A Message from NAIOP President Dan Metzger

Submitted by NAIOP President Dan Metzger, Published March 2024

“It’s times like these that you find out who your real friends are.” I’ve heard this statement a lot more in recent months, and it’s a tell-take sign of an unstable real estate environment. Whether this statement is referring to a lender relationship, a JV partner, a contractor, or some other work arrangement, if difficult conversations are needed it always helps to have a long-standing relationship with the party across the table. I’ve been a NAIOP member for roughly 25 years, and over that time I’ve built many lasting relationships and friendships that are directly attributable to being a member of this association. The relationships you forge will help you in good times and bad, and it’s never too late to become an active NAIOP member so that you can get the most out of the organization.

Three main benefits that NAIOP brings to the table are networking (as I discussed above), education, and advocacy. On the education side, I am thrilled with the cutting-edge educational programs that NAIOP-Colorado delivers throughout the year, whether that be our various state-of-the-market and forecast breakfasts, our 22nd annual Rocky Mountain Real Estate Challenge in May which will feature Victory Crossing in Commerce City, or our multiple property tour events. In a down market, staying current market trends and opportunities is critical, and NAIOP Colorado delivers this content to you. These educational events are pertinent not only to our members who concentrate on office and industrial, as this organization has historically been focused, but also to our members who focus on retail, hotel, or (like me) multifamily, among others. As NAIOP’s membership has continued to diversify our target product types, the organization’s programming has likewise expanded to meet these needs.

The last, and certainly not the least, benefit that NAIOP Colorado brings to your membership is legislative advocacy. I have since witnessed how critical this leg of the NAIOP stool is to protect our industry from legislation that, while has good intentions, may not work from a practical standpoint, and threatens to make developing and owning real estate ever more challenging. The last few years, NAIOP Colorado has advocated for you on many issues, and we have had some major successes, but it has felt like we are always playing defense because we have limited resources. A priority for me and the board of directors this year is to increase our legislative fundraising efforts so that we have the tools at our disposal to properly advocate for our members. When you see legislative funding requests from NAIOP Colorado in 2024, know that we are working on very targeted measures to protect and benefit you, our membership. We need you now more than ever, both on the fundraising side and the volunteer side.

I’m a big believer in getting the most out of an organization by getting involved on a committee, as that is where you get to build strong relationships with fellow committee members, and you see how your volunteer work can make a positive impact on the industry. Our amazing committees include:
• Developing Leaders led by Megan Kranichfeld | Email 
• Public Policy led by Tyler Carlson | Email
• Diversity Equity and Inclusion led by CJ Manning | Email
• Engagement and Communications led by Buzz Miller | Email
• Membership led by John Huemoller | Email
• Programs led by Nick Kitaeff | Email

We also have special committees that include:
• The Rocky Mountain Real Estate Challenge led by Troy Peterson | Email
• Fight Night Boxing Event led by John Huemoller | Email and Brandon Kramer | Email
• Winter Classic Hockey led by Murray Platt | Email and Jeremy Kroner | Email
• Annual Golf Tournament are led by: Josh Valdivia-McDonald | Email and Braden Demmerly | Email

I am truly honored to serve as NAIOP President in 2024, and I can’t thank Caitlin Quander enough for the amazing job she did as President in 2023. I look forward to continuing to strengthen many of those NAIOP-created friendships that I mentioned earlier, and gaining new ones, in 2024 and beyond!

Seize the Opportunity: Become a Mentor or Mentee in the 2024 DL Mentor Program

Published March 2024
Submitted by Blaire Butler and Annie Arnwine, 2024 DL Mentor Program Chairs

We’re excited for this year’s NAIOP Mentorship Program, which will kick off with the opening of mentee applications in early March 2024. This program continues to be the premier CRE Mentorship program in Denver, with many of the industry’s most prolific professionals serving as mentors. In 2023, the program had a record number of applications and ultimately included 24 mentor/mentee pairs. Participants come from all lines of business including development, finance, leasing, brokerage, law, architecture, and more. The 7-month program will feature several structured group events, with individual / group mentorship meetings taking place outside of the group events. The extended deadline for all 2024 Mentee Applications is April 5th.

Visit for more details or contact Blaire Butler or Annie Arnwine with any questions!


