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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.com303-623-1148 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