Denver occupiers faced with pain amid COVID-19 disruption, opportunity may exist on other side
By the end of March, the rapidly evolving COVID-19 pandemic had slowed or halted nearly all Denver businesses. Several sectors with a notable corporate presence in Denver, including retail, transportation, and leisure, have suffered significantly to date. Additionally, the oil and gas industry faced huge price drops, and Denver witnessed its first energy bankruptcy of this cycle by Whiting Petroleum. As the forecast of a recession in the U.S. appears increasingly likely, Denver’s market dynamics have the potential to be dramatically altered. As part of this, office availability is expected to rise this year while asking rents will see significant downward pressure due to slackening demand for space.