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The company headquarters of SendGrid, designed by Hampton Architecture, are located at 1801 California St. in Denver, Colorado. The office was photographed Feb. 1, 2017. SendGrid is a transactional email delivery and management company that provides cloud-based services for clients.
Helen H. Richardson, The Denver Post
The company headquarters of SendGrid, designed by Hampton Architecture, are located at 1801 California St. in Denver, Colorado. The office was photographed Feb. 1, 2017. SendGrid is a transactional email delivery and management company that provides cloud-based services for clients.

Denver edged up a spot on the annual Tech-30 Report, released Wednesday by commercial real estate broker CBRE.

The city saw 8.3 percent growth in office lease rates and an 11.5 percent uptick in the number of tech jobs between 2015 to 2016. But ranked at 23rd out of 30, the city’s growth rates paled in comparison to the top 22 where cities like San Francisco saw a 39.4 percent  jump in high-tech job growth during the same time, according to the annual report. Denver ranked 24th last year.

Locally, the rising rents are affecting lease rates beyond the the prime office market of Lower Downtown, where tech companies traditionally have favored. This year, three of the largest downtown office leases were in the nearby and cheaper Central Business District, where average lease rates are about 18 percent lower than LoDo, which hit $38.73 per square foot in the second quarter of 2017.

Overall, Denver’s average asking rent is $26.15 a square foot, about a buck more than last year’s $25.23. Similarly, the price in downtown Boulder, where rents reached $41.74 per share foot, is causing prospective tech companies to look to east Boulder, where average rates are $30.60.

“If tech companies that are used to paying a premium for space in the top tech submarkets, like downtown Boulder, are forced to move to developed and available submarkets, like downtown Denver’s CBD, in order to expand, we could start to see significant rent growth in those more traditional markets as well,” said the report’s author, Colin Yasukochi, CBRE’s director of research and analysis.

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