At the end of 2018, the Denver metro area alone had a labor force of 1.83 million people, 45% of whom have a bachelor’s degree or higher.

As of the first quarter, downtown Denver had 40.3 million square feet of office space with a vacancy rate of 17.9%, hovering at a four-year low.

While it is no surprise that companies are gravitating toward the commercial heart of Denver for its appeal to a younger workforce and central accessibility to the rest of the metro area, a growing number of businesses are finding reasons to grow outside of the central business district.

While the average rental rate in this area is $27.30 per sf, there is a significant price difference between newly built Class A office space in Cherry Creek North and second-generation buildings along Colorado Boulevard, which creates a dynamic mix of businesses that call this area home.

While it may not boast the urban appeal of downtown, the Denver Tech Center is equally significant from a commerce perspective in the metro area.

Similar to the Northwest corridor, the major appeal of the Denver Tech Center and surrounding areas is access to a highly educated talent pool, lower cost of living and top school districts.

As Denver continues to grow, these areas outside of the CBD will become increasingly significant for the city’s economic vitality.