The mass exodus of businesses from Denver has reached a critical point, with CEOs citing financial viability, safety concerns, and cleanliness as the driving factors behind their decision to pack up and leave.
The city’s policies and the influx of indigent migrants and homeless individuals have created an environment that is increasingly challenging for businesses and their employees.
Denver’s once highly coveted Mile High City office real estate market has lost its luster, and the consequences are evident. According to Moody’s Analytics data, a staggering 21.7% of office space across the Denver metro area was vacant at the end of last year, surpassing the national average of 19.6%. The commercial real estate firm CBRE reported even more severe vacancy rates at 31.5%, the highest level since the ’90s, according to the Denver Post.