Denver office availability nears a third of all inventory as weakened demand persists
In Q3 2023, the Denver office landscape grappled with softened conditions as tenants shifted their focus to premium, smaller spaces while re-evaluating their office space requirements. While leasing volumes have shown signs of stabilization in recent quarters, they remain fundamentally altered compared to pre-pandemic levels. Among the largest deals transacted this period, Bet365 secured close to 120,000 square feet (sf) in the LoDo/Platte/RiNo submarket, a market that witnessed two of Denver's three Q3 largest transactions. Overall market availability surged by 185 basis points (bps) to 28.7% from the previous quarter, with the Central Business District's availability hitting a record peak of 43.2%.