Flex Space Feasibility Study in the Denver-Aurora-Centennial, CO Metro Area
What SBA's own loan files show about nonresidential lessor (flex, office and retail investor buildings) lending in the Denver-Aurora-Centennial, CO Metro Area, and what a feasibility study for a project there has to test.
Flex space in Denver: the loan record
Denver gets 28 loans approved for flex space, $33.7 million gross, from FY2017 to FY2026. Denver, on flex space loans, holds place 9 of 312 among areas. Inside Denver, flex space places 18 of 39. Denver has a quotient of 1.23x, flex space above the national share.
Denver loan sizes and mix
The median Denver loan is $986,000; $459,825 to $1.5 million holds the middle half. Denver loans sit at 1.64x of the national class median. In Denver, borrowers draw bigger loans than nationally. Denver shows no 7(a) count. Denver shows no 504 count either. Denver: too few loans back either count. Denver prints no franchise share. Too few Denver loans support one. Denver loans run bigger. In Denver, a study must prove the payment.
Denver holders and counties
Holder in Denver: Enterprise Bank & Trust, 5 loans, $3.4 million, SBA 7(a). Denver names here hold or held loans. In Denver, SBA rows say nothing of requirements. Denver borrowers read the list as holders. Denver flex space lenders get first tests. In Denver, by county, the loans are 8 in Arapahoe County, CO, 7 in Denver County, CO and 7 in Jefferson County, CO.
Denver floors, limits and yearly record
Denver prints only these fiscal years. In FY2021, Denver had 5 loans worth $8.0 million. In FY2025, Denver had 0 loans worth $0. Other Denver years are withheld. Thin counts leave Denver totals unknown. In Denver, no blank is a zero, and Denver treats FY2026 as complete. Denver floors follow Loan Analytics' own rule. That Denver cohort holds fewer than 30 loans. The Denver cohort covers FY2017 to FY2021 disbursements. So Denver prints no cancellation floor. So Denver prints no charge-off floor. Denver blanks are no zero. Denver blanks are no clean book. Each Denver rate is a floor. Denver borders come from the July 2023 list. Denver places each loan by project county. Denver drops loans with unplaceable counties. Denver note: The Denver class cannot isolate flex buildings from office and retail lessor buildings, since banquet hall rental also shares the code. In Denver, approvals for this class nearly stop from FY2024, because SBA reads lessor businesses, for the most part, as passive and therefore ineligible; later years say little beyond that rule.
Denver: testing a flex space project
Denver treats $459,825 to $1.5 million as the range to explain in Denver. A flex space study in Denver starts with the rent roll: who the tenants are, what they pay, and when their leases end. In Denver, the property is an investment building, so SBA's passive lessor rule is a first question before any loan is considered. A Denver lender will ask for occupancy and rent assumptions tested against comparable buildings and against a stretch of vacancy. Daniel Smith, MAI, signs every Denver flex space study. For Denver, demand and cost are tested. In Denver, coverage and value are tested. Denver borrowers are promised no approval here.
SBA nonresidential lessor (flex, office and retail investor buildings) loans in the Denver-Aurora-Centennial, CO Metro Area
| Loans approved, FY2017 to FY2026 | 28 |
|---|---|
| Gross dollars approved | $33.7 million |
| Median loan | $986,000 |
| Middle half of loans, from | $459,825 |
| Middle half of loans, to | $1.5 million |
| SBA 7(a) loans | withheld |
| SBA 504 loans | withheld |
| Franchise share of loans | withheld |
| Rank among metro and micro areas for nonresidential lessor (flex, office and retail investor buildings) loans | 9 of 312 |
| Rank of nonresidential lessor (flex, office and retail investor buildings) among the classes in this area | 18 of 39 |
| Location quotient (share of loans against the national share) | 1.23x |
| Median loan against the national median for the class | 1.64x |
Cancellation and charge-off
| Cancelled after approval, FY2017 to FY2024 approvals (a floor) | withheld |
|---|---|
| Charged off to date, FY2017 to FY2021 disbursed loans (a floor) | withheld |
Both rates are floors. SBA withholds the status of open loans, so a loan counts as charged off only once SBA reports it; a rate needs at least 30 loans in its cohort and is otherwise not reported.
SBA nonresidential lessor (flex, office and retail investor buildings) loans approved in the Denver-Aurora-Centennial, CO Metro Area, by fiscal year
| Fiscal year | Loans | Dollars |
|---|---|---|
| FY2017 | withheld | withheld |
| FY2018 | withheld | withheld |
| FY2019 | withheld | withheld |
| FY2020 | withheld | withheld |
| FY2021 | 5 | $8.0 million |
| FY2022 | withheld | withheld |
| FY2023 | withheld | withheld |
| FY2024 | withheld | withheld |
| FY2025 | 0 | $0 |
| FY2026 | withheld | withheld |
Most active SBA lenders
| Lender | Loans | Dollars |
|---|---|---|
| Enterprise Bank & Trust | 5 | $3.4 million |
Lenders with 5 or more loans here; a lender with fewer is not listed, and loans SBA or a receiver holds are counted but never listed as a lender.
Where the loans are, by county
| County | Loans |
|---|---|
| Arapahoe County, CO | 8 |
| Denver County, CO | 7 |
| Jefferson County, CO | 7 |
Counties with 5 or more loans; smaller ones are not listed.
Metro is the CBSA (metropolitan or micropolitan statistical area) of the loan's project county, July 2023 delineation (OMB Bulletin 23-01). The county is matched by name (manifests/ld2/county-cbsa-map.csv); a loan whose county cannot be placed in a 2023 CBSA is left out of every metro.
Flex space cannot be separated from office or retail lessors. Nearly stops from FY2024.
Shared code: Flex, office, retail and banquet hall rental share 531120.
SBA lending in this class almost stops from FY2024: SBA treats most lessor businesses as passive and ineligible, so the record here is mostly older loans.
A value marked withheld rests on fewer than 5 loans, or is withheld so that such a figure cannot be derived from other published figures.
Source: U.S. Small Business Administration, 7(a) and 504 loan-level FOIA files (data.sba.gov), as of 2026-09-30; areas from the U.S. Census Bureau CBSA delineation, July 2023 (OMB Bulletin 23-01); Loan Analytics metro cell MA-19740-C09.
Related feasibility study pages
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- SBA feasibility study consultant
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