Get What You Give 

Published March 2024

Brandon Kramer, NAIOP President-Elect, emphasizes the importance of active involvement in industry organizations like NAIOP Colorado, highlighting the benefits of building relationships, honing skills, and effecting positive change, and provides an overview of various committees such as Developing Leaders, Programs, Diversity, Equity, and Inclusion, Membership, Engagement and Communications, and Public Policy, urging members to maximize their engagement for mutual benefit.

Becoming a member of an industry organization like NAIOP Colorado is a good start for any commercial real estate professional, but there is so much more at your fingertips once you are in the door. Just being a member is not nearly as important as being involved. Sure, you can go to the happy hours and maybe some of the bigger events a few times a year, but to truly maximize your return, active participation is essential. I tell people NAIOP is a “get what you give” type of organization. I have been a member for the better part of a decade and from the beginning, I looked at my involvement in NAIOP as an all-in proposition. Commercial Real Estate is at its core a relationship business. The more people you know, the better, but more importantly, the more people that know you, and have seen what you can do for an organization as a volunteer, is where the true value comes from. I have built some amazing relationships in my time at NAIOP working alongside CRE professionals working towards the same goal of building a better organization for the future and effecting positive change for our industry.

I wanted to give you some of the options available if you want to get more involved in the organization, so here is a rundown of the various committees and ways to get involved.

Developing Leaders: Our DLs are the future leaders and producers of the industry, only they are just getting started in building their network and learning their craft. The DLs are our version of the young professionals, anyone age 35 and under is welcome to be a member and participate in the committee/subcommittees. The DLs meet once a month to put on DL centric events like Skiing with the Icons, the Real Estate on the Rocks happy hours, Project Tours and other educational and networking activities. The DLs represent about a third of our total membership, floating around 200 young professionals building their networks and honing their skills.

Programs Committee: One of the hallmarks of NAIOP Colorado are the myriad of project tours, events and other CRE-centric programming put on by this committee. There is a tremendous amount of planning and coordination that goes into events that can see up to 600 people in attendance and the Programs Committee is who does all of this work. The brainstorming and creation of these events is one of my favorite parts of being involved in this committee. You get a voice in the programming and direction of the events put on by the organization. There are also several events that are so large that they need their own committee, which includes Fight Night, Awards Night, Golf Tournament and the Rocky Mountain Real Estate Challenge.

Diversity, Equity and Inclusion: A few years ago, the board of NAIOP Colorado wanted to explore ways to diversify the membership of our organization by enacting several different things to attract a more diverse audience. To their credit, this conversation started quite a bit earlier than the term DEI became part of the national lexicon, so we had a pretty good jump on growing a more diverse membership. Our dedicated DEI committee has several different programs, including our local partnership with Project Destined to participate in and have your ideas included.

Membership Committee: Our membership committee is where we recruit, retain and engage our members. This committee is a phenomenal choice for anyone in a business development role or wants to meet as many of the members as possible. The committee is also involved in several early recruitment measures, such as our University Outreach programs every fall where we put on a panel for students at CU and DU to highlight the various career paths in CRE. I have always enjoyed that part of this committee, especially when I see a student from several years prior at a NAIOP networking event and get to hear about where they ended up after graduation.

Engagement and Communications: We do so many great things at NAIOP Colorado, but we noticed several years ago that we needed a better way to communicate these things to our members. A lot of the prior communications, like social media and email campaigns came from the membership committee. So, if we were going to expand this effort, we needed a true marketing firm inside the organization, thus was born the Engagement committee. This is where you get to create innovative ideas and help spread the word of the important things we are doing. The newsletter and social media presence is the focus of this committee and a way to hit two different committees in one, as the committee has liaisons on the other committees to help translate and communicate what other committees are up to.

Public Policy Committee: Arguably the most important part of NAIOP is our voice and lobbying efforts on various legislative items that affect our industry. All the networking and events are great, but where NAIOP really has an affect is being our industry’s voice in local and national government. We can look back and list several high-profile legislative initiatives where our Legislative committee had a real voice and a real impact on legislation that would have had serious negative impacts on our industry. From the Green Roof Initiative to Tax Policy to the latest energy efficiency requirements, our voice was heard, and you can be a part of that voice on this committee.

These are the main ones, but there are a many one-off committees and other parts of the organization where you can get involved. I would suggest reaching out to me, Brandon Kramer, or the various chairs of these committees to learn more. After all, if you are a member, why not get more by giving more?


