Lakewood, Colorado, has emerged as a vibrant hub for businesses seeking strategic locations with access to Denver’s metropolitan advantages while maintaining a distinct community feel. For entrepreneurs, startups, and established companies alike, leasing commercial property in Lakewood offers numerous benefits, from competitive pricing to diverse property options. This article explores the current landscape of commercial property leasing in Lakewood, providing insights into market trends, property types, and key considerations for prospective tenants.
Understanding the Lakewood Commercial Real Estate Market
Lakewood’s commercial real estate market has experienced steady growth over the past decade, driven by its proximity to Denver and the expanding population in the Denver metropolitan area. As of early 2024, the vacancy rate for commercial spaces in Lakewood hovers around 7%, which is slightly below the national average of 8.5% for similar markets. This indicates a healthy demand for commercial properties, making it a competitive environment for tenants.
The average lease rate for office spaces in Lakewood ranges between $18 and $25 per square foot annually, depending on location, building amenities, and property class. Retail spaces tend to command slightly higher rates, especially in high-traffic areas such as Belmar or along major corridors like West Colfax Avenue. Industrial and warehouse spaces, which are in growing demand due to the rise of e-commerce, typically lease for $10 to $14 per square foot.
One of the key drivers behind Lakewood’s commercial real estate appeal is its balanced mix of urban and suburban characteristics. Businesses benefit from access to a skilled workforce, excellent transportation infrastructure, and a community-oriented environment that supports local commerce. The city’s strategic location, with easy access to major highways and public transit options, facilitates the movement of goods and services, making it an attractive hub for logistics and distribution companies.
Additionally, Lakewood has made significant investments in infrastructure and community development, enhancing its appeal to businesses and investors alike. Recent initiatives have focused on revitalizing older commercial districts, improving public spaces, and promoting sustainable practices. The city’s commitment to fostering a vibrant business ecosystem is evident in its support for local startups and small businesses through various grants and resources. This nurturing environment not only attracts new businesses but also encourages existing ones to expand, further contributing to the overall economic vitality of the area.
Types of Commercial Properties Available for Lease
Office Spaces
Lakewood offers a variety of office leasing options, from modern Class A buildings with state-of-the-art amenities to more affordable Class B and C properties suitable for startups and small businesses. Many office buildings are located near transit hubs, such as the Lakewood-Wadsworth light rail station, providing easy access for employees and clients.
Flexible office layouts and coworking spaces have also gained popularity in Lakewood, reflecting broader national trends toward hybrid work models. These spaces often come fully furnished and equipped with high-speed internet, conference rooms, and communal areas, making them ideal for companies looking to scale without committing to long-term leases.
Retail Spaces
Retail leasing in Lakewood is concentrated in bustling shopping districts and mixed-use developments. Belmar, a premier shopping and entertainment district, is a hotspot for retailers seeking high visibility and foot traffic. Leasing retail space here can be more expensive but offers significant advantages in terms of customer exposure.
Other retail opportunities exist along major arterial roads, where businesses can capitalize on vehicle traffic and neighborhood clientele. From standalone storefronts to spaces within shopping centers, Lakewood’s retail properties cater to a wide range of business types, including restaurants, boutiques, and service providers.
Industrial and Warehouse Properties
With the growth of logistics and distribution sectors, Lakewood’s industrial spaces have become increasingly sought after. These properties are typically located in the city’s eastern and southern industrial corridors, offering easy access to Interstate 70 and other major highways.
Leasing industrial property in Lakewood often involves spaces ranging from small warehouses to large distribution centers. Features such as loading docks, high ceilings, and ample parking are common, making these properties suitable for manufacturing, storage, and fulfillment operations.
Key Considerations When Leasing Commercial Property in Lakewood
Location and Accessibility
Choosing the right location is paramount for any business. Lakewood’s diverse neighborhoods and commercial zones offer different advantages depending on the type of business. For example, retail businesses benefit from high-traffic areas like Belmar or along West Colfax Avenue, while office tenants might prioritize proximity to public transit or business parks.
Accessibility for employees, clients, and suppliers should also be factored in. Lakewood’s extensive road network and public transportation options, including light rail connections to Denver, enhance the city’s appeal for commercial tenants.
Lease Terms and Flexibility
Understanding lease agreements is critical to securing favorable terms. Commercial leases in Lakewood often vary in length, with typical terms ranging from three to ten years. Businesses should carefully review clauses related to rent escalation, maintenance responsibilities, and options for renewal or expansion.
Flexibility is increasingly important, especially for startups and growing companies. Many landlords now offer shorter lease terms or the possibility to sublease or expand within the same building, providing tenants with adaptability as their needs evolve.
Costs Beyond Rent
Lease costs extend beyond the base rent. Tenants should be aware of additional expenses such as property taxes, insurance, common area maintenance (CAM) fees, and utilities. These costs can significantly impact the total occupancy expense and should be clearly outlined in the lease agreement.
It is advisable to conduct a thorough cost analysis and consult with a commercial real estate professional or attorney to understand all financial obligations before signing a lease.
Benefits of Leasing Commercial Property in Lakewood
Leasing commercial property in Lakewood offers several strategic advantages for businesses. The city’s economic growth, combined with its quality of life and infrastructure, creates an environment conducive to business success.
Lakewood’s business-friendly policies and access to a diverse talent pool support a wide range of industries, including technology, healthcare, retail, and manufacturing. Additionally, the city’s commitment to sustainability and community development enhances its appeal to companies prioritizing corporate social responsibility.
Furthermore, leasing rather than purchasing commercial property allows businesses to preserve capital, maintain flexibility, and avoid the risks associated with property ownership. This can be particularly advantageous in a dynamic market where business needs may change rapidly.
How to Find the Right Commercial Property for Lease in Lakewood
Finding the ideal commercial property requires a strategic approach. Engaging with local commercial real estate brokers who possess in-depth knowledge of the Lakewood market can streamline the search process. These professionals can provide access to off-market listings, negotiate lease terms, and offer valuable market insights.
Online platforms and commercial real estate databases also serve as useful tools for initial research. However, visiting properties in person and assessing neighborhood dynamics are essential steps to ensure the location aligns with business goals.
Additionally, conducting due diligence on zoning regulations, building codes, and potential future developments in the area helps avoid unforeseen complications.
Conclusion
Leasing commercial property in Lakewood, Colorado, presents a compelling opportunity for businesses aiming to establish a presence in a thriving and accessible community. With a diverse range of property types, competitive lease rates, and a supportive business environment, Lakewood stands out as a prime location for commercial ventures.
By understanding market conditions, carefully evaluating lease terms, and leveraging professional guidance, businesses can secure commercial spaces that not only meet their operational needs but also contribute to long-term growth and success in this dynamic Colorado city.
Ready to take the next step in securing the perfect commercial property for your business in Lakewood, CO? At Benchmark Commercial, we understand the significance of finding a space that aligns with your company’s growth and budget. As Denver’s leading firm for tenant and buyer office and industrial representation, we are dedicated to your success. Our local expertise and commitment to the community make us more than just a service; we’re your partners in prosperity. Let us help you navigate the market, negotiate favorable lease terms, and plan for your future space needs. Learn More about how Benchmark Commercial can elevate your business to its peak potential.
