Denver metro area adding co-working space at impressive clip, signaling doom for traditional office real estate, some say – Colorado News

Denver metro area adding co-working space at impressive clip, signaling doom for traditional office real estate, some say – Colorado News

Purveyors of co-working and shared office space have a theory: traditional office real estate is dead. Flexible leasing arrangements, chic interior design and in-office hospitality services killed it. It might just take a while for the fluorescently-lit cubicle farm to die.

“What is making non-traditional office (space) successful is it simply works,” said Jason Winkler, co-founder of local shared office giant Industry Denver. “It’s value-generating. You can be more productive and more creative. I am amazed people are looking at what I call old-school real estate at all.”

The metro area is in the midst of a flexible work space explosion and the blast radius stretches from LoDo to the suburbs. Whether or not that rapid expansion in the market represents a revolution is debatable, to say the least.

A recent CBRE Research sample of the Denver/Boulder commercial real estate market turned up 57 co-working leases totaling 1.3 million square feet of space. That’s a 62.5 percent increase over the 800,000 square feet of co-working space CBRE found in the area in December.

Denver economic development officials don’t see it as a fad or a product of a competitive commercial real estate market. They look at it more as a next step in the evolution of the workplace and believe it has taken root in the Mile High City in particular because of its entrepreneurial and cooperative business community.

“The reason for this expansion, the reason for the growth is people are looking for new ways to bring their ideas and products to the market,” said Jeff Romine, chief economist with the Denver Office of Economic Development. “Firms are desiring and entrepreneurs are…

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