Foreign Capital Heads Southeast
JLL EVP and investment sales guru Patrick Devereaux (snapped with EVP and co-guru Jason Schmidt) tell us that foreign capital came to the CBD over the last 12 months, looking for assets, but now overseas investors are just as interested in the Southeast suburban market. “Investor demand there is increasing to the levels of the CBD market, as buyers are seeking more yield than they can obtain downtown, as competition has heated up there,” he says. Demand is so intense that yields are compressing downtown, both for foreign and institutional capital. (Translation: bring an umbrella, because it's raining cash.)
The capital that’s been looking downtown has mainly been German, Canadian, Mexican, and Scandinavian, who all like the fact that Denver is continuing to transition from an 18-hour city to a 24-hour city, and the educated, relatively young population. The place has got a future as an international city, in other words. Though not yet the darlings of overseas capital, other suburban markets are in growth mode, too, Patrick adds--including the northwest suburbs, where he was recently given the job to take the 55k SF Park Centre Place in Westminster to market.