Engagement & Communications: Thank You Shane Mahoney & Welcome Buzz Miller

Published December 2023

A Note From Shane Mahoney, NAIOP Engagement & Communications Chair, 2021-2023
| Community Banks of Colorado

Shane Mahoney at Secret Spire, MoabThe Engagement and Communications committee came to be as a way to amplify and extend the missions and accomplishments of NAIOP Colorado and its members.  The committee evolved out of the vision of the NAIOP board’s strategic planning meetings with broad goals – some that have been accomplished and some that were given to the DEI Committee which was established shortly after.  I am thankful to all of the NAIOP members that have volunteered their time to be part-time reporters.  It’s been eye opening to me and a wonderful opportunity to learn more about the industry and our members.  Being volun-told to do things seems to be the way most things were accomplished. 

As the committee has evolved my favorite part has been the “Member Intersections” features.  I’ve gotten to know many of our members in ways you just don’t see professionally.  Yes, we are all here to work and have professional success, but we are also diverse individuals with various passions work affords us the opportunity to pursue. 

I am proud to have been given the opportunity to shepherd this committee into existence.  I am also excited to hand off the reins to Buzz Miller, incoming Chair.  New perspectives and ideas will benefit everyone.  Thank you again to NAIOP for the opportunity to be of service.

From Buzz Miller, Incoming Engagement & Communications Chair | Stream Realty Partners

I cannot begin this message without an expression of gratitude to Shane Mahoney for his outstanding leadership as the Chair of the Engagement and Communications committee. Shane, your dedication to amplifying the missions and accomplishments of NAIOP Colorado and its members has not gone unnoticed. We appreciate the significant contributions you've made during your tenure.

The evolution of the committee reflects our commitment to aligning with NAIOP's strategic goals and underscores the collective effort that has driven momentum. The "Member Intersections" features have indeed provided a unique insight into the diverse passions of our members, showcasing the multifaceted nature of our industry professionals beyond their roles. We look forward to continued opportunities to showcase NAIOP members in order to build the community and its value from both a personal and professional standpoint.

As we transition the reins, this committee continues to welcome fresh perspectives, efforts and ideas. Let me re-state that: The Engagement and Communications Committee is actively recruiting new members! If you’ve been looking for a way to be more involved with NAIOP, grow your network, or any of this message has struck a cord, we would love to get you involved! Tremendous momentum has been created and we are eager for the opportunity to propel it forward. Click Here to join now

Shane, on behalf of the entire Engagement & Communications committee, NAIOP Board Members and staff, thank you for your service and leadership.  

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10th Anniversary NAIOP Fight Night Results and Highlights

Submitted by Brandon Kramer, Fight Night 2023 Co-Chair, Marcus & Millichap - November 2023

Eleven years ago, NAIOP Colorado Board Member Chris King of DPC Companies attended a unique NAIOP event in Phoenix, sparking the inspiration to bring the concept to Denver. The NAIOP Arizona Chapter had successfully hosted a black-tie boxing event for years, and Chris saw the potential for similar success in our city.  What began as an experiment to put the “fun” back into NAIOP events following the Great Recession, has since evolved into one of the standout events on Colorado’s commercial real estate industry calendar. A few years into its creation, NAIOP Colorado partnered with Denver Children’s Foundation (DCF, formerly Denver Active 20-30) to infuse a charitable aspect, and together, we have raised $300,000 for at-risk youth over the years.  

Commenting on the success Fight Night 2023, DCF President Beau Jenkins, expressed gratitude, stating, “Thank you to NAIOP Colorado and its members and guests for an amazing 2023 Fight Night – and for an impactful partnership spanning over 10 years, generating over $250,000 to transform the lives of youth in our community. As always, Fight Night was a knockout!” 

Our 10th Anniversary NAIOP Fight Night this past November at ReelWorks Denver, proved to be the biggest yet! Despite the looming recession, the event sold out, and we raised more money for charity than ever before. The Real Estate Ringers, or industry bouts, featured fair matchups that all went to decision. Recognizing the importance of our commercial real estate industry boxing talent, we have implemented measures to not only sustain their training but also ensure compliance with the boxing commission rules regarding weight and safety.

