Why Cherry Creek commands the highest office rents in Denver and what investors need to know about this prestigious submarket.
The Cherry Creek Advantage
Cherry Creek stands apart from every other Denver office submarket. This affluent neighborhood, located approximately 3 miles southeast of downtown Denver, has emerged as the premier destination for companies seeking to combine high-quality office space with unmatched walkability, retail amenities, and prestige. In a market defined by flight to quality, Cherry Creek represents the ultimate quality destination.
The submarket’s office inventory totals approximately 3-4 million square feet—modest compared to downtown or the Denver Tech Center—but this limited supply contributes to Cherry Creek’s competitive advantage and premium positioning.
Market Fundamentals
| Metric | Cherry Creek |
| Total Inventory | ~3-4 million SF |
| Vacancy Rate | 12-16% |
| Class A Asking Rent | $42-55/SF Full Service |
| Cap Rate Range | 6.25-7.50% |
| Rent Growth Trend | Outperforming metro average |
What Makes Cherry Creek Different
Unmatched Walkability
Cherry Creek offers something rare in the Denver metro area: a genuinely walkable, urban-suburban environment with high-end retail, restaurants, and services within a short walk of office buildings. The Cherry Creek Shopping Center and surrounding retail district provide employees with lunch options, services, and after-work amenities that most suburban office parks cannot match.
Affluent Demographics
The surrounding Cherry Creek neighborhood features some of Denver’s most valuable residential real estate. Many executives and professionals live within a short commute—or even walking distance—of Cherry Creek office buildings. This proximity to a high-income labor pool is particularly valuable for professional services firms, wealth management companies, and luxury brands.
Brand and Prestige
For certain businesses, a Cherry Creek address carries cachet. Law firms, wealth advisors, architecture firms, and boutique professional services companies value the prestige associated with the neighborhood. Clients visiting Cherry Creek offices have a different experience than visiting a downtown high-rise or suburban office park.
Limited Supply
Cherry Creek’s developed character and high land values limit new office construction. Unlike suburban markets where developers can build at the urban fringe, Cherry Creek is essentially built out. Any new development requires either redevelopment of existing sites or repurposing of non-office uses. This supply constraint supports rent growth and occupancy for existing buildings.
Recent Market Activity
Cherry Creek has benefited from the flight-to-quality trend as companies have relocated from downtown Denver and suburban locations seeking a premium office environment. Notable activity includes:
Tenant migration: Several law firms, financial services companies, and professional services firms have relocated to Cherry Creek from downtown Denver, seeking smaller, higher-quality space in a more accessible location.
New development: The 84,000 SF Milwaukee Place project in the Cherry Creek micromarket broke ground in 2025, representing one of the few new office developments in the Denver metro area.
Rent performance: Cherry Creek rents have remained firm despite broader market weakness, with asking rents for top-tier space exceeding $50 per square foot on a full-service basis.
Investment Considerations
For Buyers
Cherry Creek office buildings rarely trade, and when they do, they command premium pricing. Cap rates in the 6.25-7.50% range reflect the submarket’s perceived stability and growth potential. Investors should expect competitive bidding situations for quality Cherry Creek assets and be prepared for lower going-in yields than other Denver submarkets.
The investment thesis for Cherry Creek centers on quality over yield: accepting lower current returns in exchange for tenant stability, rent growth potential, and principal protection. This positions Cherry Creek as a core or core-plus investment rather than a value-add opportunity.
For Tenants
Companies considering Cherry Creek should prepare for premium rents and potentially limited availability. The tradeoff is access to the best amenities and environment in the Denver market. Cherry Creek tenants tend to have strong retention rates, as the switching costs of leaving the submarket are high and alternatives with comparable quality are limited.
2026 Outlook
Cherry Creek’s outlook for 2026 remains positive relative to the broader Denver office market. The submarket’s fundamental advantages—walkability, demographics, prestige, and supply constraints—will continue to attract quality tenants and support premium rents. While no submarket is immune to broader economic cycles, Cherry Creek is well-positioned to outperform.
Key factors to watch include the pace of tenant migration from downtown Denver, the success of new development in maintaining quality standards, and broader economic conditions affecting the professional services firms that dominate Cherry Creek tenancy.
Bottom Line
Cherry Creek represents Denver’s most resilient office submarket and a flight-to-quality destination for discerning tenants. For investors, Cherry Creek offers stability and principal protection at the cost of lower current yields. For tenants, the submarket provides an unmatched combination of quality, walkability, and prestige. In a market where quality matters more than ever, Cherry Creek stands alone.
About SVN Denver Commercial
SVN Denver Commercial provides expert guidance on Cherry Creek office investment and leasing opportunities. Contact our team to explore the premium end of Denver’s office market.