As the housing market in the United States continues to rebound, one city consistently outpaces the others in commercial real estate. That city is Denver, and the Denver commercial real estate market is arguably the most fast paced and prosperous real estate industry in the country with growth rates dwarfing those of other cities in 2016 . Massive amounts of housing construction, transportation increases, and job growth have brought more and more living spaces and opportunities to the Mile High City in recent years.
Opportunities of the Denver Commercial Real Estate in 2016
The financial opportunities are certainly the most prominent reason that people to move to Denver, though the natural beauty of the area is probably a close second. Investors are being drawn in hordes to get a piece of the incredible growth that the city has experienced in recent years, and low unemployment mixed with increasingly high wages have brought in workers needing housing as well. In fact, so many people are flocking to the city that housing supplied can barely reach housing demanded as homes are being built in a frenzy. As the opportunities and economic growth in Denver expands, sales of all sorts of housing has skyrocketed and will continue to do so into the foreseeable future. Increases in sales of homes is being seen across all price ranges, though the largest increase is certainly in sales of luxury homes. In fact, in March 2016 alone the total sales volume of homes increased by nearly 12 percent and 80 homes were sold for prices above $1 million dollars. With a wide range of varying levels of wealth in the city, it is easy to see that Denver has and will continue to maintain one of the most stable economic environments in the country.
Transportation in Denver
New developments in transportation for the Denver Metro area have also increased sales in homes and offices. Light railways to connect the busiest areas of the city allow for residents without a car or those looking to save money on gas to travel anywhere they need to go, and new highway projects have allowed residents to travel in and out of the city with ease. This increased public transportation will allow businesses to prosper along these transportation corridors, increasing the already high job growth of the area. Not only will this bolster the prosperity of Denver metro through job growth in construction and business along these busy corridors, but it will also allow for acceptable housing for workers to expand out of the central areas of the city. This is certain to help sustain the housing market increases Denver has experienced in recent years and promises to draw in even more workers and business owners look for places to set up shop.
It’s no secret that Denver is experiencing incredible economic growth and that this economic growth will positively affect the Denver commercial real estate market for years to come. Expansion in public transportation and financial opportunities draws in new residents every single day, and the city has more than enough room to expand. Denver is a hot market both in housing and job growth and this will only continue into the rest of 2016.