The combined efforts by boxing promoter Jim “Smitty” Smith of Poor Boys Boxing and countless individuals who serve as boxer support have excelled in communication and motivation, contributing significantly to the overall success of the event. We could not have predicted such a great outcome for Fight Night on every level.

While there cannot be two winners in every fight, in our eyes every boxer that steps into the ring on Fight Night is a champion. Their commitment and grit to dedicate three months of one’s life to training and stepping into the ring in front of their industry peers is commendable. NAIOP extends our heartfelt thanks to all fighters, past and present, for their contributions to both the event and the charity. Those amateur "Real Estate Ringer" bouts included: Laura Farrar of CBRE vs. Marybeth Austin with D.A. Davidson; Aaron Boyd of DPC Companies vs. Albie Sherman representing Westside Investment PartnersMichael Harpole of CBRE vs. Rycherd Lott from Gage Commercial Construction; and Connor Haney with Venture Architecture vs. Kevin Woolsey of Kaufman Hagan Commercial Real Estate.

The support of our sponsors, particularly title sponsors - CoStar GroupLoopNet, and Ten-X – have been instrumental in making this possible. We extend our sincere appreciation for their continued support, and we look forward to seeing them again next year!

Watch the 10th Anniversary Fight Night Celebration video now on our NAIOP YouTube page now OR view and share event pictures.    

Think you have the skills and moxie to battle out in the ring for Fight Night 2024? Contact any one of us to learn more and join NAIOP Colorado’s Real Estate Ringer Royalty today:

  • Brandon Kramer, NAIOP Fight Night Co-Chair and 2024 President Elect, Marcus & Millichap
  • John Huemoller, NAIOP Fight Night Co-Chair & 2024 Membership Chair, First American Title-NCS
  • Jayma File, Managing Director, NAIOP Colorado

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Winter Classic Curling & Hockey Contributes to the Kids

Submitted by Matt Lengel, Denver Private Wealth Management - November 2023

The 8th annual NAIOP Curling event was a success! We had over sixteen teams compete for the highly sought after NAIOP Curling trophy. The theme for the event this year was “college throwback” with everyone repping their alma mater gear. A lot of schools were represented, but none more than CU and CSU! 

The sixteen teams were split between two different flights with Team Brinkmann Construction winning the first flight and Team Walker Dunlop winning the second flight. We’d like to give a huge shoutout to Majestic Realty Co. for sponsoring the event and David Hadsell and the Denver Curling Club for their continued support – we couldn’t do it without them! 

Similar to past years, all proceeds from the Winter Classic Curling and Hockey events have been donated to Children's Hospital Colorado Pediatric Cancer Research. We are proud report that over $11,000 was contributed to help fund the research and help give kids their future back. 


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Cherry Creek Denver Walking Tour 2023

Submitted by Katie Burns, Senior Transaction Manager, JLL 

Thank you to all 229 guests who attended the NAIOP Walking Tour of Cherry Creek in early October, where we had the pleasure of exploring five incredible stops. From the impressive 200 Clayton and 250 Clayton buildings, developed by Broe Real Estate Group, to the vibrant Cherry Creek West showcased by East West Partners, and the elegant 320 Fillmore by Midwest Property Group, Ltd., the tour was a great way to get out and see the Real Estate firsthand.


We also had the opportunity to learn about the exciting developments at 2nd & Steele, presented by PMG | Property Markets Group, and the impressive 201 Fillmore project by Schnitzer West and Brue Baukol Capital Partners. Altus Properties fascinated us with their 2nd & Josephine development, while Magnetic Capital showcased their vision at 2nd & Adams, looking forward to their rooftop restaurant. 

The networking opportunities during the tour were invaluable, fostering collaboration, partnership, and growth within Denver's vibrant commercial real estate community. We look forward to seeing everyone at the next tour, where we can continue to explore extraordinary properties, gain insights, and witness the ongoing development of Denver. Cherry Creek, with its impressive 95% occupancy rate, stands as a testament to its thriving real estate market. We hope that the rest of the Denver market can strive to achieve similar success or catch up to the high demand experienced in Cherry Creek.

Special shoutout to Jamie Gard and Pete Staab with Newmark, along with their marketing team for their support in coordinating the event. This event would not have happened without their efforts and those of our NAIOP Programs volunteers Nick Kitaeff with Confluent Development, Joe Zanone with Zanone Project Management, and Hillary Ellis with Polsinelli, PC for their leadership. 

