Drive along East Technology Way in the Denver Tech Center right now and you will pass a six-story office building from 1997 that is, for all practical purposes, already gone. Trammell Crow Residential filed plans in February 2026 to tear down most of the low-rise campus and surface parking at 7601 E. Technology Way and replace it with two Alexan-branded apartment buildings, roughly 660 units in total, on the 10-acre site near the I-25/I-225 interchange. A Denver office still used by Zoom sits inside the old tower today. It will not for much longer.
A few miles away at 4340 South Monaco Street, a different kind of conversion just finished. Shea Properties gutted a four-story building that used to house Invesco's regional headquarters and turned it into 143 apartments, with rents restricted to households earning between 30 and 70 percent of the area median income. The project opened in July 2026 as Denver's first office-to-affordable-housing conversion completed since the pandemic. Same underlying problem as the tower on Technology Way, an office building nobody wants anymore, and a completely different solution: luxury rentals in one case, income-restricted housing in the other. Both bets are that apartments pencil out where offices no longer do.
That single fact, repeated across enough addresses, is starting to reshape what a house near the Denver Tech Center is actually worth. Not uniformly. The effect is splitting the surrounding for-sale market into properties that benefit from the shift and properties that are getting quietly punished by it, and the neighborhood-wide median price is too blunt an instrument to show you which side of that line any given listing sits on.
The Vacancy Math Behind Both Projects
The reason developers are willing to demolish or gut buildings that were fully occupied twenty years ago comes down to a number: roughly 19 percent of office space along the corridor stretching from the Tech Center to Lone Tree sat vacant in the first quarter of 2026, according to CoStar data analyzed by Denver South, the region's economic development partnership. That is down slightly from about 20 percent in late 2025, but it still works out to around 9 million square feet of empty office floor space sitting along one stretch of the Front Range.
Roughly 9 million square feet of office space between the Denver Tech Center and Lone Tree sat vacant in the first quarter of 2026.
At that level of vacancy, a landlord holding a 1990s-era tower is not choosing between a full building and an empty one. The choice is between an empty building and a converted one. Trammell Crow's math is a bet on luxury rents from a location close to the interchange. Shea Properties took the opposite bet, using roughly $29 million in tax-exempt bonds approved by the city to make the numbers work on income-restricted units instead. Both projects only make sense because the office use underneath them had already stopped paying its way.
A Median That Hides the Real Story
Here is where it gets interesting for anyone shopping in the resale market near DTC rather than the new rental buildings themselves. Greenwood Village, the city that contains most of the Tech Center, posted a median home sale price of about $1.8 million as of April 2026, essentially flat year over year. On its face, that reads as a market holding steady through a period of major construction disruption.
Break the city into its component neighborhoods and the flat median turns out to be an average of two very different stories. Greenwood Hills, home to some of the area's most established luxury properties, saw its median drop to $2.4 million as of April 2026, down 6.5 percent year over year, with price per square foot down a much sharper 26.7 percent. That is not a market holding steady. That is a real correction in the upper tier, happening in properties that sit farther from the new residential development and closer to the aging office stock that is either being demolished or standing half-empty.
Meanwhile, homes closer to the walkable development taking shape around Belleview Station are holding value or appreciating, because buyers are increasingly willing to pay for proximity to a live-near-work environment with retail and restaurants within walking distance, the exact thing the Tech Center historically lacked. Two segments of the same city, moving in opposite directions, netting out to a median that tells you almost nothing useful.
