by Larry Hotz, All Denver Real Estate
The Denver economy has been sustained by steady job growth and the resulting relocation of employees to fill a portion of those jobs. Now, more jobs are moving here.
Three major employers have recently announced expanding their businesses to the Denver metro area. The net effect will be thousands of new jobs over the next few years. Charles Schwab, ConocoPhillips and VMware will be bringing more jobs to the Denver suburbs.
This week, VMware announced it will lease 50,000 square feet at the Interlocken Business Park in Broomfield. It will employ up to 300 in the business of virtualization software. A company spokesman said they hope to people locally with storage engineering expertise. They will likely be importing some jobs as well.
Charles Schwab also announced this week that it will be bringing about 500 jobs to the Denver Tech Center area in Denver’s south suburbs. It is consolidating offices in Phoenix and San Diego. Many of those jobs will likely result in Denver relocation buyers moving here. While Schwab already has 270,000 square feet of office space near the Denver Tech Center at I-25 and Dry Creek Road, the new facility will be a separate 100,000 square foot office at a nearby building yet to be announced.
The largest new employment project was announced last month by Colorado Governor Bill Ritter. ConocoPhillips has purchased the 423-Acre campus formerly occupied by StorageTek in Louisville. Louisville is a Denver suburb located between Denver and Boulder. It will be a research and learning facility involved in alternative energy including recoverable bio-fuels.
Government officials refused to speculate how many people will be employed there. Sources close to the company said that as many as 5000 people could be employed there beginning in 2011 or 2012. However, all or most of the buildings there are expected to be removed and new buildings constructed. That will cause a boost in construction employment sometime in 2009.
The Relocation Department at The Kentwood Company hopes to be selected to assist with moving managers and employees for these firms into the Denver area. We maintain relationships with most of the national relocation companies who are likely to be involved in these moves. These new jobs will strengthen the local emplyment base and create new demand for existing homes. Both will be great for the Denver economy.