Many companies are seeking to expand their office space in the Denver area

While “booming” isn’t a word that I would generally use to describe “Denver” and “real estate” right now, there is one Denver real estate sector that is booming - commercial. Denver’s diverse and expanding industry base has spurred a Denver commercial real estate market boom. Companies are increasingly attracted to the Denver area’s reasonable cost of living blended with its highly qualified and educated workforce.

Yesterday’s Denver Post describes Denver’s commercial real estate market as “booming.” According to the article, Denver is becoming quite the hub for national engineering firms, including Untility Engineering, Black & Veatch Corp, Washington Group, and URS Corp, which are all looking to add more office space in the Denver area. Many other companies from a variety of industries are also divesting themselves from high-end holdings in more expensive areas to relocate to desirable Colorado.

According to the Metro Denver Economic Development Corporation’s Monthly Economic Summary report, Metro Denver’s commercial real estate market is holding steady this year, with office lease rates ranked the third lowest among the nation’s 15 most competitive markets. The Denver area’s vacancy rate has changed very little, while lease rates have slightly increased.

Since the strength of an area’s commercial real estate market is a good indicator of the condition of the local economy, a strong one means only good things are in store for Denver’s residential real estate market. As companies expand in Denver, more workers will inevitably come to our state and buy homes. For more information on the ever-changing Denver housing market, please contact TeamCox Realtors at 303-400-6060.

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