Publication

Denver 2021 Q1 Market Report

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Denver office fundamentals remain weakened despite uptick in leasing transactions

Even after a year of “wait and see” in the wake of the pandemic, some companies continue to grapple with uncertainty concerning future office use and occupancy requirements. However, as Colorado begins to loosen COVID-19 restrictions and mass vaccination is underway, more organizations are beginning to reengage the market and take advantage of increasingly tenant favorable conditions. With 1.3 million square feet (msf) of office leasing activity recorded in the first quarter, Denver market deal volume remains below pre-pandemic levels; however, tenants were more active as evidenced by the 37.2% increase in transaction volume compared to the previous quarter. Additionally, Q1 2021 was Denver’s most active in the past four quarters.

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