The amount of office space being leased in Denver is gradually increasing, but the activity remains concentrated in hot spots like Lower Downtown and new buildings or ones that come with plenty of amenities.
where the overall office-space vacancy is 21.7%. The rates vary, with a 28.1% rate in the central business district and 13.1% in LoDo, home to more restaurants, bars and sports venues.
The 30-story Block 162 at 675 15th St., developed by the Patrinely Group in Houston is a prime example of what Bourdelais believes it will take to get more people working more hours at the office rather than at home. The building is considered a Class A building or high-quality piece of real estate, the kind of spots that tenants are signing up for.
“With the older buildings, I don’t see demand coming back any time soon,” Bourdelais said. “They’re definitely going to fill up the new construction and the Class A buildings before they start spilling back into the vintage ’80s buildings.”“There are definite headwinds you have to navigate,” he added, “but you have a ton of options to choose from and you have historic concessions that landlords are offering in order to either get tenants to renew or relocate.
Over the last five years, an average of 6.5 million square feet of industrial building space was added, he added. “Construction was just outpacing demand and growth and relocations to Colorado.”
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