Denver's office market sees rising availability but decreasing sublease space at year-end
Availability in the market has notably risen by 220 basis points (bps) year-over-year to end 2023 at 28.7%. However, in an encouraging development, available sublease space, which peaked in Q1 2023 at 6.8 million square feet (msf), has been experiencing consistent but modest decreases since then, culminating in a decrease of 0.3 msf compared to a year ago. This reduction may indicate a trend towards equilibrium in office use, as companies adapt to their optimal workspace needs. Throughout the year, Denver's key employers have been exploring various work models, including remote and hybrid structures, strategically adapting to evolving workforce dynamics and seeking lasting operational flexibility.