Denver Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $36.45 2023 Avg. Asking Rent
  • -2.49% Y-o-Y Avg. Asking Rent Change
  • 28.73% 2023 Office Vacancy Rate
  • $276.1M2023 Total Office Sales
  • $314.68Avg. Sale Price/SF

Denver office price per square foot in 2023 was $36.45 on average. This marked a -2.49% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 28.73% across all asset classes combined. The 11 transactions that closed here throughout 2023 amounted to a total sale volume of $276.1M. Denver office space commanded an average sale price per square foot of $314.68.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Denver Class A & A+ Office Space$38.65
  • Denver Class B Office Space$29.45
  • Denver Class C Office Space$23.32
  • Colorado Class A & A+ Office Space$36.72
  • Colorado Class B Office Space$24.52
  • Colorado Class C Office Space$30.48

Denver, CO Office Asking Rents by Class

Average office rent in Denver rested at $36.45 per square foot in 2023. 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 $38.65 per square foot. Across all submarkets, class B office space recorded an average asking rent of $29.45 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $23.32 per square foot, on average. Comparably, statewide Colorado average office rents by class in 2023 were: $36.72 per square foot for class A office space; $24.52 per square foot for class B office space; $30.48 per square foot for class C office space.

2023 Office Vacancy Rates in Denver

Submarket Asking Rents Vacancy Rates
Denver - LoDo $46.50 19.99%
Denver - Five Points $43.71 10.79%
Denver - Central Business District $38.95 32.97%
Denver - Highland $36.42 31.98%
Denver - Cherry Creek $34.61 16.19%
Denver - South $30.03 17.40%
Denver Tech Center $28.60 24.97%
Denver - Glendale $28.26 45.20%
Denver - Capitol Hill $27.81 30.59%
I-25 Corridor $27.20 12.16%
Denver - North $27.15 14.44%
Denver - Northeast $26.37 50.85%
Lakewood - West $25.13 24.94%
Arvada $21.08 12.82%
Denver - West $19.75 26.30%
Highway 121 Corridor $17.67 18.94%
Denver - East $15.19 13.18%
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 28.73% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Denver was 10.79% in the Denver - Five Points submarket, while the highest office vacancy in the market was 50.85%, recorded in Denver - Northeast.

Office Spaces for Rent in Colorado

Denver Office Sale Price per SF

  • $314.682023 Avg. Price per SF
  • -16.85%Y-o-Y Avg. PpSF Change
  • $276.1M2023 Office Sales Volume
  • 112023 Number of Transactions

Denver, CO Sale Price per SF Trend

  • Denver Avg. Sale Price per SF in 2023$314.68
  • Colorado Avg. Sale Price per SF in 2023$243.00
Denver office space cost in 2023 marked a -16.85% change compared to the previous year. The sale price for office space in Denver averaged $314.68 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Colorado average office sale price during the same time period was $243.00 per square foot.

2023 Office Sales Volume

  • Denver, CO Total Office Sales Volume in 2023 $276.1M
  • Denver, CO Total Number of Office Sales Closed in 2023 11
A total of 11 deals closed on the Denver office market in 2023, adding up to a yearly sales volume of $276.1M. Notably, the largest transaction on the market saw Riverview at 1700 Platte change hands for $129,100,000 on 12/12/2023.

Largest Denver Office Sales in 2023

Property name Address Date Price
Riverview at 1700 Platte 1700 Platte Street 12/12/2023 $129,100,000
2nd & Josephine 200 Josephine Street 3/16/2023 $54,000,000
Junction 23 at Denargo Market 2323 Delgany Street 7/10/2023 $26,350,000
1430 Wynkoop Street 1430 Wynkoop Street 5/19/2023 $17,000,000
Centerra 1873 South Bellaire Street 12/28/2023 $14,000,000
Data provided by Commercial Edge

Coworking Spaces in Colorado

2023 Office Construction in Denver, CO

  • Denver, CO Total SF completed in 2023 526,234
  • Denver, CO Total SF under construction in 2024 1,911,949

During 2023, 526,234 square feet of new office space were delivered across the market. At the close of 2023, the Denver office inventory included 4 buildings equal to or larger than 25,000 square feet, which comprised 526,234 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,911,949 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Denver
Office building Address SF Completed
1900 Lawrence 1900 Lawrence Street, 80202 726,450 2024
Steel House 3100 North Brighton Blvd, 80216 321,308 2024
1740 Broadway 1740 Broadway, 80290 114,309 2024
Fillmore @ Third 320 Fillmore Street, 80206 70,184 2024
3083 Walnut 3083 Walnut Street, 80205 65,000 2024
Fillmore @ Third 320 Fillmore Street, 80206 59,054 2024
T3 RiNo 3500 Blake Street, 80205 239,390 2023
8959 East 40th Avenue 8959 East 40th Avenue, 80238 106,527 2023
BROE Cherry Creek 200 Clayton Street, 80206 76,715 2023
Block 162 675 15th Street, 80202 606,493 2021

Worth noting among recent office completions on the Denver market is 1900 Lawrence, which is currently the largest new office development in the city, at 726,450 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. 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.