Denver Office Market Report

Constrained new supply and conversions aid fundamentals. After reaching a post-2007 peak of 22.6 percent in mid-2025, Denver’s office vacancy has begun to edge lower. Limited development has eased upward pressure, while spaces larger than 50,000 square feet have accounted for much of the recent move-ins. This momentum may continue, as leasing activity in these larger blocks increased by roughly 40 percent during the year ended in September. Office-to-residential conversions provide further support, with more than 1,000 residential units potentially included in the metro’s conversion pipeline.