Office space in downtown Boulder has held steady at $25 to $30 per square foot for the past three years, with vacancy rates stuck at 29%. But with businesses still paying for thousands of square feet that sit unused, the picture is murky. The lack of office workers is straining downtown retailers, restaurants and city sales tax revenue, leaving economic developers and business advocates increasingly concerned.
Business owners like Chris Schwalbach, the CEO of a financial consulting firm, are moving out of their downtown office spaces because of remote work and costs. Instead of having an office, his team will work remotely and rent space when they need to get together.
“Our building expenses were over budget by 40% this year because of inflation and other kinds of wacky incidents. It becomes so prohibitive,” Schwalbach said…