Strong Fundamentals Mean Denver Needs More Office
Few markets have office fundamentals as strong as Denver, and that's just one reason we're excited to hold the 3rd annual State of the Market at 7:30am on March 12 at the EOS Campus at Interlocken. "Denver is solid across virtually every sector of real estate right now," Hines managing director Jay Despard, who will be a speaker, tells us. That's especially true from an office standpoint. Limited new deliveries in the most recent cycles, combined with job and population growth, have taken overall CBD vacancy down to around 10%, he notes.
Jay adds that there's consistent demand for new product, and location seems to be the driving factor for companies relocating into new development. Even at the current higher sales prices and increased rental rates for office buildings, Denver remains a significant discount to the coasts. "Companies, individuals and investors are continuing to discover the value proposition Denver offers," he says. Hines will begin work this year on the 640k SF 1144 Fifteenth (pictured), which will be the first office building of this height built in nearly three decades, and once completed, will be one of the tallest office buildings in Denver. Come hear more about the hot State of the Market: sign up here.
