Denver, CO Office Overview
The state capital of Colorado is home to a metropolitan population of nearly 3 million residents.
Recently named one of the best places to live by the U.S. News & World Report, Denver continues to attract a well-educated and highly skilled work force that supports the growth of its diverse local economy, which boasts a gross metropolitan product of more than $178 billion annually.
As of mid-2017, the Greater Denver office market encompassed nearly 53 million square feet of completed office space in properties larger than 50,000 square feet. The city’s key Midwestern location attracts enterprises operating in both traditional and non-traditional industries, which drive a robust demand for office space in Downtown Denver and surrounding submarkets.
Denver, CO Office Inventory Description
Nearly 67% of the office space in Denver is Class A or A+, while Class B office space accounts for roughly 32% of market inventory. A strong blend of aerospace, telecommunications and technology industries maintains a robust demand for Class A office space on the market.
Office space in Lodo is among the most highly sought-after in Denver, home to world-class office property that is developed to meet the demands of both traditional and non-traditional tenants. With excellent access to the I-70, the I-25, and Denver Union Station, this submarket is home to prime office buildings such as the Millennium Financial Center and the Lodo Towers.
Cherry Creek office space also includes notable commercial developments such as the Madison Plaza, 200 Columbine, the Janus Capital Group World Headquarters Building, and the Coors Foundation Headquarters Building.
Denver, CO Commercial Inventory Breakdown
Office Spaces
Total: 68,047,248 SF
By square footage range:
- 50k to 100k SF: 7,411,483 SF / 10.89% of total office
- 100k to 500k SF: 40,576,268 SF / 59.63% of total office
- 500k to 1M SF: 15,116,580 SF / 22.21% of total office
- > 1M SF: 4,942,917 SF / 7.26% of total office
By class:
- Class A+: 9,011,369 SF / 13.24% of total office
- Class A: 35,129,780 SF / 51.63% of total office
- Class B: 16,922,371 SF / 24.87% of total office
- Class C: 683,214 SF / 1% of total office
Top 10 Largest Office Buildings
in Denver
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Wells Fargo Center | 1700 Lincoln Street, 80203 | 1,204,089 | 1982 |
| Tabor Center | 1200 17th Street, 80202 | 1,094,923 | 1984 |
| Denver City Center - 707 17th Street | 707 17th Street, 80202 | 970,755 | 1981 |
| Belleview Station - Block H & I | NEC East Union Avenue & Newport Street, 80237 | 932,288 | n/a |
| Denver Place | 999 18th Street, 80202 | 891,505 | 1981 |
| Wellington E. Webb Municipal Office Building | 201 West Colfax Avenue, 80202 | 704,000 | 1968 |
| Denver City Center - Johns Manville Plaza | 717 17th Street, 80202 | 693,565 | 1980 |
| 1999 Broadway | 1999 Broadway, 80202 | 680,276 | 1984 |
| 17th Street Plaza | 1225 17th Street, 80202 | 672,465 | 1982 |
| 1144 Fifteenth Street | 1144 15th Street, 80202 | 671,101 | 2018 |
Most Recently-Built Office Buildings
in Denver
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| The HUB South | 3601 Walnut Street, 80205 | 274,158 | 2019 |
| The Prism Building | 999 17th Street, 80202 | 118,836 | 2019 |
| All Copy Products Headquarters | 1635 West 13th Avenue, 80204 | 81,000 | 2019 |
| 260 North Josephine | 260 North Josephine Street, 80206 | 67,376 | 2019 |
| Denver Housing Authority Collaborative Resource Center | 1035 Osage Street, 80204 | 65,805 | 2019 |
| 1144 Fifteenth Street | 1144 15th Street, 80202 | 671,101 | 2018 |
| 16 Chestnut | 16 Chestnut Place, 80202 | 440,056 | 2018 |
| Riverview at 1700 Platte | 1700 Platte Street, 80202 | 221,450 | 2018 |
| 50 FIFTY | 5050 South Syracuse Street, 80237 | 184,508 | 2018 |
| Catalyst Health - Tech Innovation | 3513 Brighton Blvd, 80216 | 180,000 | 2018 |
Denver, CO Green Office Space
Of the Top 30 Green Office Markets in the U.S., Denver ranks among the top 10 for developing and adapting energy efficient office properties. While nearly 5% of office buildings larger than 50,000 square feet are LEED-certified, just under 12% are Energy Star-rated by the EPA, and over 13% are otherwise green-certified.
The Union Tower West office building in Lodo is an outstanding example of green office building in Denver. Completed in 2017, this 303,400-square-foot property boasts a LEED Gold certification. Tenants, as well as national and global investors increasingly seek out green office assets for their use and portfolios, respectively, for its clear advantages over traditional developments.
Denver, CO's Top Office-Using Sectors
Denver is located equidistantly from Chicago, St. Louis, Los Angeles, and San Francisco, a significant benefit to local businesses operating in the distribution and transportation economic sectors. Businesses in the energy and natural resources, aerospace, government, and telecommunications industries are also important drivers of white collar employment, as well as office space demand in Denver.
- Energy and Natural Resources – Newmont Mining, Noble Energy, Anadarko, EnCana, and Haliburton all create robust demand for office space;
- Aerospace – the Lockheed Martin corporation and United Airlines are two of the largest employers in Denver;
- Government – As the state capital, Denver is home to a large government employment base, including institutions like the Denver Federal Center, Byron G. Rogers Federal Building and U.S. Courthouse, the Denver Mint, and the National Renewable Energy Laboratory.
- Telecommunications – local demand for office space is also driven by telecom companies such as Qwest Communications, Dish Network, and Comcast.
Denver Demographics
Population
- Total Population678,467
- Male Population(50.0 %) 339,400
- Female Population(50.0 %) 339,067
- Median Age34.40
Income/Financial
- Average Household Income$88,779
- Median Household Income$60,098
- Median Income Under 25$36,142
- Median Income 25-44$67,957
- Median Income 45-64$65,412
- Median Income Over 65$41,329
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