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2022 Q3 Denver Office Market Report

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Downtown Denver in the evening

Denver’s office recovery has halted as net absorption rapidly declines.

Key Takeaways

  • Absorption plummets in Q3.
  • Leasing activity slows, realizing 1.9MSF in Q3 2022.
  • Ongoing fears surrounding the pandemic are fading, but the majority of large companies are struggling to get back in the office. As time passes, we expect to see an increasingly hybrid model by late-2022 or early-2023.
  • Denver remains well-positioned for recovery due to its successful vaccination distribution, diverse tenant base, educated workforce, and company relocation/expansion announcements.

3Q2022OfficeReport Denver

2022 Q3 Denver Office Market Report

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Related Experts

Robert Whittelsey

Principal | Occupier Advisors Group

Denver

Consistently recognized over the past two decades as one of the top brokers in Colorado by the Denver Business Journal, I am widely recognized for my real estate strategy development and negotiation skills. The strength and depth of my local and national market knowledge combined with the vast resources deployed on behalf of my clients, results in unparalleled results.

As a Principal of Colliers International Denver and team leader of the Office Property Division, I provide a full range of services to my clients to assist them with identifying their core goals and values.  Then through listening to my clients, I create solutions that positively affect their operations and balance sheet through reduced costs, increased productivity and increased earnings.

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Abby Pattillo

Vice President

Denver

Abby began her career at Colliers Intentional Denver as a Research Analyst, responsible for the aggregation, analysis, interpretation, and reporting of market research data.  In this role, she developed client-oriented interpretations and graphics indicating market trends and interpreted this data through various graphic formats, including quarterly written market reports and other presentation quality documentation of market activity and trends.
 

The experience Abby gained as a Research Analyst played an integral part in her transition into brokerage as she is very familiar with the market and well versed in market trends, making her an ideal tenant representation broker.  Abby works collectively with Robert Whittelsey on the tenant representation team and also assists the Southeast landlord representation team. 

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Chris Wiley

Principal

Denver

As a principal of Colliers International, Denver, I focus my attention on representing and consulting for local and national users of commercial real estate. In this capacity, my client’s trust in my abilities as a result of my attention to detail, strategic planning and negotiating strategies. My team members and I provide a full range of services to our clients.

2012 – Present:
Colliers International – Principal, Office Division

2008 – 2012:
Colliers International – Vice President, Office Division

2005 – 2008:
Colliers International – Broker, Office Division

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Matthew Ball

Principal

Denver

My practice is focused on managing complex geographic, logistical and market-driven demands and provide unparalleled information for companies that occupy office locations. I create a competitive advantage for clients by having an advisor that will drive scenario planning, make recommendations and implement effectively.
My team and I work to understand your business strategy, competitors and industry drivers that can influence your choice of space – its location, functionality, flexibility and cost.

Brokering over 400 transactions and $200 million in gross lease/sale value, allows me to consistently be one of the top producers within my firm.
2010 – Present: Colliers International – Vice President, Office Division
2004 – 2010: Colorado Commercial Companies – Associate

AREAS OF EXPERTISE: Strategic planning and scheduling, workplace integration, site identification/analysis, financial analysis, strategic negotiation support/development, change management, operation expense consulting, lease management, technology integration, culture development

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Jeremy Reeves

Vice President

Denver

My practice is focused on working with office space users to employ strategies that complement their business objectives and solve their real estate needs. My commercial real estate career spans fifteen years during which I have been directly involved in hundreds of office lease and sale transactions in Denver and other U.S. markets. My clients appreciate the time and attention that I dedicate to understanding their business and executing the plan as well as my consistent communication and reliability throughout the entire process. I have an unrelenting passion to deliver measurable results to my clients.

A diverse background in Tenant Representation, Landlord Representation, and owner/user and investments sales provides me with the unique perspective of viewing a real estate transaction through multiple lenses.

  • 2017 – Present: Colliers International – Vice President, Office Division
  • 2011 – 2017: RISE Commercial Real Estate Advisors (Inverness Properties), Senior Advisor
  • 2010 – 2011: Sheldon-Gold Realty, Broker
  • 2004 – 2010: Boxer Property, Office Leasing Broker
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Chad Spurway

Associate

Denver

I began my real estate career with Colliers in 2022 as a member of the Occupier Advisory Group.   As your strategic advisor, my goal is lowering your real estate costs and occupancy risks while maximizing workplace flexibility and productivity.  I specialize in new business development and client services, providing a full range of services, including, but not limited to: 

• Strategic Planning and scheduling 
• Workplace integration 
• Site identification/analysis
• Financial analysis
• Strategic negotiation support/ development 
• Change management
• Operating expense consulting 
• Lease management
• Technology Integration 
• Culture development

 My practice is focused on managing complex geographic, logistical and market driven demands and provide unparalleled information for companies that occupy office locations.  I create a competitive advantage for clients by having an advisor that will drive scenario planning, make recommendations and implement effectively. 

My team and I work to understand your business strategy, competitors and industry drives that can influence your choice of space – its location, functionality, flexibility and cost.

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Hunter Courtney

Associate Broker

Denver

I began my real estate career with Colliers in August of 2022 as a member of the Capital Markets Office team, specializing exclusively in the disposition and recapitalization of investment properties. I focus on representing my clients’ interests on middle-market office, flex, and industrial assets.


As a recent graduate from the University of Nevada, I am well versed in marketing and research. Paired with a comprehensive knowledge of market trends in the Denver Metro area, I am able to provide a high level of understanding to each transaction to foresee opportunities and resolve issues in this complex market.

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