Develop and execute a real estate strategy that attracts talent and reduces spending—even in difficult energy markets.
Energy remains a major part of the economy in Denver's CBD—with one-third of all occupiers being energy-related or support-role providers. However, the recent drop in oil has forced some companies to sublet space in order to survive.
Global oil prices have also pushed down the number of operational rigs across Colorado to only 30 (as of Q3 2015), down 76 percent from its 2008 peak. Fewer rigs means lower energy sector employment.
However, some midstream players—like Meritage Midstream and Bakken Express—have been able to handle the drilling drop, bringing some needed stability to the market.
We expect projected $51 per barrel WTI to dial back demand even further in 2016, resulting in lower leasing activity and absorption across the market.
Here's how we can help your energy company:
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