Denver emerging from slump
The overall Denver real estate market was ranked No. 9 in the prestigious Emerging Trends in Real Estate report released today.
More than 250 real estate, finance, academic and business leaders gathered at meeting at 7:30 a.m. today to hear the results of the report – billed as the longest running national real estate in the country – to hear the results of the report, whose 2011 theme is: “Entering the Era of Less.”
Although the report, which has been released for 32 consecutive years, is geared toward commercial real estate, housing issues also were front-and-center. And the economic dynamics that impact commercial properties such as offices, industrial, retail and apartments, also are the same that led to the collapse of the housing market, and it’s eventual recovery.
Homebuilding still weak.
Indeed, Denver’s lowest ranking was No. 17 out of 51 cities in the “For-Sale Homebuilding” category. Denver received a score of 4.13 in that metric, where 1 is abysmal and 9 is excellent. Washington, D.C. was ranked first in that category with a score of 5.86, while Detroit was last, with a score of 1.63. Washington, D.C, overall was first with a score of 7.0. Denver’s overall score with 5.6, tied with San Diego.
The report is sponsored by the Urban Land Institute and PWC (formerly PriceWaterhouseCoopers.) The findings of the report are based on interviews of more than 875 interviews and surveys sent to investors, fund managers, developers property companies lenders, brokers, advisers and consultants.
Denver received a “green” light in this report, after receiving a “yellow,” or caution ranking last year. Red is the lowest ranking.
Denver best between coasts
“Anything between the coasts seemed to suffer, with the exception of Denver,” said Charles DiRocco, director and head of real estate research at PCW, who spoke at the new Embassy Sites hotel on 14th Street in downtown Denver.
The report had this to say about Denver: “The city make progress positioning for 21st-century growth by strengthening its downtown core through a new light-rail and railroad hub to serve surrounding suburban nodes. As a result, the central business district becomes “the place to be,” and mixed-use, transit-oriented development helps anchor suburban districts. This metro area also has one of the nation’s most modern airports, an attractive Rocky Mountain backdrop, relatively low business taxes, and a broad-based economy anchored by oil and gas, alternative energy, and defense companies.
“We can weather the storm better than most, and quality-of-life attributes will continue to attract people,” the report quoted one anonymous person as saying.
The report goes on to say that the office market has stabilized, and large blocks of space are relatively scarce, although it said that it is still a tenant’s market.
Apartments strong
Read More: http://www.indenvertimes.com/denver-emerging-from-slump/
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