Denver office investing in 2026 is drawing serious contrarian attention — and the numbers explain why. Class A buildings in the Denver Tech Center are trading at 30 to 50 cents on their last sale price. Some are selling for 65 dollars a square foot while replacement cost runs 500 dollars or more. For investors who remember multifamily in 2011, the setup looks familiar.

Matt Ritter co-founded Pinnacle Real Estate in 2006. Today, Pinnacle Real Estate has 50 brokers and 25 staff and is one of Colorado’s largest locally owned commercial brokerages. He also co-founded Knightbridge Capital, where he and partner Rick Yoshimoto have been actively acquiring distressed Class A office in the Denver Tech Center while most investors won’t touch the asset class.

In this episode, Chris Lopez and Paul DeSalvo sit down with Matt to break down the office thesis, what’s happening in multifamily, retail, and industrial, and what 25 years in Colorado CRE has taught him about investing at the bottom.

In This Episode:

Why the floor may already be in for Denver office and what that means for buyers
Buying at 11 to 13% cap rates with 65% LTC bank financing at 6.5%
Target returns: 8-9% cash on cash quarterly and 20% net IRR
The 400 Inverness deal: 92% occupied at acquisition with 6+ years of weighted average lease term
How spec suites are driving leasing velocity in today’s market
Retail, industrial, and multifamily: where each asset class stands right now
Why suburban multifamily is outperforming central Denver
What Colorado’s legislative climate is doing to institutional investor interest nationwide
First Bank’s acquisition by PNC and what it means for CRE lending in Colorado

Watch the Youtube Video

https://youtu.be/ReoHF8ICc5w

Timestamps

00:00 — Welcome & Guest Intro — Matt Ritter, Pinnacle Real Estate and Knightbridge

02:33 — How Pinnacle Grew to 50 Brokers in 20 Years

06:03 — Paul DeSalvo’s First Multifamily Deal with Matt (2011)

13:30 — 1031 Exchange Compounding: How Paul Scaled Deal by Deal

10:24— Colorado Commercial Market Breakdown: Retail, Industrial, and Cap Rate Shifts

17:36— Why Matt Started Buying Denver Office in 2021

18:32— The Thesis: One Third of Office Has Terminal Cancer

20:21— Buying Class A Buildings at 65 Dollars a Foot in the DTC

26:40 — 400 Inverness Breakdown: 92% Occupied, 11.5 Cap at Acquisition

28:45— Investor Returns: 8-9% Cash on Cash and 20% Net IRR Target

29:24 — Multifamily Market Analysis: Where Prices Are Heading

32:00— Suburban vs Central Denver: Which Submarkets Are Holding Up

37:40 — Spec Suites and Why Tenant Demand Is Stronger Than Expected

42:12 — Colorado’s Legislative Climate and What It’s Doing to Investor Interest

45:00 — Stadium Developments and Reasons to Be Hopeful About Denver

47:03 — First Bank’s Sale to PNC and What It Means for CRE Lending

52:13 — Closing Advice from 25 Years in Colorado Real Estate

Links in Podcast

Pinnacle Real Estate
Knightbridge
Matt Ritter on LinkedIn
Matt’s direct line: 303-960-8033
NMHC — National Multifamily Housing Council