The Denver office market remains strong in the midst of the pandemic and global pressures. Industries such as tech have been growing in the area along with others, like the financial services industry. With the future of remote work still up in the air, Denver will be a market to keep an eye on.
What’s New?
The Ramada on Colfax project is one of the major new developments in Denver. The former hotel will be demolished and redeveloped into a multifamily project. This project has been long awaited from a Texas-based real estate firm.
The Downtown Denver office, previously home of the Denver Energy Center, has moved forward with a foreclosure of their two office buildings. With ripple effects of the pandemic and the onset of the Russia-Ukrainian war, energy companies have struggled to hang on. Booming industries, like tech and financial services, are seeking to take its place.
As a sign of strength of the Denver office market, Granite Properties has moved to purchase First Avenue Plaza for $105M in Denver’s Cherry Creek neighborhood. The neighborhood is a microcosm of the larger trend across the city of offices coming back strong.
The National Western Campus opened three Colorado State buildings in January with more set to open in late 2022. The CSU Spur Campus is a part of a 250-acre site in North Denver.
The River Mile is a 4.7million square-foot, mixed-use project that will revitalize outdoor spaces near the South Platte River.
16th Street Mall recently received $150 million worth of renovations set to begin this summer. The investment will refresh the space by updating aging infrastructure and improve the look and feel of downtown.
Populus is one of the premier development projects in the city. Upon completion in 2023, the mixed-use development project will feature hotel rooms, micro apartments and a public rooftop bar.
The Flyway project is a 32 acre project coming to Northeast Denver that will bring regional and national retailers to the city in late spring, bolstering the retail market and complimenting the office market in Denver.