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Coming off of International Women's Month this March, we find it important to highlight the amazing women in our business and our team. We are proud to be an advocate and an example of diversity in our industry. We place the utmost importance on investing in high quality people to maintain excellence in service delivery for our clients.
In a recent Q&A by the Mile High CRE, our CBRE Colorado Market leader, Katie Kruger, said that she “works to advance humanity in the workplace.” She stressed the importance of corporate diversity and how the real estate industry needs to shift beyond compliance and towards a true commitment. |
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| “A diverse mix of voices leads to better discussions, decisions, and outcomes for everyone.” - Sundar Pichai |
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Our team strives to do our part by being active in the community and sharing our experiences. We offer internships, sponsorship opportunities, and volunteer to be guests at local educational institutions.
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| This month we spoke at CU Denver's Masters Entrepreneur Program, as well as the Real Estate Club at the Burns School of Business at Denver University. Our goal was to engage with students and provide guidance about the various aspects of real estate. We value fostering new relationships to create a diverse pool of talent for our company and industry. |
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| CBRE placed in 2022 Bloomberg Gender-Equality Index (GEI) for the third year in a row |
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| Katie Kruger, CBRE Colorado Market Leader |
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Research shows a correlation between diversity and improved financial performance. Credit Suisse conducted a study in 2019 that included 30,000 senior executives at over 3,000 companies worldwide. The data revealed companies with 20% or more women in management roles generated a 2% greater return on investment than companies with 15% or less women.
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| International Woman's Day |
Three industry leaders—CREW Network’s Wendy Mann and CBRE’s Benji Baer and Alison Caplan—share their challenges, inspirations and practical ideas to help women succeed and transform the future of work.
Click here to listen to: Run the World - Three Women Reimagining the Future of Commercial Real Estate |
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If you were out on the streets for the Rockies' Opening Day this April 8th, you would have found a sea of purple flooding the streets, lines outside almost every bar, cars backed up for miles and plenty of scooters on the way to the stadium. It seems that Denver is well underway on its recovery to the energetic and vibrant city that we knew pre-pandemic.
This quarter we experienced high transaction volume, 704,000 sq. ft., with the highest quarterly total in over two years. This is coming off the heels of a very strong finish to 2021. Although leasing activity improved, we have seen a pause in new tenant requirements and we expect to see a slight slow down in transaction volume in Q2 2022. This reduction in activity can be attributed to companies currently formulating and implementing their return-to-office strategies, as depicted in Figure 1. |
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| Q: When do you expect to encourage a more regular return to the office? |
| Figure 1: CBRE’s Spring 2022 U.S. Office Occupier Sentiment Survey of 185 corporate real estate executives. |
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Changes to employee routines will have near-term hurdles. These challenges can be as simple as coffee shops in your building's lobby being closed, limited options for lunch, or sporadic attendance by colleagues. It will take some time for people to adapt to working in person and returning to a new daily routine. Remember how awkward your first flight or restaurant experience was post-pandemic? Despite the short-term challenges, the long term benefits of personal interaction for both employees and employers alike are undeniable.
The good news is that the retailers who persevered, as well as those new retailers who filled spaces vacated during the pandemic, are reaping the benefits as downtown activity starts to ramp back up. We see Denver residents returning to the bars and restaurants and now they are returning to their offices as well. In fact, as of March 30, occupancy levels reached their highest point since the pandemic began.
Denver is home to 10 Fortune 500 Headquarters, which have already implemented their return-to-office plans. We continue to formulate these strategies with our clients, as the barriers to getting together have been removed. This will accelerate the rejuvenation of our community and allow us to move forward together.
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| 1. LEASING ACTIVITY |
Leasing momentum continued in Q1 2022 with 1.3 million sq. ft. of deals transacted, a 67.4% annual increase.
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| 2. EMPLOYMENT |
| The unemployment rate (not seasonally adjusted) for metro Denver dipped to its lowest level since the onset of COVID-19 in December 2021 to 3.6%. |
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| 3. DEVELOPMENT |
| Notable projects under construction include One Platte (241,000 sq. ft.), the Current River North (238,000 sq. ft.), T3 RiNo (230,000 sq. ft.), and Vectra Bank Headquarters (127,000 sq. ft.). |
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| 4. ABSORPTION |
| Metro Denver posted 232,000 sq. ft. of direct positive net absorption in 2022 - marking the first positive absorption since the onset of the pandemic. |
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| 5. INVESTMENT |
| Q1 2022 investment sales totaled $659.7 million, up 59.4% from the volume in Q4 2021. |
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Our Client Success Stories |
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| Undisclosed Oil & Gas |
This major oil and gas client looked to right size by marketing five (5) floors for sublease early in the pandemic. The challenge lied in conducting virtual tours and competing with other energy spaces on the market. Despite these challenges, we successfully subleased 108,459 sq. ft. at Granite Tower. |
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| DISH Network |
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Our goal with this client was to utilize market conditions to improve the lease obligation at the Grand Central Building in LoDo. We achieved favorable terms and simplified the lease.
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| SREV Nashville |
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We have been working with our portfolio client, Service Source, to implement a remote first strategy while providing global offices that support their needs. In Nashville, we redesigned their office environment, going from 120,000 sq. ft. to 52,302 sq. ft., dramatically reducing their annual occupancy cost while still maintaining a high headcount capacity.
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Click below to view the CBRE Q1 2022 Marketview Office Reports:
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See us in the news...
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