Denver Office Market Report

Tightening in key districts an early signal of improving office conditions. After years of rising vacancy, Denver’s office landscape is nearing an inflection point, supported by fewer tenant move-outs, normalizing sublease availability, and historically subdued construction. Tenant demand is firming in the metro’s core office hubs, with downtown posting a sharp vacancy decline in 2025 as available sublet space fell to its lowest level since 2020. Large leases remain limited, but legal, finance, and tech firms have fueled an increase in 10,000- to 20,000-square-foot signings. The Tech Center submarket also saw vacancy fall in 2025, and minimal deliveries in both areas should enable further tightening. Performance in smaller office districts will likely remain split, as vacancy in west and southwest Denver held near metro lows, with Class A availability in the southwest reaching all-time lows. In contrast, Broomfield and Aurora saw vacancy spike in 2025 and may continue to lag, given their older inventories and industrial-adjacent tenant bases.