The Denver Commercial Real Estate Market

Key Takeaways

• As of November 2025, the Denver–Aurora–Lakewood metro is home to nearly 3 million residents, with more than 716,000 living in Denver city limits. Median household income has climbed to $103,055, and the region continues to post one of the strongest long-term population growth rates in the Mountain West.
• Metro GDP has surged to nearly $312 billion after expanding 69 percent over the past decade, while unemployment holds at 3.7 percent as of August 2025. Denver’s economy is powered by aerospace, energy, bioscience, advanced manufacturing, and a fast-growing tech sector supported by Fortune 500 and Fortune 1000 employers.
• Industrial real estate remains a key driver of metro performance, supported by 275.9 million square feet of inventory, a 7.9 percent vacancy rate, and 2.49 million square feet of year-to-date absorption as of Q3 2025. Median asking rents hover around $12 per square foot annually, with steady demand along major transportation corridors.
• Office and retail conditions are stabilizing, with office vacancy at 26 percent across 121.4 million square feet of inventory and retail vacancy at 5.8 percent on 74.3 million square feet as of late 2025. Tenant demand is concentrated in newer, amenity-rich buildings and high-traffic mixed-use corridors, while development pipelines remain limited.
• Multifamily performance continues to balance new supply with solid demand, posting a 7.3 percent vacancy rate, average asking rents of $1,832 per month, and more than 16,700 units under construction as of early 2025. Consistent absorption and sustained investor activity position Denver for continued long-term stability.

Set against the scenic backdrop of the Rockies, Denver continues to stand out as one of the most dynamic commercial real estate markets in the nation. Long known for its balance of business opportunity and quality of life, the Mile High City attracts investors, developers, and tenants seeking stability, innovation, and long-term growth.

Crexi makes it easy for commercial real estate professionals to participate in Denver’s continued rise. Investors and tenants can explore thousands of listings across the metro area, while brokers leverage Crexi’s listing tools, lead management, and marketing suite to connect with qualified buyers faster. Presently, Crexi has facilitated more than $615 billion in property transactions and represented assets totaling over $7 trillion in value.

Serving Denver, Boulder, Aurora, Lakewood, and the greater Front Range, Crexi helps streamline every stage of the deal.

Denver Commercial Real Estate Market Overview

Few cities balance urban energy and mountain access quite like Denver. As Colorado’s capital and largest metro, it’s both a cultural center and a business powerhouse, home to a diverse mix of industries that include aerospace, energy, bioscience, technology, and financial services. Fortune 1000 companies such as Arrow Electronics, Qurate Retail, and Ball Corporation anchor the city’s economy, joined by a fast-growing network of startups and regional headquarters.

Denver’s appeal goes well beyond business. The city consistently ranks among the most livable in the U.S., offering walkable neighborhoods, accessible transit, and an active outdoor lifestyle that attracts young professionals and families alike. This steady in-migration continues to fuel demand for office, industrial, and multifamily properties, particularly in mixed-use districts that connect work, housing, and recreation.

Commercial development remains active across the metro, from revitalization projects to new construction. In the south metro area, Belleview Station continues to grow with a new 22-story tower bringing hundreds of residential units and new retail opportunities. Meanwhile, statewide initiatives like the Colorado Hub for Health Impact are helping solidify Denver’s role as a life-sciences hub, attracting companies and investment that will shape the city’s next phase of growth.

Denver Regional Context

Denver’s population growth has mirrored its economic expansion, turning the metro into one of the country’s most desirable places to live and work. Over the past decade, a steady influx of new residents has reshaped neighborhoods and surrounding suburbs, supported by a strong job market and diverse industries. 

People are drawn to the area’s high household incomes, quality schools, and easy access to both city life and the outdoors. The result is a well-educated, thriving community that continues to drive commercial demand and long-term regional development.

• The Denver-Aurora-Centennial metropolitan area is home to more than 3 million people, with over 716,000 residents living within Denver city limits.
• The population of metro Denver has steadily increased over the past decades, and is estimated to surpass 3.6 million by the year 2030. 
• The Denver metropolitan area has added over 430,000 residents since 2010, for a growth rate of 15%.
• The population of the Denver-Aurora-Lakewood metro area is nearly 3 million, according to data on CensusReporter.org.
• Denver is the 19th most populous city in the US and the largest in the Colorado Front Range.
• The median age is 37.5, a little less than the figure in the US.
• The per capita income in the Denver metro area is $57,111, and the median household income is $103,055; both figures are about 30% greater than in the US.
• Over 50% of households have an income of $100,000 or more.
• The cost of living in Denver is about 9% higher than the national average, but 25-50% lower than other major cities, such as Los Angeles or New York City.

