The vacancy rate of downtown Denver's office buildings is 28.1%
concerns about downtown Denver’s bounce-backThere is “very little availability” for retail space in metro Denver, said Sam Zaitz, an executive vice president at JLL, a global real estate company with an office in Denver. Overall, about 5% to 6% of the retail space is open, he said.
“Everybody thought I was crazy to stay in retail during the whole e-commerce, the everybody’s-getting-everything-delivered-from-this-point-on craze,” Zaitz said. “If we could get through those crazy times, we’re just fine.”on the outlook for retail found that in the face of sustained inflation and the recent banking troubles, customers are spending less on discretionary goods in favor of groceries and necessities. Discount and online retailers are the beneficiaries.
Things are moving more slowly on the office front. The Downtown Denver Partnership said 59% of the workers downtown had returned to the office in March. Janessa Biller said she and other brokers at JLL talk about a tale of two cities when looking at vacancy rates. The rates are lower in Lower Downtown — 12.8% — than on the east side of the city, she said.
“I’ve talked to both mayoral candidates about this. This is a big challenge,” Gooden said. “Maybe it’s simple things like letting parking meters be free more of the time or having the light rail be free. We’ve got to think of ways for people to want to come back down here.” Besides hybrid working situations, the campaign to see more people return to the office faces the stumbling block of the buildings themselves. Many of Denver’s buildings were built in the 1980s, during the region’s energy boom, and are expensive to modernize.
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