The Downtown Denver office market is experiencing significant challenges, with increasing vacancy rates leading to a wave of foreclosures. The latest property facing foreclosure is the 24-story office tower at 700 17th St., which has seen its occupancy drop from 90% in 2016 to just 60% today. This decline reflects broader trends in the area, where the shift to remote work and reduced demand for office space have left many buildings struggling to attract tenants.
This is not an isolated incident; several other high-profile office buildings in Denver, including the Denver Energy Center and Trinity Place, have also faced foreclosure proceedings since the pandemic began. These foreclosures highlight the difficulties landlords are facing as they contend with maturing loans and rising vacancy rates.
Despite these challenges, there may be opportunities for investors and businesses looking to enter the market at a lower cost. As office space demand shifts and evolves, properties that can adapt to new market realities—such as offering flexible leases or modern amenities—may find themselves in a stronger position.
At Corken + Company, we keep a close eye on market trends to provide our clients with the most up-to-date information. Whether you're looking to invest in commercial real estate or considering leasing space in Downtown Denver, our team is here to help you navigate these turbulent times and find the opportunities that align with your goals.
The Downtown Denver office market is undergoing significant changes, with rising vacancies leading to an increase in foreclosures. If you're considering investing in or leasing commercial property in this area, Corken + Company is here to provide expert guidance and support. Contact us today to learn more about how we can assist you in navigating this complex market.