Click Here to View and Share the 2023 Cherry Creek Walking Tour Photos 

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Fall Resiliency and Repositioning Series Summary

Submitted by Owin Orr, Real Capital Solutions – November 2023

The 2023 NAIOP Fall Education Series shifted our focus from last year's "How to Survive and Thrive during a Recession" to the exciting realm of "Resiliency and Repositioning" in the commercial real estate landscape. While a full-blown recession hasn't quite materialized as anticipated, the commercial real estate industry has faced unique deal-making challenges. To shed light on innovative approaches to enhancing distressed assets, we assembled a panel of prominent figures from Denver's commercial real estate sector across several asset classes. They shared their experiences and insights on transforming these assets in terms of profitability, sustainability, community impact, and economic growth. Our three-part series covered multifamily, commercial, and hospitality segments, each offering a unique perspective. A common thread in these discussions is a commitment to preserving architectural integrity, creating value, and overcoming the myriad of challenges inherent in these endeavors.


The inaugural event of the 2023 NAIOP Fall Education Series delved into the transformation of office spaces into multifamily residences. A diverse panel of experts led the discussion, including City of Denver representatives, Gensler architects, Nichols Partnership developers, and Downtown Denver Partnership economic development specialists. A highlight of the event was the introduction of the City of Denver's Pilot Adaptive Reuse Program, targeting the rejuvenation of the upper downtown area. Additionally, Gensler presented findings from a comprehensive Office to Multifamily Conversion Feasibility Survey, offering insights into ideal building vintages, layouts, and major conversion-related challenges. Nichols Partnership shared a compelling case study of their Art Studio Lofts project, addressing significant hurdles such as asbestos abatement and the modernization of building systems to meet current code compliance. The panel collectively provided recommendations and innovative solutions for Office to Multifamily Conversions, providing practical and instructive takeaways for urban development and real estate professionals.

The second Fall Education Series session explored creative thinking in the commercial space. Developers from Koebel & Co, CBRE brokers, DLR architects, and consultants from Proximity Green dove into the ins and outs of reimagining and repurposing commercial properties. Big box retail and office, in particular, are likely candidates after undergoing seismic changes to demand in recent years. A case study that several panelists were involved with was the Biodesix project in Louisville, CO. Journeying through how that project came together was quite the story. It took a lot of vision, creativity, and perseverance to turn a former Kohls retail store into an advanced medical device R&D and manufacturing facility. Having the team assembled early was key to navigating the life science market and understanding building conditions. Roof loads, power capacity, and energy efficiency requirements were only a handful of the considerations to make it happen, but the result was a success for all involved. Major panel takeaways included assembling your team early and often, and that repurposing projects is likely to become more common as costs and anti-development sentiment make ground-up increasingly challenging.

In the 3rd and final session of the series, the panel focused on hospitality and experiential retail. A collaborative panel with representatives from Sage Hospitality, JNS Architecture + Interior Design, Mortenson, and BOSS Architecture talked about key considerations in adaptive reuse conversions to hospitality and highlighted several projects, one of which was Union Station. Sage, JNS, and BOSS, who all worked on this project, shed light on the vision of the conversion, how the bidding process came about, and why the CEO of Sage had to travel twice to Washington DC to discuss the project with the National Trust for Historic Presentation. Another project spotlight was the Slate Hotel, an adaptive reuse of the Emily Griffith school. Mortenson described how the configuration of the building drove the project having roughly a dozen room floorplans and the main entrance having to be interior to the site. Outside of specific projects, the panel also delved into the design feasibility process, evaluating the “bones” of a building, understanding the property’s registered “use,” and the importance of using the building’s history to curate the ultimate customer experience.

Again for 2023, the Chapter’s Developing Leaders (DL) members coordinated the series which was hosted by Lincoln Property Company at Colorado Center. Sincerest thanks to those DL committee volunteers William Lam, Owin Orr, Blaire Butler and Olivia Fortunato.

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Insights from Top CRE Performers: Current Market Conditions and Future Outlook

Submitted by Shane Mahoney - June 2023, Published August 2023

To help keep a pulse on current conditions, NAIOP Colorado decided to ask the top performers from the Chapter’s 2022 Broker Awards what market conditions they are seeing right now and where they see things heading.  Here is what those teams and individuals shared with us.


