A new report from real estate services firm CBRE ranks the Denver metro area as one of the nation’s premier markets for increased business real estate development in the future. Out of the top 50 metro markets in the U.S., the Denver area ranked sixth, behind Atlanta, Dallas, Phoenix, Orlando and Seattle.
CBRE’s U.S. Development Opportunities report looked at four real estate development segments — multifamily housing, retail, industrial development and office space.
In a news release, Pete Schippits, president of CBRE’s Mountain-Northwest Division said, “Years of strong population and employment growth have triggered steady demand for additional capacity within nearly all facets of local real estate.”
Rankings Based on Performance
CBRE based its rankings on a metro area’s performance during the past economic cycle, the existing supply of business and residential real estate and the strength of the segment’s market fundamentals, property forecasts and construction costs.
In the four major business and residential real estate segments, the Denver area ranked third in the multifamily housing segment. The Denver metro area came in fourth for new retail, 11th for industrial development and ranked 16th in the office space segment.
While Denver ranked 35th in the expected growth in office jobs, with a projected growth of 5.4 percent in the next three years, opportunities for business real estate development remain.
Flexible Office Options Popular
According to the CBRE report, “Flexible office options will be a significant part of occupier’s long-term strategies. CBRE’s Global Occupier Sentiment Survey found that 65% of respondents are confident in setting long-term real estate strategies even amid the pandemic. Change may be afoot as occupiers ponder the future: One-third are exploring suburban satellite strategies and 86% say they will employ flexible office space strategies.”
In a statement, Jim Dobleske, global vice president of project management at CBRE, said, “We expect to see a significant uptick in tenant fit-out projects in 2021 as employers redesign and reconfigure spaces to accommodate new standards in health, wellness and safety.”
In addition, the report states, “New commercial properties will require enhanced amenities. Developers are prioritizing new features that promote health and safety, tenant flexibility and ease of access in response to COVID-related concerns.”
Meeting the Needs of Users
Miller’s Landing is well-positioned to offer business and residential space that meets user needs in the COVID-19 world. Miller’s Landing is a new multi-use development in Castle Rock, CO. We’re creating an exciting mix of retail, dining, entertainment, hospitality and residential properties in the heart of town.
When completed, Miller’s Landing will feature a pedestrian friendly town-center supported by modern office space, residential options, a resort hotel and spa and much-needed conference and meeting facilities. Interspersed throughout will be large swaths of open space with stunning views of the Colorado Front Range.
Miller’s Landing offers easy connection to Castle Rock’s charming downtown and the region’s premier outdoor recreation park via bicycle and walking paths.
Castle Rock is a popular home town for well-educated professionals. Known for its small-town atmosphere, Castle Rock’s proximity to I-25 in the south Denver metro area gives residents easy access to big city amenities in Denver to the north and Colorado Springs to the south.
Modern Office Space
We’re currently in the preleasing phase for our new office building currently under development, with expected square-footage in the 75,000 to 100,000 range. When completed, the building will provide versatile office space that meets modern health and safety demands in the era of COVID-19.
Rise Commercial Property Services is marketing the new office building. It’s the ideal location for businesses looking to up-grade to a new, more modern facility located in a growing suburban community with a ready-made market of well-qualified potential employees who desire to work locally.
Miller’s Landing is a far cry from the bland, boring office parks that dot the south Denver metro area. We’re creating an exciting, dynamic community that will enhance the already outstanding quality of life in Castle Rock. We invite you to learn more!