Breaking will be offline for scheduled maintenance Friday Feb. 26 9 PM US EST to Saturday Feb. 27 6 AM EST. We apologize for the inconvenience.


Thank you for sharing!

Your article was successfully shared with the contacts you provided.

DENVER-Veteran residential broker Larry D. McGee knows what economic indicator to watch in order to tell him when the home sales market will pick up—office vacancy rates.

McGee, principal broker with the Berkshire Group, a Metro Brokers affiliate, tells that in the past, when the city had a high office vacancy rate, as it does now, home sales sagged.

“But what happened in the past is that companies start taking advantage of our cheap lease rates and our huge supply of office space,” McGee tells “As companies start filling up the office space, it means people start moving here again. And then they start buying houses.”McGee notes that he was active in the local market in 1987 to 1989, during the oil boom-bust, when the city had some of the lowest office rates in the world and people were desperately slashing home prices, often to no avail.

At that time, there were so many housing foreclosures that HUD became the city’s largest landlord.

“I was here in ’87-’89 and I tell you, it was a lot worse then than it is today,” McGee tells

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 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

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