2022 Industrial Broker of the Year

"While I see challenging months ahead, with slowing demand from large users and an oversupply of new buildings in our market, there is light at the end of the tunnel.  Given dramatic changes in underwriting, coupled with persistent historically high pricing for building components, new supply will be greatly diminished.  Once the standing inventory of buildings gets leased, which is a relatively small amount of space, there will be few choices for expanding companies.  This scarcity of supply will force lease rates dramatically higher to financially rationalize new construction."


2022 Industrial Broker Team of the Year 

Momentum to Build Throughout 2023
Like most markets, Denver’s Q1 was light in industrial net absorption compared to recent years, but we expect momentum to build throughout the year and can even see an outcome that bucks the trend: 2023 absorption levels exceeding 2022. Tenant requirements remain healthy, and the construction pipeline will slim down throughout the year, which will support ongoing rent growth.  A new capital markets cycle is underway after a few quiet months. Higher interest rates stalled investment velocity in late 2022 and Q1 2023, but both the narrowing of the bid/ask spread and redemptions are breaking through the stalemate.  Equity clearly is behind industrial’s fundamentals, evidenced by the number of CA’s and offers coming in, especially for the most preferred deal profiles. The minute debt becomes more accessible and accommodating, industrial investment pricing will change overnight. We anticipate sales volume to increase as the year unfolds and for pricing to recover... but not to Q1 2022 levels.

2022 Industrial Broker of the Year Finalist

  • The west, north and northwest submarkets are currently performing better than any other submarket and should remain resilient for the foreseeable future.
  • The advanced manufacturing and R & D uses which make up the bulk of the demand in these submarkets is bustling and seems to be relatively impervious to general fluctuations in the economy.
  • If anything, and this is more specific to the west and northwest submarkets, specifically southern Boulder County, we’re acutely running out of functional industrial space with extremely limited opportunities to deliver new product going forward.
  • Keeping these dynamics in mind, lease rates will continue to increase in those submarkets.

The exception would be the north submarket, while currently healthy and active, it’s almost in the opposite situation where an enormous amount of new product is in various stages of delivery or planning.  As of now, demand remains robust and lease rates have held, but oversupply will be an ongoing concern on the north I-25 corridor for the foreseeable future.

DREW McMANUS, Cushman & Wakefield
2022 Industrial Broker of the Year Finalist

Currently, we’re seeing continued strength in industrial leasing activity within our smaller bay product and softer demand in bulk distribution (>200,000 SF).  Sale volume is expected to remain low and speculative construction starts will slow due to increased interest rates.  We foresee this year to continue to bring in historically healthy demand and absorption.

2022 Industrial Broker of the Year Finalist

We are seeing steady leasing activity in various industrial product types metro wide, especially very well located buildings with immediate interstate access. I think we will continue to see tenant “flight to quality”, which will benefit Class A buildings with superior features like higher clear heights, more parking, larger truck courts, and more modern office space. Also, niche industrial product like IOS (Industrial Outside Storage) will continue to do very well given the lack of available space. The challenging capital markets environment and construction costs will slow spec development from the last few years’ record pace. 




2022 Investment Broker of the Year 

Deal flow is substantially increasing, driven by the following:
  • Seller acceptance of lower valuations and increasingly saying “just clear it.”
  • Owners with floating rate debt from 2019 – 2022 acquisitions are being pressured to either invest additional equity or purchase expense rate caps to hold them longer.
  • Lenders are not extending expiring loans but are also not keen to take the assets back. There is a surge in short-sale processes driving dispositions. 
There is a theme of increased discussion around strategic recaps and platform transactions; the business models of investing continue to evolve. We are seeing the following affect market direction:
  • While traditional sources of capital are still being more cautious, there is an amplified focus on JVs and recaps, especially as some mezz positions are at risk given the decline in values.
  • We are also seeing a rising prevalence of increased use of secondaries which is a long-term theme we’ve been speaking to
    • A recent report from Ares cites that real estate secondaries transaction volumes reached an all-time high of $12.4 billion in 2022 – the third record-breaking year in secondaries; as investment exits, and distribution activities slowed in the direct market. 


