Office market cools off.(Denver-area office building construction projects)

Projects that missed boom may be shelved

Wall Street's capital crunch and other development inhibitors are expected to significantly cool office construction in the Denver area's hottest market for that, the southeastern suburbs.

Of the nearly 5 million square feet of new office buildings slated to be built in that fertile area, roughly 2 million square feet probably will be shelved, at least for the near term, according to real estate sources. Some developers contend that if a building didn't break ground by late summer, it won't start construction this year - or maybe this development cycle.

Developers worry about a space glut, not only from new construction but also from the southeastern tenants that will vacate existing space fairly soon. Among those are local software concern J.D. Edwards & Co., which will give back 60,000 square feet in Stanford Place I to move into its own building nearby, and …