WHERE’S THE WATER?
By Scott Crabtree
For 15+ years I’ve been tracking the Boulder commercial real estate market – watching for nuances, reading the subtle shifts before they become headlines, trying to get ahead of trends before the crowd catches on.
For just as long, I’ve been tracking something else: river flows. Journaling conditions on the Colorado River system – how flows affect hatches, water temps, fish behavior. Two very different disciplines. But at the same instinct: pay close attention, and the water will tell you what’s coming.
In early summer I floated three rivers. What I saw was sobering..
DOWNTOWN BOULDER CURRENT OFFICE VACANCY
By Scott Crabtree
Downtown Boulder’s Office Vacancy is sitting around 25%. Let’s talk about what actually fixes it.
that number doesn’t come from a pessimist. It comes from the market. When a colleague recently asked how long before we get back to a healthy vacancy rate, I didn’t sugarcoat it. Pre-pandemic, downtown Boulder vacancy sat in the low single digits. That was an anomaly – a market running hotter than it had any right to. We’re not going back there.
The new normal – a healthy, functioning market – is probably low teens to high single digits. And my honest estimate is it takes five to ten years to get there..
Q2 2026 MARKET REPORT
Boulder County Commercial Real Estate: A Market Defined by Selective Demand
Boulder County’s commercial real estate market in Q2 2026 continues to reflect a period of adjustment, resilience, and selective opportunity. While office remains challenged by elevated vacancy, shifting workplace needs, and cautious tenant decision-making, retail has remained comparatively stable, supported by strong local demand and limited available space in key corridors. Industrial conditions have softened from prior highs, creating more options for tenants while investors continue to focus on well-located, functional assets. Across all property types, activity remains highly location-and-quality-dependent, with Downtown Boulder, established neighborhood centers, and strategic industrial/flex corridors continuing to draw the strongest interest.
Takeaways:
DOWNTOWN BOULDER – Office vacancy remains elevated in the high 20% range; however, demand for quality product is increasing and is stronger than most anticipate, and options for high-quality space under 8,000 SF are more limited than one might expect. We do not anticipate vacancy rates returning to the low teens or single digits for another 5–10 years. Given this outlook, a portion of older office inventory should be considered for repurposing, as it may never be leased again and is unjustly distorting overall vacancy figures.
CENTRAL & EAST BOULDER – Central & East Boulder remain mixed but active, offering a wider range of options for tenants focused on access, functionality, and value.
SUBURBAN SUBMARKETS – Gunbarrel, Niwot, Superior, Louisville, and Longmont continue to provide more flexible and cost-conscious opportunities, especially for users seeking space outside Boulder’s core.
OVERALL MARKET – The overall market remains highly selective, with retail holding steadier, office still facing headwinds, and industrial creating more opportunity as conditions soften.
WHAT WE’RE READING
Boulder, Fort Collins ranked high for tech, quality of life
Boulder and Fort Collins scored high for offering the best conditions for the technology industry and the workers on which it depends, according to new metrics released by Commercial Cafe, part of property-management software firm Yardi Systems Inc.
The company’s researchers evaluated more than 70 metropolitan areas in the western United States with a population of more than 200,000 for which all data was available, and warded points across metrics covering the density and growth of tech establishments; the density and growth of tech employment; median tech earnings and their growth; a composite life-quality index; and five-year patent output..
Land Title Internal Quarterly Market Detail: Quarter 2 – 2026
Provided by Land Title Guarantee Company, read key highlights and sales team notes for:
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Comparative Closing Trends
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Comparative Order Trends
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Closed Cash Sales
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Total Premiums Invoiced
FEATURED LISTINGS
1215 Spruce St | Office/Retail | $10,275,000
101 S. Taylor Ave | Flex/Office | $12,900,00
1800 38th St | Flex/Office | $4,377,500
3020 Carbon Pl, #205 | Office | $567,500
3550 Frontier Ave | Ind/Flex | $13.50/RSF NNN
943 Pearl St | Retail | $65.00/RSF NNN
1700 Pearl St | Retail/Office | $35.00/RSF NNN
RECENTLY CLOSED DEALS
5420 N Taft Ave • Loveland • SALE • Religious Facility • $8.52M
3304 Airport Rd • Boulder • SALE • Airplane Hangar • $985K
1860 38th St • Boulder • LEASE • Ind/Flex • 14,295 SF
280 S Taylor Ave • Louisville • LEASE • Ind/Flex • 7,360 SF
1855 S 57th Ct • Boulder • LEASE • Office • 5,726 SF
2480 Wilderness Pl • Boulder • LEASE • Ind/Flex • 3,437 SF
1143 13th St • Boulder • LEASE • Restaurant • 2,623 SF
110 Emery St • Longmont • LEASE • Retail • 1,750 SF
CRABTREETEAM IN THE WILD
The CrabtreeTeam has been making the most of summer!
Scott and his family enjoyed their annual trip to Cape Cod, followed by a river trip on the Salmon River. Now, they’re back to school and lacrosse season is in full swing. Similarly, Austin and Langston headed to Charleston, South Carolina, to visit family and are now in football season. Liz, Istvan, and Stevie have spent lots of time at their family cabin in Jamestown, along with trips to Lake Geneva, Wisconsin, as well as Grand Lake and Steamboat. Kelly and Levi have been enjoying summer with lots of trail miles, rock climbing, mountain biking, and floating the Gunnison River.
It’s been a fun-filled summer for the team, and we’re looking forward to a busy fall!
