Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-The Denver-area office market remains a mixed bag, notes M. Gregory Bante, a broker with Cushman & Wakefield of Colorado Inc.

First, the good news.

The forecast for the national economy is upbeat, and Denver more and more is mirroring the national economy, Bante says. Locally, speculative office space has fallen to less than 400,000 sf.

Adelphia Communications recently moved its headquarters to Greenwood Village from Coudersport, PA, and Charter Communications of St. Louis, MO, is expanding in the Denver area and looks like it might move its headquarters here.

Also, there has been positive absorption in two markets: 258,979 sf along the northwest corridor and 312,728 sf along the southeast suburban corridor.”Activity is picking up,” Bante says. “But there’s still a lot of tire kicking.” However, the market still faces an overall vacancy rate close to 22%, he notes.

And the market suffered from the repercussions of the war in Iraq. Companies in Colorado, as well as across the country, did not expand earlier this year because of the war. Also, corporate scandals provided another reason for companies not to expand, he notes.

Locally, the market could suffer from the pending acquisition of J.D. Edwards by PeopleSoft, he notes. That could mean the loss of jobs, as well as the loss of another corporate headquarters.

Perhaps most importantly, the forecast for job growth is poor. The office market still needs jobs to fill empty space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt
Live Chat

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.