DOWNTOWN DENVER ECONOMIC UPDATE
NOVEMBER 2014
RESIDENTIAL DEVELOPMENT
News & Rankings
Residential development in Downtown and its City Center Neighborhoods continues at a brisk pace with 1,443 units created so far in 2014. Recently completed projects include 16M, AMLI at Riverfront Park, and Verve. Skyhouse Denver, one of the tallest proposed rental towers in Downtown’s history, was recently announced and will add 354 new apartments to the Central Business District when the 25 story project is completed in 2016. Another new rental tower, Eviva Cherokee, plans to break ground later this year in the Golden Triangle and will add 274 new units when it is completed. On the for-sale front there are 189 townhomes currently under construction or planned throughout the City Center Neighborhoods.
•
According to a recent analysis by the Census Bureau, the Denver Metro area saw the largest increase (21.4%) in citizens with college degrees between 2007 and 2012.
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Denver ranked as the fourth most likely place to attract commercial real estate investment in 2015, according to a report by PricewaterhouseCoopers LLP and the Urban Land Institute.
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Mayors of major cities in the United States ranked Denver as the fourthmost influential city for policy and management ideas, according to a Boston University survey.
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A new book by Time Magazine ranked Denver as the sixth healthiest place to live in the country.
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Spencer Ogden, a London-based international energy recruitment company, announced it will open a new office in LoDo. Denver was chosen as one of three new U.S. locations for the company.
For more information about development in Downtown Denver, refer to the Quarterly Development Map Updates at www.downtowndenver. com/resources-downloads.
RESIDENTIAL DEVELOPMENTS PLANNED OR UNDERWAY AS OF NOVEMBER 2014 City Center Neighborhood
For-Sale Units
Rental Units
Number of Projects
Auraria
-
-
-
Ballpark
-
541
3
Capitol Hill
8
423
5
Central Business District
-
776
3
CPV/Denver Union Station
-
2,763
10
Curtis Park/Five Points
73
369
7
Golden Triangle
17
938
5
Highland
36
431
6
Jefferson Park
55
332
3
La Alma/Lincoln Park
-
745
2
Lower Downtown
-
-
-
Uptown
-
372
1
189
7,690
45
Total
•
•
•
•
Sources: Downtown Denver Partnership, Metro Denver Economic Development Corporation, Denver Business Journal, Denver Post.
About This Report
The Stout Street Health Center opened in September at 21st and Stout Streets. The one-of-a-kind facility will provide total health care and housing for homeless individuals. 1401 Lawrence, a 22-story office building, broke ground in October and is expected to be completed in 2016. Skookum Digital Works, a techconsulting firm, opened its first satellite office in LoDo. A report by CBRE Global Research and Consulting found that Denver has the 11th best tech-oriented office market, posting a 13.3% increase in high-tech job growth between 2011 to 2013.
This report includes the most recent quarterly data available and covers economic conditions in three areas. The first and smallest area, the Business Improvement District (BID), is the core of Downtown Denver, The second area, “Downtown,” includes the BID as well as a few surrounding districts such as the Golden Triangle. The third area, City Center Neighborhoods, includes the BID, Downtown, and surrounding residential neighborhoods such as Uptown and Highland. Data in this report was provided by Development Research Partners. For questions or comments, please contact the Downtown Denver Partnership Research Department at 303-534-6161.
DOWNTOWN DENVER ECONOMIC UPDATE NOVEMBER 2014 EMPLOYMENT
RETAIL SALES
Quarterly Summary
RESIDENTIAL REAL ESTATE
OFFICE MARKET
HOTEL MARKET
This report contains the most recent economic indicators available for Downtown Denver and the Business Improvement District. Downtown Denver economic conditions remain positive moving into the end of the year. Employment growth is strong, consumers are spending at a healthy pace, and the Downtown Denver commercial real estate market achieved lower vacancy rates and higher lease rates.
EMPLOYMENT Employment levels increased in both Downtown Denver and the Business Improvement District (BID) between the first quarters of 2013 and 2014, with employment levels rising 4.5% and 1.4%, respectively. The natural resources and construction supersector reported the strongest growth, generating an additional 1,850 jobs over-the-year in Downtown Denver.
1Q 2014
Industry
+4.5%
Metro Denver
+3.6%
Colorado
+2.3%
United States
+1.7%
Share
1Q13
1Q14
Change
1Q13
1Q14
Change
Professional & Business Services
31%
34,792
36,381
4.6%
32,615
32,011
-1.8%
Government
20%
23,087
23,384
1.3%
20,007
21,011
5.0%
Leisure & Hospitality
15%
17,303
17,788
2.8%
12,865
12,792
-0.6%
Financial Activities
12%
14,225
14,484
1.8%
11,733
11,249
-4.1%
Natural Resources & Construction
9%
8,591
10,440
21.5%
8,410
9,675
15.0%
Information
4%
4,242
4,330
2.1%
3,538
3,604
1.9%
Wholesale & Retail Trade
3%
3,472
4,045
16.5%
2,834
3,047
7.5%
Other Services
2%
2,646
2,663
0.7%
1,578
1,528
-3.2%
Education & Health Services
2%
2,694
2,613
-3.0%
2,247
2,237
-0.5%
Transp., Warehousing & Utilities
1%
1,377
1,446
5.0%
1,299
1,356
4.4%
Manufacturing
1%
894
857
-4.2%
114
122
7.3%
113,323
118,432 4.5%
97,241
98,634
1.4%
Total
119,000
Employment Trends Downtown Denver
BID
DOWNTOWN DENVER
117,000
DOWNTOWN DENVER HISTORICAL EMPLOYMENT
115,000 113,000 111,000 109,000 107,000 1Q10 3Q10
1Q11
3Q11
1Q12
3Q12
1Q13
3Q13
1Q13
Sources: Colorado Department of Labor and Employment, Quarterly Census of Employment and Wages; Colorado Department of Labor and Employment, Labor Market Information, Current Employment Statistics; U.S. Bureau of Labor Statistics; Development Research Partners; Downtown Denver Partnership,