While the housing market has been difficult, it’s a different story for people looking to expand their businesses in the Denver metro area. The numbers show opportunities for business owners looking for office spaces. “It’s on an upward swing since COVID,” said Crystalle Guss, an Invalesco real estate agent. “A lot of people are returning back to work.”
By: Jessica Crawford
At the end of 2020, the vacancy rate for office spaces was nearly 18% in the Denver metro area, according to the National Association of Realtors. The vacancy rate was around 14% at the end of 2021. That means spaces are filling up, but there’s still plenty of room for business owners.
Business owner Katrina Rogers said that more than two years beyond the start of the pandemic, she’s comfortable searching for places to expand her business, Move with Ease.
“I really do see that people are having a desire to get out and to be around other people,” Rogers said.
Those looking for office spaces in and around Denver may also be surprised by the price point.
“The trend, definitely that I see, is that office space has the lower rents because the vacancy rate is so high,” Guss said.
At the end of 2021, office space in Denver was about $28.60 per square foot — $6 less than the national average. It’s a trend that makes Rogers feel hopeful.
“It’s really invigorating, really, truly,” Rogers said. “It’s really allowing me to see how much more value I can add to my business.”