Denver leasing activity falls to record lows as COVID-19 disrupts growth cycle
With economic activity on hold for the majority of the second quarter due to concerns stemming from ongoing pandemic disruption, Denver watched business activity stall, causing record lows in transaction volume. Oil and gas companies, a key industry for regional business, have been hit especially hard. Second-quarter leasing activity dipped 43.1% year over year, marking the lowest level of quarterly activity in at least 15 years. Many businesses were forced to re-evaluate strategic priorities, operating models, cost structures and office space footprints during the quarter, causing leasing decisions to be put on hold.