Denver's Diversity Spurs Continued Growth
The energy industry slowdown is not enough to slow things down in the Mile High City. That's why we're excited to present the third annual Denver State of the Market on March 12 at the EOS Campus at Interlocken beginning at 7:30am.
Denver's commercial real estate market is generally healthy with all product types having enjoyed positive occupancy gains in recent years, Unico Properties regional director Austin Kane (center), who will be a speaker, tells us. Fortunately, the Denver economy's fairly diverse, so while investors do need to be mindful of the price of oil and its ramifications, the slump won't cripple the local economy. Denver's market fundamentals remain strong, Austin says. There's upward pressure on rents in most submarkets, he adds, and on a more macro level, jobs continue to be added to the local economy as Denver's experiencing continued in-migration of educated young people.
McWhinney CEO Chad McWhinney, who will also be a speaker, tells us that as a member of Generation X, he sees the generations of the future, including Millennials, having significant opportunities in Denver. "That's because of its quality of life, transportation infrastructure, commitment to the arts, and friendly business climate, but also its consistent attention towards an attainable cost of living."
East West Partners managing partner Chris Frampton tell us: "It’s a horrible market! You’d have to be crazy to develop in Denver!" His tongue was firmly in cheek, however, since East West Partners remains one of the most ardent believers in Denver, currently leading the development of two significant master-planned urban neighborhoods in Downtown: Riverfront Park and the Union Station Neighborhood, including the under-construction Triangle Building next to the station.
Corporate space users are believers in Denver, too: recently cable company Liberty Global inked a lease for 70k SF at the Triangle Building (pictured: an exterior amenity). Chris says Liberty Global, which is Colorado’s second-largest company with over $18B in revenue, is the building's first signature tenant. It will be occupying the top three floors of the triangular structure at 1550 Wewatta. The company will benefit from the building's high-tech and energy-efficient design, along with its location near the amenity-rich Union Station. NGKF’s Tim Harrington, Tom Lee and Jennifer Chavez repped Liberty Global in the deal.
