Downtown Denver Office Space for Rent
Downtown Denver continues to surpass market expectations as a thriving commercial area. Unemployment rates are low, job opportunities are abundant, and companies are relocating to Denver’s central business district in droves. According to recent reports, Denver’s local business economy is on track to sustain the longest economic expansion in the country’s history.
The unprecedented growth is a partly due to many West Coast companies choosing to relocate to or expand in the Denver area. Downtown Denver, in particular, is attracting many tech firms. Popular startups, such as real estate software company Apto and HR startup Gusto, already call Downtown Denver home. And as more startups and tech firms set up shop in the area, Downtown Denver continues to establish its reputation as a premier neighborhood for commercial success.
Downtown Denver Office Space | Lease Data & Trends
Downtown is located in the heart of Denver’s Central Business District—an area bound by Lawrence Street to the northwest, 20th street to the northeast, North Broadway to the east, Speer Boulevard to the west, and West Colfax Avenue to the south. LoDo, Midtown, and Uptown are all part of Downtown Denver’s commercial area.
On average, Downtown Denver office space leases for around $39 per square foot, and units in Class A buildings rent for $45 per square foot. These average asking rents are cheaper than commercial rates in Downtown’s sub-neighborhoods like LoDo, where the average asking rent for Class A office space is $49 per square foot. However, it’s worth noting that rent prices for offices in Downtown Denver are well above suburban rent costs: the average asking rent for a commercial property in Denver’s suburbs is $28 per square foot, substantially lower than Downtown’s $39 rate.
With nearly 30 million square feet of commercial office space, Downtown Denver has the capacity to house a full range of industries. Banking firms, startups, creative agencies, and major corporations all fill Downtown’s city blocks. Fortunately, if you’re interested in growing your company in this commercial mecca, there is over a million square feet of commercial office space under construction, and a 15% direct vacancy rate, suggesting that there’s plenty of space for more companies to join Denver’s bustling commercial scene.
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What Our Brokers Say About Downtown Denver Office Space
Offices in Dever’s Downtown neighborhood enjoy a range of convenient public transit options. Most employees who commute to Downtown for work connect to the city through Union Station – a historic facility that underwent a major transformation in the past decade. As the city’s main transportation hub,Union Station houses a train shed, a light rail station, and a bus facility with more than 20 gates.
Today, Downtown Denver is perhaps best known for its nexus of tech companies and startups. Marketo, a leader in marketing automation software with roots in San Mateo, California, recently opened a two-floor, 50,000 square foot office in Downtown Denver. Company leaders recognize the value their new Downtown Denver location, stating “Denver has a great source of talent” due to the city’s reputation “as a top-ranked place to live and the home of a vibrant technology community.” Marketo’s goal by the end of Q4 2018 is to create 500 jobs in their new Denver location.
Other startups have mirrored Marketo’s decision to select Downtown Denver as the ideal place for a new branch. Vertafore, a Washington-based insurance technology startup, moved its headquarters to Downtown Denver late last year. Over the next few years, the company intends to hire at least 300 employees.
Other prominent startups that call Downtown Denver home include: SALT, Ibotta, Granicus, FareHarbor, and Bluprint. The density of startups in Downtown Denver creates a burgeoning tech scene, an exciting place for growing companies to take their business to the next level.
Getting Around Downtown Denver
In addition to Downtown Denver’s frequented Union Station, city commuters have access to Denver’s 85-mile trail network. During the Mile High City’s warmer months, many employees commute to work by walking the riverfront trail, or biking along the integrated path. Even if you don’t own a bike, Denver’s B-cycle program has 82 stations, many concentrated in the Downtown area, for you to check out a bike and cruise to work.
In Downtown Denver, 68 percent of employees receive employer-provided subsidized transit passes. As a result, less than half of Denver’s working population commutes to work by car, nearly 40 percent of commuters rely on mass transit, seven percent commute by bike, and five percent travel to work via foot.
Get to Know the Neighborhood
Today, the Downtown area of the Mile High City steadily attracts tourists for snow season, but Denver is gaining traction as one of the country’s best places to live and work year-round. With a thriving food scene, hipster art, outdoor enthusiasm, and a DIY attitude, Downtown Denver is hard not to love.
Downtown Denver is filled with parks and attractions for office workers to enjoy after hours. Many locals and visitors alike take advantage of the density of urban adventure within Downtown’s mile radius. For art fans, the Denver Art Museum and the American Museum of Western Art are classics, although locals tend to flock to the rooftop of MCA Denver after exploring contemporary exhibitions below. If you’re outdoorsy, experience Downtown Denver with a kayak ride down the Platte River. And if you’re passionate about music, Downtown Denver offers a range of live music experiences that range from Broadway productions to under-the-radar bluegrass bands playing in dive bars.
Other popular attractions in Denver’s Downtown area include the Denver Aquarium, the Denver Beer Trail, a wealth of farm-to-table restaurants, and the Elitch Gardens Theme and Water Park. Whether you’re searching for an attraction-filled 24 hour visit, or a fulfilling place to call home, Downtown Denver has a lot to offer its residents and visitors.