denver Industrial Market

Opening the year, quarterly absorption recorded a healthy 428,000 SF. The slowing speculative pipeline paired with positive absorption resulted in vacancy decreasing from 9.4% in the prior quarter to 9.1% and stable year-over-year. Leasing activity increased from the previous quarter and was higher than any quarter of 2024.