NAIOP 2026 Commercial Real Estate Honors: Regional Office Broker Award Winner

Matt Smith, Founder – Premises Commercial Real Estate, Named winner of NAIOP 2026 Regional Office Broker Award

The team at Premises Commercial is happy to share the exciting news that Matt Smith, Principal and Founder of Premises Commercial Real Estate, was selected as the winner of the esteemed NAIOP Colorado Commercial Real Estate Honors award in the Regional Office Broker category. These awards honor and celebrate the outstanding achievements of top commercial real estate professionals throughout the Denver metro area, recognizing their dedication and contributions to the industry.

Congratulations to Matt Smith! We are proud to celebrate Matt’s recognition as the 2026 Regional Office Broker Award winner. Much deserved, Matt!

Denver’s office market is evolving rapidly, offering both opportunities and challenges for businesses. Vacancy rates downtown have surged post-pandemic (around 32% in 2025), yet certain hotspots like LoDo and Cherry Creek remain highly sought-after with lower vacancies and premium rents. What does this mean for you? In short, it’s a tenant’s market in some areas, but top-tier spaces in prime neighborhoods still command top dollar. To help you navigate your search, below we summarize key insights on renting office space in Denver, from average lease rates by neighborhood to insider tips on the leasing process.

Location matters a lot in Denver. Office lease costs can vary dramatically by neighborhood and building quality. Here’s a quick snapshot of average asking rents in a few major submarkets (full-service rates per square foot, per year):

Source: CoStar July 2025

As the table shows, premium submarkets like LoDo, RiNo, and Cherry Creek boast the highest rents. RiNo, for instance, has some of Denver’s newest creative office buildings and has hit record-high asking rents around $49/SF– even higher than downtown’s average of ~$35/SF. Cherry Creek, an upscale district, is “the place to have an office” with very tight vacancy (6%) and premium Class A spaces commanding $60/SF full-service. By contrast, older Downtown CBD towers average in the low $30s/SF, and suburban areas like the Denver Tech Center (DTC) are affordable ($21/SF). Takeaway: set your budget with the neighborhood in mind. You may snag great deals in soft areas (landlords are increasingly willing to negotiate), whereas in hot spots be prepared for higher rates and less availability.

Rent price is just one piece of the puzzle. Denver’s diverse business community, from startups in RiNo to law firms in LoDo, should consider several factors before signing a lease:

