News from the CREJ Land & Development Conference

On Tuesday Tony and several other brokers from the office attended the Colorado Real Estate Journal’s Land and Development Conference.     They came away with some  interesting information on what’s upcoming for the Denver Metro area.

  • As you probably suspected based on the housing shortage around Denver, there is an estimated need for approximately 20,000 finished lots in the near term. Finished lots are ready for vertical development.  Approval for permits can take up to 9 months depending on the municipality.
  • The number one concern of businesses relocating to Denver is congestion.    Have you been on I-25 at midnight lately?    The   traffic is non-stop!
  • Water, or lack of it.   This will become more of a concern for municipalities and developers as we continue to grow. Approvals for gas and electric are becoming a major concern, as developers wait weeks for approval.

They did report some good news for our neighbors to the South.

Colorado Springs is on the move!   Several panelists agreed that Colorado Springs is poised for above average growth.  Al Wenstrand, Colorado Springs Economic Development Officer,  stated that the unemployment rate was at 4.1% down from over 6% just two years ago;  the median home price is $240K ($130K less than Denver); and the aerospace and IT sectors are providing solid growth numbers in the city.  The continued turn-around is being attributed to the new mayor and city council who are working hard with developers and land owners to get to approvals faster and less expensively.

And Fastracks is expected to have 73 stops open by the end of 2016.  9 additional stops are planned for the end of 2019.

If you are interested in learning more about what is going on with the commercial real estate market in Colorado, give us a call.  One of our highly experienced brokers will be able to help you find that perfect commercial piece of property.

Tony Hemminger, CCIM, EMS, John Jummonville and Matt Ritter

Western Investor Network – “WINning Real Estate Solutions”   – 720-344-1174

 

 

 

 

Western Investor Network, LLC (WIN) is a true boutique Real Estate Brokerage firm founded on the solid principle of honesty, integrity and hard work.