Metro Denver Economy Continues to Uptick with Residential & Commercial Development

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Posted on February 4, 2014

The Metro Denver region continues to add new jobs, resulting in a significant commercial real estate expansion, according to the Metro Denver Economic Development Corporation’s latest Monthly Economic Summary.

Residential Real Estate

Total permits were up 36.6 percent through the first 11 months compared with the same period in 2012. Multifamily permits grew the most by 66.1 percent during the same period, as demand for rental units increases amid low apartment vacancy rates.

Commercial Real Estate

Metro Denver’s office market improved during the fourth quarter, as the vacancy rate fell and the average lease rate increased. Construction of office property improved during the fourth quarter, as demand for space among businesses grew. There was 530,000 square feet more space under construction during the fourth quarter, an increase of 42.1 percent compared with the third quarter. For 2013, 950,000 square feet of new office space was completed, a 9.2 percent increase compared with 2012. Read more.