• Budget & Lease Type: Determine your total budget, not just base rent. Understand the lease structure: a full-service (FS) lease means one gross rent covering everything, whereas a triple-net (NNN) lease means a lower base rent plus operating expenses (taxes, insurance, maintenance) passed through to you. Denver has all types, so clarify what is included (utilities, janitorial, etc.) and plan for annual rent escalations. Pro Tip: Many Denver office leases are full-service gross, but usually doesn’t include covered parking fees.
• Space Needs (Square Footage): How much space do you really need? This depends on your team size, layout preferences, and work style. Pre-COVID norms were ~150 SF per person, but by 2020 it grew to ~196 SF/person on average. With hybrid work and “hoteling” of desks, some companies now require less space per employee. In the Denver area, you might see ratios from 3 to 7 people per 1,000 SF (i.e. ~150–333 SF per person) depending on whether you favor open collaborative areas or private offices. List how many offices, conference rooms, and open workstations you need. It’s wise to allow room for growth if you anticipate hiring – but also avoid paying for space that will sit empty. With a space program in hand, you can calculate a good estimate of how much space you need. (link to our space calculator?)
• Location & Amenities: Each neighborhood in the Denver area offers a unique vibe. Do you need to be walking distance to courts and clients (Downtown/CBD or LoDo for law firms), or prefer a trendy tech hub with breweries and art (RiNo)? Consider commute and transit access (Downtown and LoDo have light rail and Union Station). Since parking can be a major factor in Denver, ensure the building has adequate parking or nearby garages, and factor in additional parking costs. Also evaluate on-site amenities; modern buildings may offer fitness centers, bike storage, tenant lounges, event spaces or other perks that can boost employee satisfaction.
• Lease Term & Flexibility: Decide on a lease length that fits your business plan. Short-term leases (≤3–5 years) offer flexibility (easier to grow/shrink or relocate) and simpler negotiation, which can be ideal for startups or uncertain headcount. Long-term leases (5–10+ years) often secure better incentives; landlords may grant free rent periods or larger tenant improvement allowances for a longer commitment. Think about your stability and growth. If you lock in a low rate long-term, it provides predictability, but only if you’re confident the space will serve your needs in a few years. Many Denver tenants in 2025 are hesitant to commit long-term due to market flux, but others are seizing great deals on 7+ year leases with generous concessions.
• Tenant Improvements (TI) & Build-Out: If the space isn’t a perfect fit “as is,” you’ll need build-out work. Clarify who pays for and manages tenant improvements. Often, landlords provide a TI allowance (a budget they fund for customizing the space) – e.g. $X per SF to build offices, install new carpet, paint, etc. In Denver’s competitive market, Class A landlords commonly offer TI packages and even turn-key buildouts. Negotiate for what you need: more TI dollars if the space needs major changes or perhaps ask for rent abatement (free rent) as an alternative incentive. Also decide if you will handle project management of the build (hire your own architect/contractor) or let the landlord handle construction. Each approach has pros and cons. (Denver tip: depending on the municipality permitting can last from 1 to 4 months plus construction time, so factor in a for the time needed for build-out before your target move-in.)
• Operating Expenses & Extras: Denver landlords will pass through increases in operating costs in most leases. In a full-service lease, the year of signing becomes a “base year.” If property taxes or expenses rise in future years, you may be billed your share of the increase. In a net lease, you’ll pay your share directly starting upon commencement. Ask about recent CAM (Common Area Maintenance) historical costs and future trends. New energy-efficiency rules in Denver (like the Energize Denver initiative) might lead to building upgrades. Ensure any such capital improvement costs aren’t unfairly passed to you. Janitorial services are typically included but you should check into the level of such service provided. Avoid surprises by getting everything in writing in the lease about who covers what.

Leasing office space can be complex, but going in with a plan makes it manageable. Here’s an overview of the Premises Advantage: 12-Step Leasing Roadmap, highlighting local twists to be aware of:

This step-by-step journey may seem involved, but with the right support, it can go smoothly. Five years after the pandemic, most companies have refined their office strategies, whether downsizing, expanding, or embracing hybrid models. Denver’s current high office vacancy provides an excellent time to find ideal office space. While we’ve covered the first six steps here, the full leasing process includes six additional critical phases:

• Lease Documentation
• Construction Documents
• Bidding and Permitting
• Construction, Move, Furniture, and IT Coordination
• Punch List and Move-In
• Ongoing Review Throughout Lease Term

Staying on top of current trends will help you make a savvy leasing decision. Here are the emerging 2025 trends in Denver’s office space:

