Denver Apartments On The Cusp Of Overbuilding?
The Denver apartment market is hot, but is it fireproof from the risk of overheating—too many apartments, not enough demand? Find out more at our Denver Multifamily & Mixed Use Forum on April 12 at the Four Seasons Denver.
Momentum Development principal Jeff Temple, who will be a speaker, tells us there's certainly a risk of overbuilding—at least in certain areas in the Front Range. "Almost all the product coming online is Class-A, and much of it's Downtown Denver. The fourth quarter of 2015 saw a slowdown in absorption, and the beginning of concessions in many markets." Here's Jeff with his family at Rocky Mountain National Park.
On the other hand, he adds, Q1 2016 has seen a rebound in absorption—but some of the concessions are still in place. "This is because large numbers of apartment projects came online at the same time." He says Colorado remains strong with low unemployment, good job growth and strong migration. Pictured: the 155-unit West Line Flats apartments, a TOD in Lakewood that Momentum broke ground on in January.
Come hear Jeff and our other expert speakers at the Denver Multifamily & Mixed Use Forum, beginning at 7:30am April 12 at the Four Seasons Denver. Sign up here!
