Metro Denver's office vacancy rate worsens
Add Axios as your preferred source to
see more of our stories on Google.
Metro Denver's office vacancy rate is reaching new — and unfortunate — highs.
The big picture: Average office vacancy rates across the Denver metro grew to 24.4% last year, exceeding the 20.4% average across the county's top metro areas, per Moody's latest tally.
Why it matters: While Denver saw a bump in people returning to office work last year, a staggering number of offices in metro Denver remain empty.
Zoom in: Denver's central business district's vacancy rate sits at 34.9%, though local real estate brokers suggest the market is beginning to stabilize as leasing increases, per the Colorado Sun.
Yes, but: A few miles from downtown, the Cherry Creek neighborhood is bucking the vacancy trend, securing leasing and tenants for office spaces under construction before they're completed.
What's next: Data suggests office vacancies are nearing their peak as more commercial spaces are converted into housing and more office buildings are demolished.