• “Flight to Quality or Not” – After the pandemic, companies are trying to encourage their employees back to the office. And while some of the newer Class A buildings with abundant amenities (roof decks, gyms, modern HVAC, etc.) in hot locations like Cherry Creek are outperforming older stock, it isn’t true across the entire Denver Metro Office Market. In fact, Class A buildings currently sit at 26% vacancy, while Class B buildings and Class C buildings sit at 14% and 5.5% vacancy respectively. So, there is still a place for well-located good value office buildings.  Takeaway: As long as you aren’t just considering the most favored locations, you might be able to negotiate a bigger relative discount on Class A buildings than you can on Class B buildings.
• Hybrid Work and Office Utilization – Remote and hybrid work patterns persist. Downtown Denver still sees only about 62% of 2019’s office worker foot traffic on a typical day. Many companies now mandate 2-3 days in office, and we are seeing an incremental return-to-office trend, but a full five-day office culture is rare. Practical effect for tenants: some are leasing smaller footprints than pre-2020 (leases signed in 2024 were on average 42% smaller than in 2015), while others keep similar space but redesign for collaboration (fewer individual offices, more team huddle areas). Also, since most companies value flexibility, you can expect shorter initial lease terms or more termination options. We’re also seeing larger firms subleasing excess space; as a tenant you might find high-end sublease space at a discount. Indeed, brokers note that “if you price it right, it will go quickly” for quality sublease listings. Keep an eye out for sublease opportunities which often come fully furnished and wired. That’s a bonus in a hybrid world where you might not want to invest heavily in fit-out.
• High Vacancy Downtown vs. Tight Niche Markets – Denver’s overall office vacancy stands at ~18% mid-year 2025, but this is not uniform. Downtown’s vacancy is at 32%, a historic high. In contrast, Cherry Creek’s vacancies are at 6%, and most suburban areas are healthier (e.g. DTC ~21% vacancy). This bifurcation means tenants seeking a downtown address have a lot of leverage in 2025 as landlords compete to fill space. Meanwhile, if you desire a spot in Cherry Creek’s prized office towers, you’ll compete for limited vacancies and pay premium rent. Law firms and finance firms are notably moving into RiNo and Cherry Creek, following where talent wants to work. Trend: We anticipate rent spreads widening with the best locations likely seeing rent stability or growth, while average offices elsewhere may see flat or even declining effective rents (after concessions).
• Landlords Sweetening Deals – To attract and retain tenants, many landlords are offering more generous concessions in 2025. Expect higher TI allowances, free rent months, and flexible lease clauses (like expansion options or termination rights) especially downtown. For example, long-term leases might come with 6–12 months of rent abatement on a 7-year term, which was less common pre-pandemic. Landlords would rather give concessions than drop face rental rates drastically, to preserve their property valuations. Also, some landlords are investing in building upgrades (lobby renovations, adding conference centers or fitness facilities) to remain competitive and justify their rents.
• Office Conversions and Adaptive Reuse – A unique trend born of high vacancies: Denver building owners are exploring converting older office buildings into residential or mixed-use. The city and Downtown Denver Partnership are promoting initiatives (like a new Downtown Denver Authority funding mechanism) to support converting surplus office space to apartments, hotels, or other uses. In 2025, it’s expected that more office space will be removed (via conversion or demolition) than added in Denver, which would be a first in modern times. Some deals are already in motion, and landlords of chronically vacant buildings are considering if a different use is the way out. For tenants, this means fewer new office buildings coming online and perhaps some funky new office-to-residential projects in downtown’s future (which could improve downtown vibrancy). It’s a long-term trend to watch, as it could tighten supply over several years.
• Amenities and Workplace Experience Matter – With hybrid work, companies realize the office must be a place people want to be. High-quality amenities and healthy building features are in demand. New leases often highlight features like touchless entry systems, upgraded air filtration (for health), collaborative lounges, and proximity to restaurants and outdoor space. One Denver tech company, Monday.com, doubled its downtown footprint in 2024 and specifically cited Denver’s “lively business community” and built an office with a game room and chill-out space to encourage employees to actually come in. This exemplifies how tenants are using amenity-rich space as a tool to lure staff back. Expect features like rooftop terraces, bike rooms, fitness centers, and tenant apps for on-site perks to be common requests. Landlords know this and many are investing in experience, so don’t hesitate to ask about planned amenity upgrades when touring buildings.

Overall, Denver’s office market in 2025 is in a transitional phase. The shakeout from COVID-era changes is still working through, but optimism is creeping back. Lease rates have held relatively steady (Denver’s average asking rent actually rose ~1.9% per year from the beginning of 2020 at $28.85 to the beginning of 2025 at $31.62 although landlord concessions and costs (free rent, tenant improvements and operating expenses) have significantly increased resulting in lower effective rent. But many brokers feel the market “is finally stabilizing” with leasing activity picking up. As a tenant, you are in a strategic position to secure favorable terms, especially if you act while vacancies are elevated. But make sure to consider the long game. Choose a location and space that will serve your needs for the next phase of your business, as Denver’s economy continues to grow and evolve.

