Whether you are an investor or and owner user, there are a few things you should consider about the greater Denver area when it comes to acquiring real estate or leasing real estate space for your business. At a glance, here are some things to think about…
The mountain range visible from the city of Denver is 140 miles long featuring 32 peaks that reach above 13,000 feet high which are all nestled among the 200 Peaks in total. This creates an ambience which is hard to replicate just anywhere.
Denver’s economy slowed in 2015 as employment growth fell below 3% for the first time in four years (but still came in at a solid 2.7%). Perhaps unexpectedly, especially given Denver’s moderate exposure to oil, employment growth rebounded in 2016: Revised numbers for 2016 put year-over-year employment growth at 3.2%. Moreover, unemployment in the city of Denver remains exceptionally lowwhile Denver’s population continues to grow at roughly twice the national average. Moderate living and business costs coupled with the metro’s high median household income will aid in fostering in-migration and continued growth.
The Denver office market remains propelled by Denver's well-diversified economy and highly educated labor force. Office demand has capitalized on the metro’s outsized exposure in office-using sectors, including telecommunications, financial activities and more. Denver truly has its own brand of specialization in the high-value-add industries like engineering, energy, communications, and high tech which will also continue to drive growth.
Denver offers the 10th largest downtown in America and it is one of the most exciting downtown cities in America and is highly walkable making it a plus for the live, walk, work scene. Denver has three major sports stadiums, it has the nation's second-largest performing arts center, and there are more than 8,400 hotel rooms and over 300 restaurants in Denver. Denver has a $140 million theme/water park (a future redevelopment), a $100 million aquarium, including various History, Science, and Art Museums. In short, Denver has an incredible entertainment district which doesn’t include the amazing outdoor recreation the state of Colorado has to offer.
Speaking of outdoor recreation, Denver has more than 200 parks within the city and 20,000 acres of parks in the nearby mountains, including spectacular Red Rocks Park & Amphitheatre. The parks are well utilized as Denver has a mild, dry and sunny climate with more annual hours of sun than San Diego or Miami Beach (shhh don’t tell everyone). Even in the winter, Denver is dryer than Phoenix with an average daily high of 45 degrees making year-round trips to the park feasible. In fact, this has been one of the best kept secrets about Denver for decades. The secrets is out though as more and more folks from around the globe have come to learn that Denver really offers a pretty sunny & mild climate year round.
Denver has the second highest educated population in America with an appetite for learning as well as all things popular culture. The Denver Performing Arts Complex has nine theaters seating 10,000 people and is second only to New York's Lincoln Center. Denver's live music scene entertains year-round, ranging from intimate venues like the Paramount Theatre, Blue Bird Theatre, Ogden Theatre to legendary open-air spots like Red Rocks Park & Amphitheatre.
Denver is among only a few cities to have seven professional sports teams ranging from basketball, football, baseball, soccer, a professional radio and more. There are 85 miles bike paths in Denver, 90 golf courses all of which can easily be explored within the city.
So these are just a few of the fun facts to consider when it comes to investing and or working in the greater Denver area…and this is just surface level!
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