Decade in Review: The Denver Office Market
Now that the decade is over, COMMERCIALCafé, a nationwide commercial real estate listings platform, decided to look back at the evolution of office markets across the U.S. from 2010 to 2019. They checked the top deals of the decade, the most active markets, the price per square foot fluctuations, the biggest office completions, and more.
Key takeaways for Denver:
- The Denver office market started the decade with an average price per square foot of $165 and ended it at $197—a 19% increase.
- The biggest single-building deal of the 2010s here was the $387.5 million sale of the Wells Fargo Center. Beacon Capital Partners purchased the property from Charter Hall in 2012.
- The largest building completion was the 671,101-square-foot 1144 Fifteenth Street. Delivered in 2018, it is owned by Hines Interests.
Nationally, the office sales volume settled around $100 billion for each of the last few years, after peaking in 2015. Prices continued to rise. The national price per square foot started the decade off at $211 and ended at $291.
Drawing on Yardi Matrix data, the study looked at office transactions from 2010 to 2019, considering only completed properties of at least 25,000 square feet and a minimum transaction amount of $5 million.
Read the complete article and see a full decade overview here.