Navigating the Denver office market is far easier and more effective with a tenant representation broker in your corner. We’ve mentioned using a broker throughout this guide and here’s why it’s worth it, especially in a complex market like 2025:

• Market Expertise & Access: Tenant brokers have full access to the market inventory, including off-market availabilities and subscription-only databases. They’ll ensure you don’t miss a hidden gem. Their local insight means you get honest advice on which buildings/landlords have good reputations and which to avoid.
• Skilled Negotiation: An experienced broker negotiates exclusively on your behalf. They know the going rents and incentives in each submarket, so they won’t let you overpay. You need an expert on your side unlike the listing agent, who is fighting for the landlord. Tenant Rep Agents have a fiduciary responsibility to do what is best for their clients. Brokers also understand the language of lease contracts and can spot red flags in leases and proposals that a layperson might miss.
• Saving You Time: From researching the best spaces to scheduling tours and coordinating architects and attorneys, a broker handles the heavy lifting. Using a tenant rep lets you do what you do best for your business, while they handle the real estate process. In short, your broker manages the lease process, protecting you so you can run your business.
• Team of Professionals: A good broker can assemble a team for you recommending reliable real estate attorneys, space planners, move consultants, furniture vendors, etc. if needed. In the Denver area, there’s a whole ecosystem of professionals, and a well-connected broker will introduce you to the right people. This network can be invaluable, especially if you’re new to the area or a first-time tenant.
• Local Insights & Advocacy: Tenant reps often have insight into owner motivations. For example, they might know a certain building owner needs to fill space before their loan refinance and would be able to leverage that to get a better deal. They also can advise on local Denver area norms (e.g. many leases require personal guarantees for new small tenants and your broker will know how to limit that or get it removed when possible). They ensure you’re treated fairly and that lease terms address your interests, not just the landlord’s.
• Landlord Pays the Commission: In most cases, the landlord pays your broker’s commission. So you get professional representation and advocacy at no direct cost to you. The landlord has a broker on their side so you should too. (If a particular deal situation requires you to pay a fee, your broker will tell you up front, but that’s uncommon in Denver office leases.)

In summary, a tenant rep agent is your advisor, advocate, and problem-solver from start to finish. With the right broker, you gain experience, knowledge, expertise, and resources and someone to protect you from unforeseen liabilities or hidden costs in lease terms. Especially in a dynamic market like Denver 2025, having an expert partner will ensure you secure the right space on the right terms.

For additional FAQs, visit our main FAQ page.

It is a sad statement when one of the oldest and most respected Denver developers looks elsewhere to build due to unnecessary and over burdensome delays and requirements by the City of Denver’s Building Department.

PLAN FOR A HEADACHE

Denver’s permitting process isn’t changing fast enough for developers, and many are looking to other cities for relief.

By Robert Davis

Driving through Denver brings up mixed feelings for Carl Koelbel.

As the chief operating officer of Koelbel and Co., a Denver-based development firm his grandfather founded in 1952, there’s a sense of pride that comes from seeing completed developments like Yale Station, LoHi Court and CityHomes at Lincoln Park.

But each project also reminds Koelbel, now the CEO and president of Koelbel and Co., of the headaches that came from working with Denver’s building department.

Once, Denver’s Community Planning and Development office asked Koelbel’s company to provide address signs for individual units in an entry-level townhome project in the Lincoln Park neighborhood. Submitting that seemingly minor revision triggered a restart to the lengthy site development plan review process, Koelbel told the Denver Business Journal, delaying when the building could generate cash flow.

Koelbel finds other requirements impractical. He points to one parcel of industrial land his company owns on Wynkoop Street in the River North Art District. Before granting permission to develop the property, CPD asked Koelbel and Co. to activate the street with retail opportunities. However, low foot traffic in that area makes it difficult to attract customers. Koelbel has not yet developed the site because of this issue.

“These issues are pushing [builders] out of the city of Denver, and I’m not the only one,” Koelbel said. “I’ve got partners that operate nationally and they say Denver, in its current state, is the most challenging municipality outside of California to operate in from an approval process standpoint.”

Complaints about Denver’s system were so common, Mayor Mike Johnston campaigned in 2023 on a promise to fix the permitting backlog and repair the city’s relationship with local builders. But some say those changes aren’t happening quickly enough. Instead, they claim they’re looking to build in other cities like Littleton, Aurora and Boulder — or outside of Colorado altogether — to maintain their project flow.

This is good news; Denver ranks 3rd best at attracting millennials behind only Alexandria VA and Cambridge MA!

Cities Attracting the Most Millennials – 2025 Study

By Jaclyn DeJohn, CFP®

In just one year, 5.49 million millennials moved to large U.S. cities. While about 73% of these transplants moved to a big city within their current state of residence, another 19% traversed states to start new – and nearly 8% came to these cities from abroad. Millennials are often in their prime earning years, and many have young families, which may significantly impact the communities they join and leave.

