Denver is the nation's top commercial real estate market, according to a recent report by
Coldwell Banker Commercial Affiliates.
More than 80 markets were ranked based on the percent change in vacancy and rental rates for the office, retail and multi-family sectors from the third quarter of 2013 through the third quarter of 2014, as well as population and unemployment changes over the same time period. Denver's top ranking is attributed to the city's record-breaking job growth, construction and economic expansion in energy, healthcare and technology, according to the Coldwell Banker Commercial Market Comparison Report.
"Denver has recovered from the Great Recession and moved into expansion mode with positive market absorption in every market segment," says Ben Gilliam, vice president of commercial sales at Coldwell Banker Commercial Alliance Denver. "Investor confidence and activity from the east and west coasts has led to a resurgence in development with 13 new office projects, seven new industrial projects and two new retail projects in recent months."
With the recent grand opening of the new Union Station central transit hub, Gilliam says it's possible the Denver market could see its first $1,000 or more per square foot investment sale in the Central Business District.
Other markets ranked in the top 10 includes San Francisco; Houston; Dallas; San Jose, Calif.; Phoenix; San Antonio, Texas; Las Vegas; Austin, Texas; and Orange County, Calif.
Contact Confluence Denver Development News Editor Margaret Jackson with tips and leads for future stories at margaret@confluence-denver.com.
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