The pattern extends past Greenwood Village's own borders. Centennial, which sits immediately south and east of the Tech Center and skews toward the $500,000 to $700,000 range, posted a median sale price around $625,000 as of April 2026, up 8.1 percent year over year, even as broader Denver prices slipped roughly 2 percent over the same stretch. Centennial is not competing on walkability to Belleview Station. It is competing on being reachable and affordable while everything immediately around DTC repriced.
| Area | Median sale price (as of Apr. 2026) | Year-over-year change | Position relative to the conversion wave |
|---|---|---|---|
| Greenwood Village (overall) | ~$1.8 million | +0.1% | Contains both winners and losers below |
| Greenwood Hills (Greenwood Village) | ~$2.4 million | -6.5% (price/sqft -26.7%) | Isolated luxury inventory, distant from new development |
| Near Belleview Station | Not separately reported | Holding or appreciating | Walking distance to new mixed-use development |
| Centennial | ~$625,000 | +8.1% | Affordability play, adjacent but not adjacent enough to absorb the luxury correction |
Why Cherry Hills Village Isn't Feeling Any of This
It is worth naming the neighborhood where none of this applies, because the contrast is instructive. Cherry Hills Village, which borders the Tech Center, has strict zoning that prevents the kind of density happening at Belleview Station or on Technology Way. Median prices there ran well above $2 million as of April 2026, and DTC's office conversion wave has essentially no direct bearing on those values. Buyers in Cherry Hills Village are paying for acreage and privacy, not walkability to a rebuilt office park, and the zoning that keeps density out also keeps the neighborhood insulated from the repricing happening a few miles away.
That insulation is itself useful information. If a neighborhood's zoning prevents the kind of conversion and infill happening at DTC, its home values are not going to move on the same schedule as the Tech Center's, for better or worse. Cherry Hills Village will not see the appreciation that Belleview Station-adjacent properties are getting either.
What to Actually Check When You're Comparing DTC-Adjacent Neighborhoods
If you're weighing a purchase anywhere near the Tech Center right now, the median price for the surrounding city is close to useless on its own. What matters is which side of the split your specific address falls on.
- Find out how far the property sits from Belleview Station or any other new mixed-use development, not just in miles but in whether it is a walk or a drive.
- Ask whether nearby office buildings are occupied, and if not, whether a conversion or demolition filing already exists with the city. A vacant office building next door can mean new neighbors and new retail in two years, or it can mean an empty lot for an unclear stretch of time.
- Compare price per square foot, not just median sale price, against recent closed sales in the same immediate cluster of streets. Greenwood Hills shows how far those two numbers can diverge within a single ZIP code.
- Check whether the city or county has approved public financing, like the tax-exempt bonds behind the Lofts on Monaco project, for any nearby conversion. Public financing usually means the project is moving forward rather than sitting in speculative limbo.
- Weigh zoning separately from location. A property in a zoning district that resembles Cherry Hills Village's restrictions will behave differently than one in an area open to the kind of redevelopment happening at 7601 E. Technology Way.
Frequently Asked Questions
Is the Denver Tech Center becoming a residential neighborhood? It is moving that direction in specific pockets. Office vacancy near 19 to 20 percent along the DTC-to-Lone Tree corridor has made conversion or demolition-and-rebuild the more economical path for several aging office buildings, and both the Trammell Crow and Shea Properties projects add hundreds of new residential units to a district that was built almost entirely around commercial tenants.
Does a nearby office conversion help or hurt my home's resale value? The research so far points to help if you're within walking distance of the new development and its retail, and comparatively little direct effect, or even downward pressure, if you're farther out in an older luxury pocket like Greenwood Hills that isn't benefiting from the new foot traffic.
How do I find out if a specific vacant office building near a home I'm considering has a conversion planned? City planning filings are public, and both projects covered here (7601 E. Technology Way and 4340 South Monaco Street) show up in Denver and Greenwood Village development records well before groundbreaking. Ask your agent or title company to check current filings for any large vacant commercial parcel near a property you're evaluating.
Buying near a neighborhood in transition raises questions that a standard closing checklist doesn't always anticipate, from title history on recently rezoned parcels to timing a purchase around nearby construction. First Alliance Title has closed transactions across the Denver-Boulder metro, including the DTC corridor, for long enough to know which of these questions actually matter at the closing table. Reach out to your local First Alliance team before you write an offer near any part of this market that's still being rebuilt.
