Denver’s Vibe: Art District Showcases a Better Way to Work
VibeTM is a new and disruptive boutique office property in the commercial office space sector emerging in the Denver community this year. Currently in three states with eight properties, the Vibe brand has been spreading rapidly across the country, with this most recent 2018 project marking the first Colorado location.
We purchased the 134,643-square-foot Parkway Office Centre, located at the intersection of 14th Avenue and Speer Boulevard, and began construction on interior and exterior elements to rebrand under the Vibe umbrella. Construction is set for completion in the fourth quarter. The overhaul includes the addition of top-of-the-line co-working space Ventures™, renovated lobby and restrooms, updates to interior corridors, installation of LED lighting, refreshed landscaping, bike storage, gated access parking and the incorporation of artwork inside and outside of the building.
Entering a Market and Engaging the Community
When we plan to expand this brand into a market, our objective is to complement the surrounding community. This stems from a full understanding of what is important to residents, how they work and what their priorities are when looking for office space. Through conversations with pre-existing tenants and community members, it became evident that the nearby Santa Fe Art District was the primary identifier for the neighborhood. With that in mind, the Denver office property was named Vibe Art District.
The subject of many initial conversations was how to integrate into the local art community in a way that was authentic provided an opportunity for ongoing engagement and appealed to current and potential tenants.
Two Denver artists, Jason Garcia and Stephen Kruse, along with Los Angeles-based artist Robert Moore, were chosen to create custom murals on the exterior of the building and large paintings on canvas in the main lobby. We worked closely with each artist to ensure their vision aligned with the brand and would be well-received by the Denver community. In fact, the artists collaborated together, forming a synchronized color palette to create a connection between the pieces.
With Vibe Art District’s close proximity to the Santa Fe Art District, the Vibe team made the decision to become members and integrate with its long-standing First Friday Art Walks. With these events providing a platform to connect the public with galleries, studios, co-ops and businesses all rooted in art we wanted to ensure we were part of this community. Vibe Art District hosted its first event in June, with artists live painting the three exterior murals. Our support of the art community will only continue, with plans to open our redesigned lobby for future events and feature artists ranging from aspiring youth to established professionals.
Engaging Brokers and Investors
One of the most substantial pieces of feedback our team has received is how attractive the property has been for brokers and investors.
The fresh renovations, artistic curb appeal and energetic office spaces make the Vibe Art District a must-see for brokers to showcase in Denver. We also have utilized virtual reality to provide potential tenants with a true feel for the space build-out including customization options, down to the furniture color. VR provides brokers with a unique and engaging way to showcase the property and the customized office the client could have here. Potential tenants that range from established companies to startups are increasingly drawn to office spaces that encourage innovation like ours.
Our investors have turned impressive returns with the Vibe brand. The Vibe Art District location has seen steady growth in occupancy since purchasing the building and has numerous contracts pending. Its desirable location just outside of downtown boasts unobstructed mountain views and easy highway access. Long-term anchor tenants such as Denver Health assure investors of consistent occupancy and present a draw for future tenants. In addition, the cost per square foot is $5 less than downtown office space and $10 less than LoDo office space.
Showcasing a New Way to Work
Our co-working space, Ventures at Vibe Art District, will serve as one of the largest draws alongside the new dog-friendly policy for tenants. In Denver, we’ve seen a staggering number of people interested in the co-working space concept. A recent CBRE research sample showed that the Denver and Boulder commercial real estate market turned up 57 co-working locations, totaling 1.3 million square feet of space.
Hayman Properties has seen a shift in how individuals and companies operate in an office environment over recent years. The classic cubicle model is slowly fading away, and open, collaborative and creative spaces are becoming the norm. Vibe Venture is targeted to be open in the first quarter. Current and future tenants will be hard-pressed to find another property that combines close proximity to downtown, attentive property management support, community engagement and an innovative office vibe.