Denver Job Market

Denver’s evolving economy is supported by a mix of established industries and emerging innovation sectors. Aerospace, energy, bioscience, and advanced manufacturing remain key pillars, while technology and creative services are fueling a new wave of startups and expansion-stage companies. Business-friendly incentives, strong infrastructure, and access to top-tier universities have helped draw both Fortune 500 firms and small enterprises to the metro. Together, these factors create a stable, opportunity-rich job market anchored by a strong entrepreneurial spirit.

• According to economic data from the St. Louis Fed, Denver-Aurora-Lakewood's GDP is nearly $312 billion, growing by an impressive 69% over the past ten years.
• The unemployment rate is 3.7%, as reported by the US Bureau of Labor Statistics (August 2025).
• Major employers in Denver include United Airlines, University of Denver, HealthONE, Kaiser Permanente, CenturyLink, Wells Fargo, Siemens, and ING America, .
• Four Fortune 500 companies are headquartered in Denver: Newmont, DaVita, VF, and Ovintiv. There are also several Fortune 1000 companies in the region, including Civitas Resources, Liberty Energy, and Western Union.
• Target industries include advanced manufacturing, aerospace, bioscience, creative industries, defense and homeland security, energy and natural resources, and transportation and logistics.
• Major commercial real estate projects in Denver include a $100 million downtown revitalization effort, as well as the recent announcement of plans for a new stadium for the Denver Broncos.
• Denver is home to the University of Colorado Denver, the Metropolitan State University of Denver, and the University of Denver.
• Nearly 50% of residents in the Denver metro area hold a bachelor’s degree or an advanced degree, about 1.4 times the rate in the US.
• Denver boasts a robust transportation infrastructure, with major highways such as I-25 and I-70 and the award-winning Denver International Airport (DEN). It is strategically located within a day's drive from metropolitan areas such as Salt Lake City and Albuquerque.

Denver Industrial Market

Denver’s industrial market continues to hold steady, powered by strong tenant demand and its prime position along major transportation routes. After several years of heavy construction, activity has started to normalize, with leasing and absorption showing healthy balance across the metro. A recent example is PepsiCo’s recently completed distribution center near the Airport submarket - a sign that national brands still see long-term value in Denver’s logistics network. Even with higher borrowing costs and fewer speculative projects breaking ground, the market remains resilient, backed by steady population growth and ongoing business investment.

Market overview (Cushman & Wakefield Q3 2025 Denver Industrial Report)

• Inventory: 275,916,401 SF
• Vacancy rate: 7.9%
• Net absorption: 2,490,411 SF (YTD)
• Under construction: 3,139,388 SF
• Leasing activity: 7,545,722 SF (YTD)
• Key leases by tenant: RedBird (189,100 SF), Philip Morris International (148,900 SF), 1-800-Pack-Rat (94,400 SF)
• Largest submarkets: Airport, North Central, Northwest, Southeast

Crexi Insights

These are the most recent Denver industrial lease and sales trends from Crexi Insights (as of November 2025):

For Lease (active)

• Asking rate/SqFt (median): $12 per year
• Median SqFt/listing: 5,406
• Days on market: 113
• Total listings on Crexi: 402 spaces

For Sale (active)

• Median asking price: $2.4 million
• Price/SqFt: $184
• Asking cap rate: 5.5%
• Days on market: 208
• Total listings on Crexi: 132

Sales Comps (past 12 months)

• Median sold price: $1.3 million
• Sold price/SqFt: $183
• Total sales volume: $364.7 million
• Sold cap rate: 9.3%
• Median SqFt sold/transaction: 8,680
• Total SqFt sold: 3.8 million 
• Days on market (median): 201

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Denver Office Market

The office market in Denver continues to evolve as companies redefine how and where they work. While vacancy remains elevated, leasing activity is steady, especially among tenants pursuing newer, amenity-rich buildings in walkable, well-connected areas. Sublease availability has begun to level off, signaling that the market may be finding its footing after several years of adjustment. 

With development pipelines largely paused and demand concentrated in Class A space, Denver’s office sector is entering a more measured phase, focused on quality, flexibility, and long-term stability.

