The diverse economy of Denver, Colorado has fortuitously kept the Denver real estate market abreast during the nation’s economic upheavals. Several factors are influencing the movement of commercial real estate in Denver, including industrial, office, and retail spaces. Positive job growth, solid energy and technology companies, and light-rail expansion are among them.
Then, too, Denver CO real estate is positioned in the center of America. A large number of American corporations are establishing offices and headquarters in Greater Denver. Another factor is the growth through Aurora all the way north to the new location of the Denver International Airport. Denver has become the distribution center for the Rocky Mountain West. In addition, Downtown Denver retail real estate continues to enjoy immense popularity.
In fact, a record sale in 2007 by Callahan Capital Partners LLC purchased five downtown office buildings for $770 million. Then, in 2008, Gart Properties and ING Clarion bought the Denver Pavilions downtown. That two-block property went for over $94 million.
Many investors continue to find good prices for nice properties. That’s another reason why for the first time ever, Pricewaterhouse Coopers ranked the city as one of the top real estate investment markets for 2008. The Mile High City is expecting a phenomenal 4-percent growth.
During the second half of the 1900s, a large number office spaces sprang up in the city. Large hi-rises sprouted up downtown and bustling office parks such as the Denver Tech Center, Meridian, Inverness, and Interlocken opened up lots of business spaces. The strong industrial base consisting of many successful smaller businesses and some very large ones are mostly situated along the Interstate and out to DIA. The largest malls include Cherry Creek Shopping Center, Park Meadows, southlands, and Flat Iron Crossing.
While the overall commercial real estate market remains steady, the retail sector has been hardest hit by consumer spending habits. Nonetheless, according to Paula Moore in the Denver Business Journal, “Retail rents here continue to rise, hitting $17.65 per square foot on average at midyear, and investors keep buying retail properties because of metro Denver’s continuing job growth and immigration.”
For more information about farms, horse properties, and real estate in the area, call Michael Paul of Realty Oasis at (303) 268-6052.
