Denver ends 2025 with steady leasing momentum

Quarterly leasing activity totaled 1.6 million square feet (msf) in Q4 2025, slightly below last quarter and down from 1.9 msf in Q4 2024. Despite the slowdown at year-end, total leasing activity reached 6.8 msf in 2025, narrowly exceeding the 6.6 msf recorded in 2024. Activity was strongest in the Southeast and Downtown Denver submarkets, which together accounted for nearly two-thirds of overall annual leasing. The largest transaction of the quarter was HDR, Inc.’s 72,000-square-foot (sf) lease at 675 15th Street in the Central Business District. Cherry Creek also saw a historically strong year with 0.3 msf of leasing activity, highlighted by Crusoe AI’s 53,000-sf lease at 242 Milwaukee Street this quarter.

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