Office leasing continues to rise in Q4 as transactions in Denver reach pre-pandemic levels
Denver’s office market is displaying indications of recovery as office leasing continues to rise to pre-pandemic levels. Q4 ended with 2.2 million square feet (msf) of office space leased, on par with leasing numbers of Q4 2019, just prior to the pandemic’s start. Since then, the downtown markets of LoDo / Platte / RiNo and the Central Business District have been the most affected as they contained the largest exodus of occupier space needs. However, the last few quarters have shown leasing velocity has stabilized to pre-pandemic levels in these areas. While the effects of the Omicron variant are too recent to affect the Q4 leasing numbers, last year's growth provides evidence of Denver’s ability to recover from the effects of COVID.