With this in mind, SmartAsset ranked 271 of the largest U.S. cities based on the percentage of people between the ages of 25 and 44 who recently moved in.

Key Findings

• In these two cities, millennials who have recently moved in make up over 12% of the population. Alexandria, Virginia saw the highest influx of millennials relative to its population, with 12.67% – or 19,486 – moving in during 2023, approximately 46% of whom came from out of state. Cambridge, Massachusetts ranked second, with millennials making up 12.15% of new residents, or 14,197 people, 39% of whom relocated from outside the state.
• New York City had the most millennials move in by a factor of at least 2x. Not accounting for its population size, New York City had the most millennials join its perimeters at 362,649 move-ins in one year – accounting for 4.44% of the population. This number of move-ins was double that of Los Angeles, which had the second highest nominal move-ins at 187,210.
• These California cities were least attractive to millennials. While Sunnyvale and Santa Clara made the top 10 cities where millennials are moving to, more California cities rank at the bottom of the list. Jurupa Valley ranked last with 2.35% of its population comprising new millennial transplants. Other cities that were among the 10 least popular include Santa Ana (2.58%), Elk Grove (2.60%), San Bernardino (2.78%), Oxnard (2.78%), Ontario (2.96%), El Monte (3.08%), Garden Grove (3.11%) and Modesto (3.12%).
• Seattle, WA has the largest segment of millennials relative to its population. Just over 42% of Seattle residents are between the ages of 25 and 44. Seattle also ranked fifth overall for most popular places for millennials to move to, with 11.51% of its population made up of millennials who moved in in 2023.

More evidence that the office market has turned the corner as JLL reports a 34% increase in leasing revenues!

JLL doubles profit as leasing and property sales surge

By Randyl Drummer, CoStar News

Chicago-based firm joins US real estate brokerages reporting accelerated deal activity. Commercial real estate brokerage JLL more than doubled its profit and posted big gains in leasing and property sales as dealmaking picked up across the industry in the third quarter.

The Chicago-based company said revenue increased 15% to nearly $5.9 billion from the prior-year quarter, fueled by double-digit gains in leased space, capital markets and what it called its “resilient” businesses such as property and project management.

JLL reported a profit of $155.1 million in the quarter — up sharply from the $59.7 million a year earlier — as the company’s results were boosted by accelerating activity across all its main businesses.

“The results reflect our strength in transaction markets that are still in the early stages of recovery,” CEO Christian Ulbrich told investors during an earnings call on Wednesday.

JLL joined CBRE, Cushman & Wakefield, Colliers International and Newmark in reporting increases in leasing that helped drive higher revenue, activity that added to promising signs of recovery in property markets.

Law firms leased 3.2 million sf of office space in the first quarter, surpassing previous highs in 2019 and 2021. The evolving trend towards hybrid work, with 2 days remote and 3 days in the office, offers attorneys flexibility for collaboration and performance.

Law Firms Are a Bright Spot in a Dreary Office Leasing Market

By  Kelsi Maree Borland

Law firms have a history of supporting the office market. During the creative office revolution, law firms provided a lifeline to traditional office owners, and in the midst of today’s office market correction, law firms remain fervent users of office space.

From the adoption of hybrid work styles to retiring the corner-office mentality, they are emerging as an example of how the office market will evolve, say Raymond Trevisan, CRE, executive managing director with Cushman & Wakefield and a member of the Counselors of Real Estate, and Anthony DellaPelle, CRE, the global chair of the Counselors of Real Estate, two experts in law firm leasing.

Law firms are voraciously leasing office space, even as office demand in the US has fallen sharply. According to research from Cushman & Wakefield, law firms have accounted for 7.2% of office leasing activity in major markets, and firms have committed to 3.2 million square feet of space in the first quarter of the year alone. The activity exceeds leasing activity for the sector in1Q19 and 1Q21, and it puts law firms on track for another strong year of leasing activity

Are you a seasoned commercial real estate broker looking to elevate your career? Do you have experience leasing commercial office space and a desire to work with a leader in the industry? If so, we have an exceptional opportunity for you.

