THE QUIET RECOVERY
WHAT THE DATA DOESN’T SHOW ABOUT BOULDER’S COMMERCIAL MARKET
I keep having the same conversation. A landlord calls, we run through vacancy numbers, and somewhere in the middle they say some version of the same thing: “so when does this turn around?”
If you’re reading the headlines – or just looking at the official vacancy figures – the Boulder office market looks like it’s still deep in the woods. But here’s what I’ve been watching on the ground, and it tells a different story.
Our inquiry volume is up meaningfully from this time last year. The quality of tours is different – fewer tire-kickers, more companies that are genuinely evaluating a move. And we’re tracking 76 active tenant requirements in Boulder County that haven’t surfaced publicly yet. None of the shows up in a CoStar vacancy report. And that’s exactly the point..
GIANT BICYCLES SIGNS LEASE
TO MOVE HEADQUARTERS TO BOULDER
BOULDER – The world’s largest bicycle manufacturer will relocate its headquarters from Southern California to east Boulder.
Giant Bicycles signed a lease for 44,000 square feet of office space at 3825 Walnut St. Employees are expected to be working from the new office by late summer or early fall. The Colorado Group facilitated the lease transaction on behalf of both the tenant and landlord, with Layne McBride and Neil Litmann representing Giant and Liz Amaro and Scott Crabtree representing the landlord Conscience Bay Co.
“This deal represents a major win for Boulder,” Amaro Said. “Bringing Giant Bicycles into 3825 Walnut further solidifies the city’s reputation as a global epicenter for cycling and outdoor innovation. We’re incredibly proud to have helped facilitate a deal that aligns so well with Boulder’s identity and future growth.”..
Q1 2026 MARKET REPORT
Boulder County Commercial Real Estate:
Stabilizing, but still Unenven
As of Q1 2026, Boulder County’s commercial real estate market remains mixed, with early signs of stabilization alongside ongoing divergence across asset classes. Office continues to face elevated vacancy, keeping tenants in a position of leverage and driving deal activity through concessions and flexible lease terms rather than rent growth. Retail remains comparatively resilient – especially in Downtown Boulder – supported by steady foot traffic and limited supply, while suburban centers continue to perform well with service-oriented tenants. Industrial remains the most stable sector, with consistent demand and moderate vacancy, providing a steady anchor within an otherwise uneven market..
Takeaways:
DOWNTOWN BOULDER – Office rents generally average in the mid-to-high $20s NNN/SF/YR, with top-tier Class A pushing into the low $30s. Elevated vacancy continues to give tenants leverage, through premium space remains relatively firm.
CENTRAL & EAST BOULDER – Rents typically average in the high-teens to mid $20s NNN/SF/YR, with East Boulder remaining the most negotiable submarket due to higher vacancy and increased availability.
SUBURBAN SUBMARKETS – Gunbarrel, Niwot, Superior, Louisville, and Longmont generally range from the mid-teens to mid $20s NNN/SF/YR offering the best value for tenants seeking flexibility, parking, and newer products.
OVERALL MARKET – With office vacancy still elevated countywide, deal structure continues to favor tenants. Concessions, tenant improvements, and flexible terms play a larger role in lease outcomes than headline asking rents.
CAN THIS GUY GET PEOPLE TO LIVE IN AMERICA’S EMPTIEST DOWNTOWN?
Developer Asher Luzzatto has targeted Denver for one of the most radical experiments yet in converting vacant commercial space into residential units.
DENVER – Developer Asher Luzzato stared out at the snow-capped Rocky Mountains once recent April afternoon, admiring the postcard view from the 29th floor of his recently acquired office tower. Then he turned his gaze lower, to the streets surrounding the downtown Denver building, where he glimpsed a less-inspiring sign: vacant store fronts, empty office buildings with darkened floors, and deserted streets..
FEATURED LISTINGS
101 S. Taylor Ave | Flex/Office | $14,013,500
5600 McWhinney Blvd | Retail | $195 – $215/SF (Multiple Units Available)
1800 38th St | Flex/Office | $4,377,500
RECENTLY CLOSED DEALS
800 Hover St • Longmont • SALE • Land • $7.56M
6924 N 79th St • Niwot • SALE • Retail • $1.1M
211 E Simpson • Lafayette • SALE • Retail • $850k
1403 Emery St • Longmont • SALE • Multi-Family • $730k
146-148 E Saint Clair St • Longmont • SALE • Multi-Family • $417k
3825 Walnut St • Boulder • LEASE • 44,000 SF
1855 S 57th Ct • Boulder • LEASE • Office • 1,674 SF
1120 1/2 Pine St • Boulder • LEASE • Office • 1,532 SF
3970 Broadway St • Boulder • LEASE • Retail • 1,378 SF
1750 15th St • Boulder • LEASE • Retail • 1,310 SF
CRABTREETEAM IN THE WILD
Spring has certainly kept us all busy! The Crabtree family has been full throttle on lacrosse season – which ended with a championship! – and end of the school year activities. They also managed to sneak in a river float on the Upper Colorado with a few family friends. Liz and Istvan have been enjoying the spring weather by taking Stevie and Dannie out for picnics and hikes near Jamestown with family. Austin took a trip to Texas to visit family, specifically his brother, who attends Texas Tech and to celebrate Mother’s Day. Kelly and Levi took a trip to Moab for some camping and mountain viking and ran a couple of trail races in Fruita and Buena Vista.
It’s hard to believe it’s summer already, but our team is ready to keep grinding in the office and adventuring outside!
