Wheeler says it's unlikley any class A office buildings will enter the market soon, other than the Legacy building under construction in the Central Platte Valley.

Multifamily housing and retail will continue to flourish particularly in the Central Platte Valley, he says. Overall, Wheeler suggests at the Downtown market will continue to rise, with aggressive players flourishing.

Times are tough in the southeast market, Williams says.

With the drop in the telecom and technology industries Denver saw the first negative job growth in years with nearly 7,000 layoffs already in 2002, he notes.

This has created a vacancy rate in the southeast market of 25.6% -- 7.8 million sf of office space including sublease space. With supply rising and demand dropping, the Tech Center has seen a 25% drop in average price per sf, he notes.

The good news is that new construction has screeched to a halt. From 1995 to 2001, more than 1 million sf per year, on average, was built per year, he says.

This year, about 400,000 sf is being built, holdovers from the boom, and nothing new is in the pipeline, he says.

Although office space is no longer a hot market, Mismash of Swinerton Construction, says that other markets are "pulsing." He points to the increase in tenant improvements and interior finish, urban multifamily construction and the numerous urban infill projectsthroughout metro Denver.