2022 Investment Broker of the Year Finalist

Where we see the investment market going depends on the product type, price point and profile.  The Fed “flexed” on all of us the last 12 months, universally reducing asset values, as we now know who is boss.  However, the entrepreneurial spirit to acquire real estate and see through the current challenges continues to reveal that long term ownership with modest leverage will typically prevail in commercial real estate. 


2022 Investment Broker of the Year Finalist 

We see a very bright future for Denver office investments. However, near-term the office market will be choppy as the world absorb the effects of working from home, occupancy needs, and rising interest rates. We expect to see the suburbs outperform the CBD in terms of fundamentals, however long-term the CBD will prevail. We believe office as an asset class will emerge much stronger on the other side of this cycle. Furthermore, Denver remains a top-tier preferred market for office investment and we expect it to outperform a majority of other major cities.




2022 Land Broker of the Year


At midyear, the land market is still tepid due to higher interest rates and a continuance of tight capital markets. Overall, development groups are still attracted to greater Denver-area fundamentals and bullish on its prospects long term. 

Looking Ahead

Despite a slow start to 2023, we expect activity to pick-up later in the year and heading into 2024.  Softer terms will be critical to allow buyers sufficient time for project approvals and procurement of capital.



2022 Multifamily Broker of the Year

From an apartment fundamentals standpoint, the Denver market remains solid.   We’re seeing occupancies in the 94%-95% range, absorption is strong, and we’re still seeing net effective rent growth equating to 4.5%.  From a transaction standpoint, deal activity is down 75% from this time in 2022.  As a result, deals that are on the market are seeing a healthy amount of interest from investors, although much of that interest is about trying to get real-time data points on pricing, cap rates, yields, etc.  That said, we’re seeing deals trade at cap rates in the 4.5% - 4.75% range – that’s in place rents, stabilized expenses, adjusted for a full real estate tax bill.  Investors are saying that Denver and South Florida are the two markets where they are seeing some of the strongest multifamily pricing. 

I don’t expect to see pricing change drastically through the end of this year.  I think cap rates will stay in that range for metro Denver.  Based on BOV activity, the second half of the year should see more transactions than the first half, but not by leaps and bounds.  The capital markets will remain in flux though the end of 2023.  Even though the multifamily sector has the benefit of the GSEs, the turmoil being experienced by the national and regional banks due to the commercial loan landscape cannot be underestimated and will be felt by other commercial real estate sectors.





2022 Office Broker Team of the Year 

The Denver market has stayed consistent with the national headlines.  With accelerated interest rates and hybrid work schedules, office leasing continues to be stagnant with many companies scrutinizing decisions to lease.  Those companies that can make long-term decisions benefit from enhanced concessions. 

Going forward, the "return to work" story will continue to develop and should bring normalcy to the office market in the mid-term.  Enhanced Concessions will continue to be available to those companies that can actually forecast their needs.



2022 Retail Broker of the Year

We have seen a nice rebound in brick-and-mortar retail sales this past year which is expected to continue through the balance of 2023. Although high inflation, rising interest rates and labor shortages will remain headwinds, high construction costs and tight availability ensure that retail fundamentals will remain stable.  New development has remained at historic low levels both Colorado and nationally, which has constrained the supply in the face of rising demand. Retail rates have improved in many submarkets accordingly.

RAY ROSADO, Cushman & Wakefield
2022 Retail Broker of the Year Finalist 

To say the current state of CRE is a bit wobbly of late would be an understatement.  Many tenant expansions are on pause, there is a lack of for sale inventory, and the chasm between buyers, dealing with the realities of financing difficulties today and sellers, with yesteryear expectations, is wide.   I anticipate 2024 to continue to be an adapting year with changing cultural expectations of flexible workspaces, as well as the introduction of technological advancements with a focus on sustainability, property management, and tenant engagement.   I do not anticipate knowledge workers to get back to pre-pandemic “in office” levels. 

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 U.S. Senator Hickenlooper Meets with Members

Submitted by Matt Lengel, May 2023 - Published August 2023

NAIOP had the pleasure of hosting Senator John Hickenlooper on April 10th, 2023, in an intimate setting at Lowe’s building in the Denver Tech Center. The event is part of NAIOP’s new “Select Speaker” series where the organization highlights prominent members of the community to speak on a range of topics that affect our membership.

