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Market Report

Denver Office Market Report

2Q 2023

Key Move-Ins Curb the Pace of Rising Vacancy as
Development Constraints Benefit Northern Suburbs

In-person operations help backfill vacant space. Employment challenges and economic uncertainty within the banking and tech sectors place added pressure on office usage this year as Denver’s vacancy rate ranks as the fourth highest among major U.S. markets by year-end. Nevertheless, quarterly drops in occupancy are set to slow as industries that require physical space help backfill reduced demand from remote and hybrid firms. Aerospace companies Blue Origin and Sierra Space headline the sector’s metrowide expansion, with both tenants taking up additional space after establishing local footprints in recent years. Law firms Brownstein and Davis Graham & Stubbs are helping curb rising vacancy downtown this year. These two companies are increasing their real estate footprints by at least 75,000 square feet each. 
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