The Greater Denver commercial real estate market showed a mix of resilience and recalibration through the end of 2025. Leasing activity, vacancy trends, and investment dynamics varied across sectors, with each category reflecting its own cycle of recovery and repositioning. Multifamily continued to attract strong investor interest, Office saw ongoing adjustments as companies evaluated space needs, and Retail demonstrated steady demand supported by consistent consumer activity.

Multifamily Market Overview

Denver Metro Multifamily Performance

The multifamily sector remained one of Denver’s most stable commercial asset classes through late 2025. Demand held steady as the metro population continued to grow and renters sought well located, amenitized communities. While new deliveries added pressure to certain submarkets, overall occupancy levels stayed healthy and rent performance remained positive in many stabilized assets.

Development activity continued at a moderated pace compared to the peak building years, creating room for existing properties to absorb demand more effectively. Investor interest stayed strong, driven by Denver’s long term fundamentals and the sector’s consistent performance in both expansionary and cooling economic cycles.

• Healthy leasing velocity in well positioned Class A and B properties

• Continued rent normalization after rapid post pandemic growth

• Stable demand fueled by employment growth and migration patterns

• Increasing interest in value add assets as replacement costs rise

These trends signal that multifamily remains a core investment preference across Denver, supported by strong market fundamentals and resilient renter demand.

Retail Market Overview

Denver Metro Retail Performance

The retail sector demonstrated a steady and confident close to 2025. Consumer spending remained solid, and retail centers anchored by daily needs tenants performed particularly well. Vacancy levels held stable, and leasing volume reflected consistent demand from both regional and national tenants seeking well located space.

Foot traffic patterns returned to pre pandemic norms in many trade areas, and experiential retail continued to gain momentum as operators looked for locations that could maximize visibility and convenience. New construction stayed limited, which supported healthy occupancy rates across most of the metro.

• Stable vacancy supported by limited new supply

• Strong performance in grocery anchored centers

• Consistent leasing interest from service and lifestyle tenants

• Healthy absorption as tenants targeted high quality retail corridors

These dynamics reinforce Denver as a strong market for retail stability and long term tenant retention, especially for well maintained and conveniently located properties.

Office Market Overview

Denver Metro Office Performance

The office sector continued its gradual adjustment as companies refined hybrid work strategies and evaluated how much space they truly needed. Vacancy levels remained elevated, particularly in older Class B and C properties, while modern, well located spaces with strong amenity packages saw better absorption and tenant retention.

Sublease availability remained a notable part of the market, giving tenants increased flexibility and negotiating leverage. While overall leasing activity was steady, many transactions favored shorter lease terms as tenants prioritized optionality.

• Elevated vacancy levels in aging office inventory

• Better leasing traction in newly built or recently upgraded Class A spaces

• Higher sublease availability shaping tenant decision making

• An emphasis on quality, convenience, and flexibility in site selection

Although the office sector continues to evolve, well positioned assets with modern layouts and desirable locations remain competitive and capable of attracting long term tenants.

What This Means for Commercial Owners and Investors

Multifamily

Strong long term fundamentals, steady absorption, and ongoing renter demand continue to make multifamily a preferred asset class. Opportunities remain in value add repositioning and strategic acquisitions.

Retail

Grocery anchored and service oriented retail properties continue to outperform. Limited construction supports existing center performance, creating opportunities for landlords to strengthen tenant mixes.

Office

The market is redefining what workplace needs look like. Owners who reinvest in amenities, modernization, and flexible layouts are best positioned to capture tenant interest in 2026.

Partner With Corken + Company 

Whether you are evaluating a disposition, acquisition, repositioning strategy, or long term asset plan, Corken + Company provides informed, data backed guidance tailored to your goals.

If you would like a deeper look into submarket performance or a personalized commercial strategy review, we are here to support you.