Businesses will move into more than a million square feet of downtown Denver office space every year between now and 2021, according to new projections from international real estate advisory firm Newmark Knight Frank. The anticipated demand should mean big bucks for landlords from Uptown to RiNo.
If met, the four-year forecast, released this week, would blow away the 322,055-square-foot per-year average set between 1980 to 2017, but it is not unprecedented.
“The last time Downtown Denver saw a four-year run of robust absorption, totaling approximately 1 million square feet per year, was in the early 1980s,” Newmark Knight Frank’s Sam DePizzol said in statement, “when the Denver skyline essentially delivered.”
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Highlighted by the 1144 Fifteenth tower, the downtown will have grown by 2 million square feet by the end of this year. Construction is expected to slow to less than 400,000 square feet in 2019 and 2020, driving up downtown rents — already being tracked at a record $40.22 per-square-foot — by 3 to 5 percent over the next few years, DePizzol said.
