“Despite the subprime mortgage fallout battering residential real estate, downtown Denver has remained resilient, especially with commercial properties, a group of real estate experts said at a forum sponsored by the Metro Denver Chamber of Commerce and moderated by John Rebchook, real estate editor for the Rocky Mountain News.”
Research by Greg Morris, CEO of Fuller & Co, suggests a rise in the average price per foot of class A commercial office space
from $35 to $40, with a vacancy rate of only about 10%. “We’re in the major leagues now,” he said. ” Denver is no longer the cow town, second-tier city.”
On the residential front, Denver’s recent ascension to the 10th largest downtown in the country has helped drive demand for apartment and condo complexes, said Douglas Jones, president of the Jones Realty Group. The city expects to add about 18,000 people over the next 20 years. Denver did not experience the extreme highs of the East and West coasts in recent years and likely will not suffer the extreme lows, he said, noting an expected 2 percent job growth for the coming year, about twice the national average.
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