Market overview (Cushman & Wakefield Q3 2025 Denver Office Report)

• Inventory: 121,419,438 SF
• Vacancy rate: 26%
• Net absorption: -293,459 SF (YTD)
• Under construction: 479,831 SF
• Key lease transactions by tenant: EOG Resources (99,400 SF), KSL Advisors (35,500 SF), Yield Solutions Group (31,800 SF) 
• Largest submarkets: Southeast Suburban, CBD, Northwest

Crexi Insights

For the latest updates on the Denver office market, turn to Crexi Insights. Here is detailed information on recent office market sales and leasing trends as of November 2025:

For Lease (active)

• Asking rate/SqFt (median): $23 per year
• Median SqFt/listing: 1,641 SF
• Days on market: 196
• Total listings on Crexi: 1,122 spaces

For Sale (active)

• Median asking price: $1.5 million
• Price/SqFt: $253 
• Asking cap rate: 6%
• Days on market: 191
• Total listings on Crexi: 165

Sales Comps (past 12 months) 

• Median sold price: $1.4 million
• Sold price/SqFt: $266
• Total sales volume: $489.9 million
• Median SqFt sold/transaction: 5,011 SF
• Days on market (median): 260

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Denver Retail Market

Denver’s retail market is holding steady, supported by strong consumer spending and a healthy mix of national and local tenants. While activity has cooled slightly after several strong quarters, retail space across the metro continues to draw steady interest, especially in high-traffic corridors and mixed-use neighborhoods. Limited new construction has kept availability in check, helping sustain stable rents even as demand shifts toward experiential and service-oriented retail. 

Market overview (Cushman & Wakefield Q3 2025 US Retail Market Report) 

• Inventory: 74,298,230 SF
• Vacancy rate: 5.8%
• Deliveries: 2,415 SF
• Net absorption: -67,128 SF (Q3 2025)
• Under construction: 0 SF
• Top sales transactions by tenant (CBRE): Lifetime Fitness ($34 million), Iliff Commons Shopping Center ($13.85 million), Woodlawn Center ($13.25 million)

Crexi Insights

Denver retail lease and sales trends from Crexi Insights (as of November 2025):

For Lease (active)

• Asking rate/SqFt (median): $23 per year
• Median SqFt/listing: 2,417 SF
• Days on market: 197
• Total listings on Crexi: 661 spaces

For Sale (active)

• Median asking price: $1.8 million
• Price/SqFt: $410
• Asking cap rate: 6%
• Days on market: 169
• Total listings on Crexi: 161

Sales Comps (past 12 months)

• Median sold price: $1.4 million
• Sold price/SqFt: $362
• Total sales volume: $359.1 million
• Sold cap rate: 6.7%
• Median SqFt sold/transaction: 3,514 SF
• Days on market (median): 260

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Denver Multifamily Market

The multifamily market in Denver is showing signs of renewed balance as demand keeps pace with a steady flow of new units. Leasing activity has held firm across much of the metro, supported by population growth and a consistent influx of renters drawn to the city’s lifestyle and job opportunities. While vacancy has inched up alongside ongoing deliveries, rent growth remains stable and investor interest strong. With construction gradually tapering, the market is positioned to regain its equilibrium going forward.

Market overview (Colliers Denver Multifamily Figures Q1 2025)

• Total housing units: 1,312,282
• Multi-unit inventory: 326,061 units
• Vacancy rate: 7.3%
• Average asking rent: $1,832
• Deliveries: 3,416 units (Q1 2025)
• Net absorption: 2,344 units 
• Under construction: 16,775 units
• Notable sales activity by property: 16950 Carlson Dr. (360 units; $103.25 million); 2180 S. Colorado Blvd. (350 units; $101 million); 5650 N. Argonne St. (324 units; $99 million)
• Largest submarkets: Downtown Denver, Aurora, Lakewood/West Corridor

Crexi Insights

Here are the most recent insights on the Denver multifamily market from Crexi (as of November 2025):

For Sale (active)

• Median asking price: $1.9 million
• Price/SqFt: $320
• Price/Unit: $247,500
• Asking cap rate: 5.4%
• Days on market: 106
• Total listings on Crexi: 96

Sales Comps (past 12 months)

• Median sold price: $485,000
• Sold price/SqFt: $287
• Sold price/unit: $447,400
• Total sales volume: $9.1 billion
• Sold cap rate: 5.7%
• Total SqFt sold: 1.6 million
• Days on market (median): 159

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Get more in-depth Denver market data with Crexi Intelligence.