The Role

We are seeking a high-quality Commercial Real Estate Broker to join our team. This role will involve partnering with an award-winning broker who has consistently demonstrated excellence in the field. As a broker in our firm, you will work on our current nine office listings and engage in tenant representation work. This is a role for a self-starter who is motivated, possesses high integrity, and is a great teammate. If you are a good person with a strong work ethic, we want to hear from you.

What We Offer

1. Proven Leadership: You will have the opportunity to team up with a three-time winner of the DMCAR/Denver Business Journal Office Broker of the Year award.
2. Excellent Training: We provide access to top-tier training through the Massimo Group. This training will equip you with the latest strategies and techniques in commercial real estate, helping you to stay ahead in a competitive market.
3. Great Splits: We offer competitive commission splits that reward your hard work and dedication. Your potential for a high six-figure income is real and achievable with our support and resources.
4. Mentorship: Receive mentoring from a proven leader in the industry. This mentorship will help you navigate the complexities of the market and develop your skills further.
5. Tools and Resources: We equip our brokers with the best tools and resources to ensure their success.

The Ideal Candidate

Our ideal candidate will have experience leasing commercial space, preferably office space. You should be a self-starter, motivated, and possess high integrity. Being a great teammate and a good person is equally important. We are looking for someone who is driven by success and is eager to grow their career in a supportive and dynamic environment.

Why Join Us?

Joining our team means being part of a small shop that punches above its weight. We have a track record of success and a reputation for excellence in the industry. This is a fantastic opportunity to grow your career and increase your earnings.

Key Responsibilities

• Partnering with our lead broker on current office listings and tenant representation work.
• Engaging with clients to understand their needs and provide tailored solutions.
• Managing the leasing process from start to finish, including negotiations and closing deals.
• Developing and maintaining strong relationships with clients, landlords, and other stakeholders.
• Staying updated on market trends and developments to provide expert advice to clients.

Compensation

This role is commission-only, offering the potential for a high six-figure income. With great splits and the support of our team, your hard work and success will be well rewarded.

How to Apply

If you are ready to take your career to the next level and join a winning team, we want to hear from you. Apply today by emailing Matt Smith at msmith@premisescommercial.com to become part of our dynamic and successful firm. Together, we can achieve great things.

Gensler’s study underscores the importance of creating a great workplace that balances functionality with an engaging experience for employees. Achieving this delicate balance is undoubtedly a challenging task!

Want a High-Performing Workplace? Here’s What Matters Most.

Our global research identifies what makes a high-performing workplace and what design factors matter most.

By Janet Pogue McLaurin and Anita Grabowska

Note: This blog is the second of a blog series sharing insights from Gensler’s Global Workplace Survey 2024. Read part one here.

With the Summer Olympics rapidly approaching, the stories of the athletes who will be competing are starting to surface. I’m always inspired by the grit and determination of these athletes and how one-hundredth of a second can determine the difference between bronze, silver, or gold. Olympic athletes know the importance of the environments in which they train to maximize their performance. Top performers in the workplace follow a similar model — they’re the people at the top of their organizational game, driving performance and innovation across the company, and they also need the best workplaces to optimize their performance. The focus of Gensler’s latest research was to identify what makes a high-performing workplace and what design factors matter most.

In our global study of 16,000+ office workers in 15 countries and 10 industries we uncovered that while work and employee expectations of the workplace have fundamentally changed, less than one third of workplaces have been redesigned in the last three years. That’s a missed opportunity! It’s time to reevaluate what matters most for workplace design.

Top performers have better workplaces and better experiences.

We explored performance at three different levels: an individual level measuring employee engagement, the team level measuring strength of team relationships, and an organizational level measuring a culture of innovation, which is an index Gensler has used since 2016. Each of these measures are composite scores of four to six questions to give us a more holistic understanding of performance. In this study, the “top performers” are respondents who score in the top 25% of each outcome – they are the most engaged, workers with the strongest team relationships, and those who work in the most innovative companies.

We saw that top performers work differently — spending more time learning and socializing, coming into the office to sit with their team, and working in locations outside home or the office. But we also found that top performers tend to have high-performing workplaces. When we mapped workplace performance against engagement, team relationships, and innovation scores, we found a direct correlation — these scores increased as workplace performance increased.