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— Office Properties Quarterly — January 2015

unmatched commercial

real estate services.

Full-service integrated real estate solutions for tenants, buyers, landlords,

owners, developers and investors - regionally, nationally and around the globe.

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www.ngkf.com

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Valuation and Advisory Services

CONTENTS

Letter from the Editor

W

elcome to the inaugural

issue of Office Properties

Quarterly. This Colorado Real

Estate Journal special section

will highlight and focus on

industry trends, leaving the transac-

tional news in the Journal. The goal of

this publication is not to be numbers

soup. Instead, we’ll

take the big num-

bers and ask why

they matter. We’ll

also examine trends

specific to design

or locations. What’s

happening in the

central business dis-

trict can be very different fromwhat’s

happening in Colorado Springs, or even

in the Denver Tech Center.

We'll ensure each issue is well round-

ed, examining the market from a vari-

ety of angles. In this inaugural issue,

you’ll notice sections devoted to the

overall market outlook from the finan-

cial, investor and leasing perspectives.

We also have contributed articles from

authors discussing specific submarket

leasing activities, which begins on Page

7. Other industry insiders weigh in on a

variety of topics throughout the issue

as well.

As CBD real estate is snatched up, the

number of parking spaces is dwindling.

A feature beginning on Page 14 exam-

ines this phenomenon and challenges

the assumption that fewer parking

spaces is a bad thing.

And as milliennials enter the work-

force in larger and larger numbers, the

traditional parameters of office space

are adapting. Features in this issue

highlight how buildings are creating

more milliennial-based amenities and

interior designers are embracing the

power of choice. A case study looks at

how some of these trends come to life

in the new administrative building at

the Denver Art Museum.

With the price of oil dropping at

press time, manywonder what kind

of impact the drop could have on the

Denver office market. Read about the

potential effects on Page 12. Spoiler

alert: While the energy industry plays a

large role in the downtown office mar-

ket, Denver’s office tenants are much

more diverse than any single industry.

Putting this issue together has been

a real treat. As someone new to the

industry, I’ve been impressed with how

hepful this community has been. I want

to say a big thank you to all the authors

in the publication as well as those who

met with me for background informa-

tion and interviews. This issue would

not have come together without you.

After reading the issue, please send

me an email or give me a call. Let me

knowwhat you liked and disliked, as

well as things you’d like to see covered

in future issues. I believe reader feed-

back is crucial, and I look forward to

hearing from you.

Thanks,

Michelle Z. Askeland

maskeland@crej.com

303-623-1148 ext. 13

An in-depth look at Colorado’s office market Office financing returns to ‘old’ normal Eric Tupler Office investment market hits new benchmarks Patrick Devereaux and Jason Schmidt A dive into capital pools John Jugl Statewide office market analysis William B. Lucas Northwest market fundamentals look bright Frank Kelley Colorado Springs positioned for 2015 growth Kent Mau Navigating CBD leasing market Andrew Blaustein and Matt Davidson Law firms commit to downtown Robert Link Denver’s shifting CBD hot spot Justin J. Atwell The energy industry’s impact Michelle Z. Askeland Denver parking supply – less is more Justin Montgomery The allure of amenities Michelle Z. Askeland Create community: Collaboration will follow Owen Leslie and Drew Marlow The evolution of workplace Tish Kruse Case Study: Denver Art Museum Cynthia Kemper Sleeping giants are everywhere Jamie Flatt How DTC changed office parks J. Madden Tenant allowance myths Phillip A. Infelise 3 4 5 6 7 8 9 10 11 12 14 16 18 19 20 22 24 25