Tenants are Migrating Out of Downtown and Towards Other Submarkets of Denver.
Migration out of the Central Business District (Downtown Denver) continues despite COVID restrictions being almost non-existent.
Crime, amenities of newer buildings, and personal/environmental safety related to COVID are significant factors driving the migration.
Rental rates in the CBD have remained flat, while most other sub-markets in the Denver metro area have consistently increased over the last several years.
Older buildings in the CBD don’t have the features that newer buildings in other submarkets have – like easy access to walking/biking trails, fitness centers in the building, and attached parking.
With many workers continuing to work from home after the pandemic, many businesses that previously had larger footprints are able to downsize and acquire newer, amenity-rich spaces and, in many cases, still have money on rent
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Meet Todd Brown
Over the last eight months, I have spoken with many tenants who feel like we are back to some sense of normalcy after the pandemic and are again looking forward. Whereas a year and a half ago, I heard a fair amount of reluctance to commit to a large space for a long lease. There was a lot of talk at that time about if they would even need much if any, office space ever again. Now, folks realize that there is a huge benefit to having staff all in one place. So I think some level of remote working with continue, but I also believe we are going to see a rise in lease signings over the next several quarters.
For Sale:
Stapleton Central Park Office Condo
2373 N. Central Park Blvd. #200
List Price: $1,350,000
Size: 2,841 SF
This is an opportunity for a user to own and occupy an office condo in Central Park, Stapleton. This second-floor condo has direct lobby access, office buildout, and ample parking. The condo is located in a high-image, mixed-use development with easy access to parking, shopping, and restaurants. The current buildout includes reception, break room, and private windowed offices.
