Q4 2024 Denver Office Market Report

As of Q4 2024, Denver's vacancy rate stands at 17.3%, positioning it among the highest in major U.S. markets. Low office utilization is being observed across the country; however, Denver is particularly impacted due to its significant dependence on the tech sector. This sector has been at the forefront of adopting flexible workplace arrangements.

It is anticipated that office availability in Denver will remain elevated for the foreseeable future. Current leasing trends indicate that companies are re-evaluating their office space needs and opting for reduced space-per-worker ratios as their leases come up for renewal. In the third quarter, the average lease size was approximately 3,200 square feet, marking a 42% reduction since the peak in 2015.

~ Source: CoStar Denver - CO USA-Office-Market-2025-1-13