Avison Young's New Denver Leader On Opportunities, The Office Market

Avison Young's new Denver leader is a familiar face to many in the local commercial real estate industry.

Katie Kruger has taken the role of principal and market leader at the Canada-based firm's Mile High outpost. She succeeds Marcy Moneypenny, who led the brokerage beginning in 2020. Moneypenny left the firm to pursue advocacy for women in commercial real estate.

Kruger spent time as CBRE’s Colorado market leader but is best known in the community for her time at the helm of the Denver Metro Commercial Association of Realtors.

During her time as CEO there, she led initiatives to negotiate favorable building performance standards at the city and state levels. She will remain involved with DMCAR in a limited capacity through August to assist with its leadership transition.

In her new role, Kruger aims to grow Avison Young’s presence across the Front Range — from Fort Collins to Colorado Springs — at a tough time for the industry.

The strain the market has experienced in the last five years is especially apparent in Denver’s office market, where a 60% occupancy rate has become the new normal. 

“That number has sort of leveled out,” she said. “Maybe we don’t like that it’s leveled out at 60%, but it’s finally telling us where we’re at.” 

She said she sees this stabilization as an opportunity for growth, particularly in the urban core, where leasing activity is increasing.

A significant factor in downtown Denver’s revitalization is the $570M investment plan approved by voters in November. This plan, funded by tax increment financing, aims to support investments in housing, mixed-use development, public spaces and safety initiatives. 

Notably, $4M has been allocated to enhance downtown security, including the deployment of mounted police patrols.

Kruger views this plan as part of a transformation.

“We’re seeing a return to basics: safety, parking, day-to-day building care,” she said. “These are fundamental needs that are defining what a successful building looks like right now.”

Recruiting a diverse workforce to grow key service lines like brokerage, property management and valuation is also on her to-do list.

“As Colorado becomes one of the most diverse states in the next decade, that representation — and the values behind it — are a competitive advantage,” she said.

Nearly half of Colorado's population is expected to be people of color by 2050, according to the state demographer. The change will likely be driven primarily by natural growth rather than in-migration.

“As aging non-Hispanic populations decrease and others increase in birth replacement rate, more of our future clients will be diverse, and Avison Young is committed to mirroring our Coloradans,” Kruger said.

While the U.S. population is projected to decline starting in 2038, Colorado is expected to continue growing through 2053, maintaining a young and dynamic workforce, she said.

Looking ahead, Kruger is optimistic about Denver’s economic resilience due to a different kind of diversity.

“Whether we go into a recession or not, we’ll be able to pull out because of our diverse economies,” she said.