October 2025 High Frequency Update: Lower Rents, New Businesses and Momentum That Matters

While the market challenges persist, 2025’s year-to-date wins deserve celebration: significant office leases signed, growing commitment from businesses and institutions investing in downtown's future, from transformative public spaces like Skyline Park and Civic Center to strategic investments by the Denver Downtown Development Authority and the Downtown Area Plan.  

October 2025 continued downtown's positive foot traffic trajectory, reaching 91% of October 2019's pedestrian activity, three percentage points higher than October 2024. Major events including the Great American Beer Festival and the Nuggets and Colorado Avs home opener games at Ball Arena.  Downtown's average recovery rate for 2025 has outpaced 2024, sitting at 86% year-to-date through October. Recovery rates are calculated using Placer.ai data, comparing average monthly visits to 2019 pre-pandemic levels. 

Downtown has welcomed 61 new ground-floor businesses since the start of 2025. October alone brought five new businesses opened downtown: XSO Night Club opened in the Pavilions, Denver Clayroom and Malinche Audio bar opened on Platte Street, Aktiv opened its doors in Market Station, and Portland Leather has recently opened in Larimer Square.  

The pipeline for November and beyond remains strong. The Guest will debut within event space, The Regular, on Market Street. Insee Father Noodles will be the latest addition to the exciting list of new businesses on Platte Street. Sicilia Pasta and Isla Salon will fill out the ground-floor space of the Dryden in Golden Triangle (to be joined in 2026 by Olive & Finch), and Jordan’s Deli will open in Capitol Hill off of Lincoln Street. Mendocino Farms has added new branding to the former Panera spot on16th Street, preparing to bring fresh and creative salads, sandwiches and more. 

When examining business closures downtown, the turnover rate appears to be approximately 3:1, one business closing for every three that opens in 2025. With Denver-area data showing declines in restaurant spending amid broader economic pressures, supporting existing downtown businesses remains critical. 

The downtown hotel market experienced subdued late-summer performance. September occupancy reached 77% (down two percentage points year-over-year), with RevPAR of $186 (down $5 from September 2024). This performance mirrors national hospitality trends as travel has moderated due to economic uncertainty. 

The office market continues to display net positive absorption (90,000 square feet) in Q4 2025 and 1.4M square feet of leasing activity 2025 year-to-date. Downtown’s overall vacancy rate remains at 28% with little to no movement in vacancy since Q2 2025. Sublet vacancies have dropped slightly while direct vacant spaces show a minimal increase.   

Notable 2025 leases demonstrate corporate confidence in downtown. EOG Resources is leasing almost 100,000 square feet at 1550 17th Street, Reed Smith will occupy 30,600 square feet at 1900 Lawrence (an expansion from their 19,000 square feet of space on Wewatta St.), Sasaki will expand into 13,00 square feet at 511 16th Street and The 33rd Talent is leasing 24,200 square feet at 1899 Wynkoop Street. Ibotta will be celebrating the grand opening of their new office space, a 10-year lease at 1400 16th Street, in November. IMA Financial recently announced expansion of their LoDo headquarters, reaffirming their downtown commitment. 

The return-to-office (RTO) trend shows significant improvement, with 2025’s year-to-date average RTO being 63%, up from 60% in 2024. October’s weekday employees reached 65% of 2019 levels—a four-percentage point jump from October 2024.   

For complete data analysis, detailed charts, and additional insights, read the full October 2025 High Frequency Update reports. Please reach out to Analise Lajeunesse (alajeunesse@downtowndenver.com) for data-related inquiries, and for media inquiries, please contact Apoorva Gundu (agundu@downtowndenver.com).