Denver remains an attractive and dynamic market for both commercial real estate investment and overall economic prosperity. A confluence of factors—including a thriving economy, a talented workforce, a high-quality of life, and strategic infrastructure—makes it a top destination for businesses and people alike.
The city’s economy has transformed significantly over the past few decades, moving away from its reliance on the energy sector to become a diverse hub for technology, life sciences, aerospace, and other high-growth industries. This diversification provides stability and resilience, making the city less susceptible to economic downturns. Metro Denver ranks eighth in GDP growth among the nation’s 30 largest metro economies. This growth is fueled by a supportive business environment and a highly educated workforce.
Between 2018 and 2024, 23 companies moved their headquarters to Metro Denver, making it the No. 6 market nationally for headquarters relocations during that time. Denver also ranked 14th for tech talent, according to CBRE's Scoring Tech Talent 2025 report.
Denver is not without challenges, particularly in the wake of changing work patterns. The current office vacancy rate of 27.4 percent is the highest on record since the global financial crisis. However, there are signs of improvement, as sublease availability is down 23 percent from its peak in Q1 2023. Rolling-four-quarter office leasing volume, while 16 percent below Q1 2020 levels, is up by 5 percent year-over-year and by 76 percent from a pandemic-era low in Q1 2021. A nearly non-existent pipeline of new construction will also help to normalize supply-demand fundamentals in the medium term.
Denver’s exceptional quality of life, with its many outdoor recreational amenities and vibrant cultural scene, attracts and retains talent, further supporting the commercial real estate market. Denver International Airport is a major transportation hub, connecting the city to both domestic and international markets. The city also has a well-developed mass transit system, including RTD FasTracks that provides easy access to the entire metro area.
The city government is committed to making infrastructure improvements that will support future growth. Ongoing projects, such as the Denver International Airport Great Hall, the Peña Master Plan, and the 16th Street Mall Improvement Project will enhance connectivity and improve the overall quality of life for residents and businesses.
Overall, Denver remains a top market for commercial real estate investment. Its diversified economy, talented workforce, high quality of life, and strategic infrastructure position it for continued growth and prosperity. In the short term, there likely will be diverging performance between submarkets. Mixed-use districts with plentiful amenities, such as Cherry Creek will be favored. Nevertheless, the overall outlook for Denver’s commercial real estate market remains positive, making it an attractive destination for investors and businesses seeking long-term value.
—CBRE
