Leasing Activity Remains Below Pre-Pandemic Levels Despite Strong Second Half of 2024
Denver’s office market reported 1.9 million square feet (msf) of leasing activity in Q4 2024. This brought total leasing activity in 2024 to 6.6 msf, slightly below the 6.7 msf reported in 2023 and still well below the 8.8 msf reported in 2019 which was the last full year before the pandemic. The largest lease of the quarter involved Ibotta leasing 97,000 square feet at 1400 16th Street in the LoDo/Platte/RiNo submarket. The new location’s enhanced amenities and proximity to Union Station and I-25 underscore the importance of accessibility in corporate real estate decisions. However, hybrid work and rightsizing continue to reshape the market, with occupiers downsizing and prioritizing high-quality Class A spaces over older, less adaptable buildings.