Denver Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $37.38 2022 Avg. Asking Rent
  • 26.44% 2022 Office Vacancy Rate
  • $1.1B2022 Total Office Sales
  • $379.21Avg. Sale Price/SF

Denver office price per square foot in 2022 was $37.38 on average. The local office market recorded an average vacancy rate of 26.44% across all asset classes combined. The 23 transactions that closed here throughout 2022 amounted to a total sale volume of $1.1B. Denver office space commanded an average sale price per square foot of $379.21.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Denver Class A & A+ Office Space$39.23
  • Denver Class B Office Space$31.53
  • Denver Class C Office Space$17.17
  • Colorado Class A & A+ Office Space$37.34
  • Colorado Class B Office Space$25.04
  • Colorado Class C Office Space$18.06

Denver, CO Office Asking Rents by Class

Average office rent in Denver rested at $37.38 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Denver averaged $39.23 per square foot. Across all submarkets, class B office space recorded an average asking rent of $31.53 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.17 per square foot, on average. Comparably, statewide Colorado average office rents by class in 2022 were: $37.34 per square foot for class A office space; $25.04 per square foot for class B office space; $18.06 per square foot for class C office space.

2022 Office Vacancy Rates in Denver

Submarket Asking Rents Vacancy Rates
Denver - LoDo $47.29 15.12%
I-25 Corridor $41.42 15.53%
Denver - Five Points $39.78 6.39%
Denver - Central Business District $39.28 30.68%
Denver - Cherry Creek $34.24 16.01%
Denver - South $30.18 16.02%
Denver - Highland $29.75 34.61%
Denver Tech Center $28.87 23.66%
Denver - Glendale $28.07 40.23%
Denver - Capitol Hill $28.03 28.01%
Denver - North $27.15 20.61%
Lakewood - West $25.36 25.98%
Denver - Northeast $23.33 12.93%
Denver - West $22.55 12.84%
Arvada $21.91 9.44%
Highway 121 Corridor $18.28 18.46%
Denver - East $14.59 11.76%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Denver market was 26.44% in 2022. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Denver was 6.39% in the Denver - Five Points submarket, while the highest office vacancy in the market was 40.23%, recorded in Denver - Glendale.

Office Spaces for Rent in Colorado

Denver Office Sale Price per SF

  • $379.212022 Avg. Price per SF
  • 17.66%Y-o-Y Avg. PpSF Change
  • $1.1B2022 Office Sales Volume
  • 232022 Number of Transactions

Denver, CO Sale Price per SF Trend

  • Denver Avg. Sale Price per SF in 2022$379.21
  • Colorado Avg. Sale Price per SF in 2022$303.01
Denver office space cost in 2022 marked a +17.66% change compared to the previous year. The sale price for office space in Denver averaged $379.21 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Colorado average office sale price during the same time period was $303.01 per square foot.

2022 Office Sales Volume

  • Denver, CO Total Office Sales Volume in 2022 $1.1B
  • Denver, CO Total Number of Office Sales Closed in 2022 23
A total of 23 deals closed on the Denver office market in 2022, adding up to a yearly sales volume of $1.1B. Notably, the largest transaction on the market saw 1800 Larimer change hands for $291,000,000 on 1/19/2022.

Largest Denver Office Sales in 2022

Property name Address Date Price
1800 Larimer 1800 Larimer Street 1/19/2022 $291,000,000
1401 Lawrence 1401 Lawrence Street 7/1/2022 $233,000,000
240 Saint Paul Street 240 Saint Paul Street 7/6/2022 $69,015,270
210 University 210 University Blvd 9/9/2022 $67,700,000
Stanford Place III 4582 South Ulster Street 8/2/2022 $50,000,000
Data provided by Commercial Edge

Coworking Spaces in Colorado

2022 Office Construction in Denver, CO

  • Denver, CO Total SF completed in 2022 238,811
  • Denver, CO Total SF under construction in 2023 1,080,405

During 2022, 238,811 square feet of new office space were delivered across the market. At the close of 2022, the Denver office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 238,811 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 1,080,405 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Denver
Office building Address SF Completed
T3 RiNo 3500 Blake Street, 80205 232,929 2023
8959 East 40th Avenue 8959 East 40th Avenue, 80238 106,527 2023
Pena Station 61ST AVENUE & TOWER ROAD, 80249 100,000 2023
200 Clayton Street 200 Clayton Street, 80206 73,400 2023
Block 162 675 15th Street, 80202 594,637 2021
Market Street Station 1601 Market Street, 80202 109,728 2021
Belleview Station - Block E 6900 Layton Avenue, 80237 384,712 2020
Rev360 3600 Brighton Blvd, 80216 170,000 2020
St. Joseph Medical Office Pavilion 1818 Ogden Street, 80218 96,572 2020
North Wynkoop - 4180 Wynkoop 4180 Wynkoop Street, 80216 90,000 2019

Worth noting among recent office completions on the Denver market is T3 RiNo, which is currently the largest new office development in the city, at 232,929 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Denver commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.