This specific conversation with Senator Hickenlooper was a “fireside chat” format with Matt Lengel moderating the discussion. As a refresher, Senator Hickenlooper has held a variety of high-ranking public positions in the state of Colorado. He had an a-typical path to public service. In a past life, he was a real estate investor, geologist, brewer of beer, and Denver businessman before he became Denver’s 43rd mayor. He served eight years as the Mayor of Denver before being elected as the 42nd Governor of Colorado, serving in this role from 2011-2019 before eventually becoming a Federal Senator representing the state of Colorado.

Sen. Hickenlooper with Matt Lengel Sen. Hickenlooper with Lowe representatives.  Sen. Hickenlooper with Chris Alcorn, Ian Nichols, and Brandon Kramer.


Matt asked the Senator a wide range of questions from transportation, economic development in the state of Colorado, immigration, tax policy, and much more. Due to the relaxed environment, Senator Hickenlooper was rather “accessible” in his answers, and it felt like an open and honest discussion. The intimacy of the event gave the audience the ability to ask questions and be heard before having a “meet & greet” with the Senator for about 45 minutes after the Q&A wrapped up.

We’d like to extend a huge thank you to board member Mara Fabian with Lowe for providing the space for the event and Matt Lengel with Denver Private Wealth Management for using his connections to land the Senator and moderating the event.

We hope to see you at the next “Select Speaker” series! If you believe you have someone worthy of being featured in the “Select Speaker” series, please reach out to Brandon Kramer, Matt Lengel, or Nick Kitaeff.

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Expand Your Network. Join NAIOP’s Membership Committee!

Submitted by Brandon Kramer, May 2023 - Published August 2023

The Membership Committee of NAIOP Colorado is looking for member volunteers to join our ranks! This committee is tasked with the recruitment, welcoming and onboarding of the 600+ member organization. It is a phenomenal committee for anyone looking to connect with our membership on a deeper level and help foster the relationships NAIOP is built upon. Serving on membership is especially great for any of our members in business development roles at their companies, who would benefit from communicating with our members, especially the new members! Being on the committee is a great excuse to introduce yourself to members and prospects you don’t already know. The group meets every month over the lunch hour and attends most of our events to help drive membership forward. Please contact Brandon Kramer, Steve Scrivener, or Jayma File for more information.

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Opus Foursome Wins NAIOP Golf Classic 

Published August 2023 

Opus Development Company's foursome of Joe Swensson, Randy Danielson, Nic Carter and Daniel Close won 1st place at the NAIOP Colorado "90s" Golf Classic in late June at Fossil Trace Golf Course in Golden.  

Finishing second was the Land Title foursome of Luke Davidson, James McGill, Chris Schultz and Tyler Ryon, and the third-place team representing Kimley-Horn included Emily Felton, Willie Konishi, Dennis Sobieski and Coy Williams. The "most honest team of the day" award went to Megan Kranichfeld and CJ Manning with Prime West and Peter Beugg and Blake McVean for Stream Realty Partners.  

In other action, James McGill sunk a hole-in-one PCL Construction's par-3 and the longest drive winners included Andy Miles and Emily Felton. TJ Carvis and Megan Kranichfeld took home closest to the pin prizes from Galloway.  

Thanks to the players and sponsors, the tournament raised $3,000 in mulligan sales for the NAIOP Corporate PAC and funded another $3,000 Student Scholarship for the NAIOP and Project Destined Bridge Program by betting the "Hole Hecklers" sponsored by Flash Parking.  

Small Giants captured all the action on the course, while other supporting sponsors provided giveaways, beverages and more throughout the tournament day - Opus Development Company, Murray & Stafford, Polsinelli, PC, The Weitz Company, Ryan Companies, Studio 10, CBRE, CoStar Group, Fidelity National Title National Commercial Services, First American Title-NCS, LBA Realty, Moss Adams, Moye White LLP, Stewart Title, Transwestern, and Vari.  

Congratulations to the 2023 Developing Leaders (DL) Golf volunteers for planning a fun filled day: Ben Gosz, Braden Demmerly, Henry Holmes, John Rayburn, Josh Valdivia-McDonald, Blaire Butler, and Arthur Heldt

opus foursome 2023  Golf Classic 2023 Players  Golf Classic 2023 Committee

To view all the photos from the action-packed golf tournament, Click Here