The Covid pandemic has caused a sharp decline in the value of Denver office towers. The 52-story Wells Fargo Center has dropped 35% since 2019, while Republic Plaza saw an appraisal of $298.1 million at the start of 2023, a 44% drop from its $535.4 million value 10 years earlier. Owned by New York City-based Brookfield Properties and Boston-based Beacon Capital Partners, Wells Fargo Center is now valued at $287 million – down from its previous appraisal of $475 million four years ago.
As employers shift to hybrid in-office and work-from home schedules and reduce their leased space requirements, older office towers across the country are becoming less valuable than they once were due to Covid’s impact on businesses worldwide .
