While market challenges persist, according to a High Frequency Economic Update from the Downtown Denver Partnership, 2025’s year-to-date wins deserve celebration.
October 2025 continued downtown’s positive foot traffic trajectory, reaching 91% of October 2019’s pedestrian activity, three percentage points higher than October 2024. Major events included the Great American Beer Festival and the Nuggets and Colorado Avs home-opener games at Ball Arena. Downtown’s average recovery rate in 2025 has outpaced 2024, reaching 86% year-to-date through October.
Retail and Restaurants
Downtown has welcomed 61 new ground-floor businesses since the start of 2025. October alone brought five new businesses to downtown: XSO Night Club opened in the Pavilions, Denver Clayroom and Malinche Audio bar opened on Platte Street, Aktiv opened its doors in Market Station, and Portland Leather recently opened in Larimer Square.
The pipeline for November and beyond remains strong. The Guest will debut within the event space, The Regular, on Market Street. Insee Father Noodles will be the latest addition to the exciting list of new businesses on Platte Street. Sicilia Pasta and Isla Salon will fill out the ground-floor space of the Dryden in Golden Triangle (to be joined in 2026 by Olive & Finch), and Jordan’s Deli will open in Capitol Hill off of Lincoln Street. Mendocino Farms has added new branding to the former Panera spot on 16th Street, preparing to bring fresh and creative salads, sandwiches and more.
When examining business closures downtown, the turnover rate appears to be approximately 3:1, one business closing for every three that opens in 2025. With Denver-area data showing declines in restaurant spending amid broader economic pressures, supporting existing downtown businesses remains critical.
Hotel
The downtown hotel market experienced subdued late-summer performance. September occupancy reached 77% (down two percentage points year-over-year), with RevPAR of $186 (down $5 from September 2024). This performance mirrors national hospitality trends as travel has moderated due to economic uncertainty.
Office
The office market continues to display net positive absorption (90,000 square feet) in Q4 2025 and 1.4M square feet of leasing activity 2025 year-to-date. Downtown’s overall vacancy rate remains at 28% with little to no movement in vacancy since Q2 2025. Sublet vacancies have dropped slightly, while direct vacant spaces show a minimal increase.
Notable 2025 leases demonstrate corporate confidence in downtown. EOG Resources is leasing almost 100,000 square feet at 1550 17th Street, Reed Smith will occupy 30,600 square feet at 1900 Lawrence (an expansion from their 19,000 square feet of space on Wewatta St.), Sasaki will expand into 13,00 square feet at 511 16th Street, and The 33rd Talent is leasing 24,200 square feet at 1899 Wynkoop Street. Ibotta celebrated the grand opening of its new office space, a 10-year lease at 1400 16th Street, in November. IMA Financial recently announced the expansion of its LoDo headquarters, reaffirming its downtown commitment.
The return-to-office (RTO) trend shows significant improvement, with 2025’s year-to-date average RTO being 63%, up from 60% in 2024. October’s weekday employees reached 65% of 2019 levels—a four-percentage point jump from October 2024.
For complete data analysis, detailed charts, and additional insights, read the full October 2025 High Frequency Update report.
