Everyone is trying to figure out their next move, how to stay in business with restrictions, the election changes, and social unrest. From landlords, I hear that office is being hit the worst, along with drycleaners. The charts below show the US as a whole, but these charts are also very close to what our local markets reflect. October shows the lowest leasing activity in office space in years. At the same time, there is the highest volume of office space hitting the market for sublease.
*Charts provided by CoStar
But there is good news, on 11/12/2020, the Denver Post reported that Colorado saw a 25% jump in new business and nonprofit filings in 3rd quarter, this is equal to 38,678 new filings. Larimer Square went under contract with a North Carolina real estate group within two weeks of announcing the sale. Chipotle and other restaurant groups are redesigning future stores. Chipotle is opening their first take out only model. With exception to the recent addition of Belmar to the foreclosure list, things have been rather quiet with foreclosures so far. Time will tell, but traditionally Colorado recovers quickly.
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