Renewals dominate as Denver office market holds steady

Leasing activity reached 1.7 million square feet (msf) in Q3 2025, down from 1.9 msf one year ago but consistent with recent quarterly levels. Downtown Denver and Southeast submarkets accounted for 58.0% of total volume, driven by transactions such as EOG Resources’ 99,420-square-foot (sf) lease in LoDo / Platte / RiNo and SM Energy’s 74,036-sf renewal and expansion in the Central Business District (CBD). Leasing this quarter was led by renewals, as many tenants extended their existing leases rather than relocate, reflecting continued caution around long-term space needs. Demand remained focused on amenity-rich, transit-accessible assets that support hybrid work.

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