Denver’s Cherry Creek neighborhood is the city’s go-to destination for upscale shopping. The affluent district holds over 150 stores and counting, including highbrow retail favorites such as Tiffany & Co., Neiman Marcus, and Louis Vuitton. While most locals frequent this part of the Denver for weekend shopping, the neighborhood doubles as a popular office area in Denver’s Southeast Central submarket. With a growing amount of commercial real estate, Cherry Creek is quickly becoming an attractive hub for Denver-based companies.
A hotspot for posh living and upscale dining, Cherry Creek’s luxurious character also extends to office space. If you’re searching for an office with luxury amenities in the heart of one of Denver’s most affluent neighborhoods, Cherry Creek is a must-see location. Here’s everything you need to know about looking for commercial space in Denver’s Cherry Creek neighborhood.
Cherry Creek Office Space | Lease Data & Trends
Located above Glendale and slightly closer to Downtown, Cherry Creek holds some of the most desirable commercial real estate in the city’s Southeast Central zone. The overall average asking rate for commercial office space in Cherry Creek is $26 per square foot, and the average commercial rate for Class A office space in this neighborhood is just over $31 per square foot.
Compared to Denver’s Central Business District, where office space averages $39 per square foot, Cherry Creek offers attractive rental rates for commercial companies. And while companies do save money by renting commercial office space in Cherry Creek, as opposed to Denver’s Downtown submarkets, the neighborhood’s amenities are on par with those of Downtown. Cherry Creek’s transportation options are varied, the office space amenities are upscale and modern, and the neighborhood is filled with places to eat and drink.
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What Our Brokers Say About Office Space in Cherry Creek
There’s an exciting momentum for companies moving into the Cherry Creek neighborhood. Within Denver’s Southeast Central area, there’s almost a quarter of a million square feet of commercial office space under construction. And within Cherry Creek’s borders, from University Boulevard to the west, East 6th Avenue to the North, Colorado Boulevard to the east, and Cherry Creek N Drive to the south, there’s a wealth of swanky new construction.
Two of the most notable new commercial projects in Cherry Creek are 260 North Josephine and the Financial House. Together, these two properties make up “roughly 123,500 [square feet] of new office product to the affluent neighborhood of Cherry Creek.” Financial House, set to arrive in Spring 2019, is garnering attention with its designs of an all-glass façade, its spectacular views of Cherry Creek North, and its high-class amenities and spaces. Located at corner of Detroit Street and 2nd Avenue, the Financial District is poised to set a new standard for Class A office space in the Cherry Creek area.
The new building at 260 N. Josephine St., coined 260 North, suggests a similar trend. The mixed-use building will house 55,000 square feet of commercial office space over five upper level floors. The top four floors of office space will boast private decks. The innovative building has already attracted multiple tenants to fill the top three floors of office space, including Lario Oil Co. The oil company is shifting its office headquarters from Downtown to Cherry Creek, leaving Denver’s Central Business District for the first time in decades. But the company anticipates the move as a positive change, as “the new office location will give many employees an easier commute, and Cherry Creek feels safer than downtown.”
While many companies are eagerly keeping an eye on new construction in the Cherry Creek submarket, there’s ample movement in existing commercial spaces too. For example, in 2018, Ogilvie Properties handed over 93,611 square feet of commercial office space to GEM Realty at 3300 East 1st Avenue, marking one of Denver’s largest commercial real estate transactions of the year.
Getting Around Cherry Creek
Locals who live and work in Denver’s Cherry Creek area benefit from a range of safe and convenient transportation options. Only a five minute drive from Downtown, this Denver neighborhood offers a key amenity that runs scare in the city’s Central Business District: parking. Many commercial office spaces, including 260 North, offer multiple floors of built-in, below-ground parking for their business tenants.
For those who prefer to commute using public transportation, locals recognize the area as safer and more public transit friendly. And a number buses frequent the area, particularly the 6 and the 46 that run along popular thoroughfares like East 6th Avenue. For bikers, Cherry Creek is one of the best areas in the city. Like other neighboring Denver neighborhoods, Cherry Creek has a number of popular B-cycle stations. In this area, bikers have premium access to the 42 miles of paved pathways along the Cherry Creek Trail commutes and recreational rides.
Get to Know Cherry Creek
A short drive from the city center, the Cherry Creek area represents the best of both worlds for locals. Iconic Denver sites are well within reach, but the little bit of distance between Cherry Creek and Denver’s Central Business District gives the area a unique identity as an elegant, modern place to live, work, and play.
In addition to Cherry Creek’s abundance of retail shops and trendy eateries, the neighborhood attracts visitors for a range of local events. Every July, visitors flock to the Cherry Creek Arts Festival where the neighborhood hosts a three day celebration of live music, open air art galleries, performance art, and local eats. And each August, foodies frequent the Cherry Creek food and wine scene as neighborhood establishments participate in a celebration of Cherry Creek North dining, “complemented with wine, beer, spirits and live music.”
Whether you’re interested in Denver’s Cherry Creek submarket for its luxury living, its innovative office space, or its buzzing shopping scene, this neighborhood is not to be missed.