Denver’s poor jobs performance should be short-lived

Denver’s poor jobs market performance over the last year appears to have been driven by a combination of a downsizing in Central Bank staff and layoffs in its large telecoms sector. But the former’s weakness is likely to be short-lived and the latter has been shedding jobs for years. We expect a recovery in 2024, but with tech jobs associated with the highest rates of remote work, even this will not be a panacea for Denver’s office market.