Denver’s Central Business District (CBD) has benefitted tremendously from strong job growth, a stable housing market, and the increasing presence of the energy and healthcare industries. Over the last 12-month period, Denver strengthened payrolls 2.6% with over 33,350 positions filled in the last year. Additionally, Moody’s Analytics forecasts job growth will continue at a pace of 2.5% - 3.0% into 2016. Housing remains stable in the metro as foreclosure rates fall below pre-recession levels.
As a result, developers are bringing new projects to fruition and increasing construction employment. Year-over-year, construction added nearly 4,300 positions which translates to a 6.5% growth rate. While there has been a slight slowdown in the energy sector’s employment, natural resource firms have increased payrolls by 4.4% over the last year. Many oil & gas companies have committed to investing billions into Colorado’s booming energy market, which bodes well for office space metro wide. Nearly 30% of office space in the CBD is occupied by energy firms, a trend likely to persist into the foreseeable future.
Source : Cushman & Wakefield