Colorado-Real-Estate-Journal_499208

INSIDE NoCo office PAGE 4 The market is evolving through one of the most significant workplace shifts in decades December 2025 PAGE 15 PAGE 25 Industrial tax incentives Legislative changes found in OBBA draw attention of manufacturing occupiers Springs industrial Colorado Springs is a magnet for aerospace, defense, adv. manufacturing & tech firms D enver’s office investment landscape is rapidly evolv- ing, reflecting a dynamic mix of capital deployment, shifting user priorities, and emerging patterns in market fun- damentals. As we close out 2025, several notable trends are reshaping investor strategies and reaffirming Denver’s role as a critical office hub in the Rocky Mountain region. Mirroring the national capital markets environment, Denver investment volume is beginning to bounce off the bottom – through November, office investment sales are up 125% com- pared with the same period in 2024, reaching $1 billion across 40 transactions. Ris- ing debt availabil- ity is one compo- nent of this recov- ery, with Denver office origination activity increas- ing 60% year over year through November. Increas- ing user activity is another factor in rising volumes as corporate tenants take advantage of historically attrac- tive pricing to acquire strategic real estate, rep- resenting 15% of total Denver vol- ume across nine deals year to date. Pricing remains highly bifurcated by asset loca- tion and qual- ity; while average per-square-foot numbers for office transac- tions remains below $100 per sf, the market’s newest assets are seeing continued investor and ten- ant demand. The Please see Thiel, Page 12 Denver’s office market stands at a pivotal juncture Larry Thiel Managing director, JLL Capital Markets Sean Whitney Senior director, JLL Capital Markets Hilary Barnett Senior director, JLL Capital Markets Source: JLL Research (October 2025)