Denver’s tech job growth and office rent increases slower than most of the top 30 tech markets

Denver's tech job growth and office rent increases slower than most of the top 30 tech markets CBRE's report shows tech companies opting for more affordable downtown areas instead of LoDo, where average rents are nearing $40 a square foot.Share this:Click to share on Facebook (Opens in new window)Click to share on Reddit (Opens in new window)Click to share on Twitter (Opens in new window)Click to print (Opens in new window)Click to email this to a friend (Opens in new window)MoreClick to share on LinkedIn (Opens in new window)Click to share on Pinterest (Opens in new window)Click to share on Tumblr (Opens in new window)Submit to Stumbleupon (Opens in new window) Helen H. Richardson, The Denver Post The company headquarters of SendGrid, designed by Hampton Architecture, are located at 1801 California St. in Denver, Colorado. The office was photographed Feb. 1, 2017. SendGrid is a transactional email delivery and management company that provides cloud-based services for clients. By Tamara Chuang | tchuang@denverpost.com | The Denver PostNovember 29, 2017 at 6:01 pm Sign up for newsletters and alerts Submit your news tips or photos Most Popular NBC fires “Today” host Matt Lauer for inappropriate behavior PHOTOS: AFP Pictures of the Year 2017 Denver TV newscasts suffer double-digit declines in viewership in November 2017 sweeps Broncos changing quarterbacks at rapid rate Should the Broncos pursue Eli Manning? “Oh, yuck. Heck, no.” Miller: In defense of Sarah Huckabee Sanders Denver edged up a spot on the annual Tech-30 Report, released Wednesday by commercial real estate broker CBRE. The city saw 8.3 percent growth in office lease rates and an 11.5 percent uptick in the number of tech jobs between 2015 to 2016. But ranked at 23rd out of 30, the city's growth rates paled in comparison to the top 22 where cities like San Francisco saw a 39.4 percent  jump in high-tech job growth during the same time, according to the annual report. Denver ranked 24th last year. Locally, the rising rents are affecting lease rates beyond the the prime office market of Lower Downtown, where tech companies traditionally have favored. This year, three of the largest downtown office leases were in the nearby and cheaper Central Business District, where average lease rates are about 18 percent lower than LoDo, which hit $38.73 per square foot in the second quarter of 2017. 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Similarly, the price in downtown Boulder, where rents reached $41.74 per share foot, is causing prospective tech companies to look to east Boulder, where average rates are $30.60. “If tech companies that are used to paying a premium for space in the top tech submarkets, like downtown Boulder, are forced to move to developed and available submarkets, like downtown Denver’s CBD, in order to expand, we could start to see significant rent growth in those more traditional markets as well,” said the report's author, Colin Yasukochi, CBRE's director of research and analysis. Tags: commercial real estatejobsMore Business News Tamara Chuang ​Tamara Chuang covers personal technology and local tech news for The Denver Post. She loves figuring out how things work and explaining them either through words, graphics or video. 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