Denver Real Estate Market Reports

Denver Office Market

Net absorption in 3Q 2025 showed a continued drop in occupancy at a pace similar to the previous quarter, as large tenant moves were driven by rightsizing into higher-quality assets or consolidating locations. The 84,000 SF Milwaukee Place in the Cherry Creek micromarket in Midtown broke ground. Median asking rental rates saw little movement as fluctuations are largely due to the changing quality of available space, rather than individual landlords adjusting prices on existing available space.

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.