Two recent economic reports provide a glimmer of hope for the economy and the business real estate sector in general.
Castle Rock Faring Better Than Most Communities
Castle Rock is the home town of Miller’s Landing, a new multi-use development that will offer both business and residential real estate options.
The report states that Castle Rock proved to be a positive anomaly on the Colorado Front Range. In the report, the EDC noted, “Despite the national volatility, Castle Rock has remained steady. Businesses navigated regional and local health regulations while simultaneously figuring out how to successfully adapt their business model to the ever-changing economic environment.”
Last year, retail sales in the community grew 7.5 percent and the town issued more than 1,000 residential building permits. Development projects, including Miller’s Landing, remained robust as well.
The report went on to state, “It is the EDC’s belief that Castle Rock’s strategic regional retail presence, diversity in primary employment combined with the Town Council’s decisive leadership and investment during the COVID-19 pandemic has allowed Castle Rock to abate a great deal of the economic impact on the Town. As nationwide vaccination increases, 2021 is poised to see a broad-based economic recovery.”
Improvement in the U.S. Economy
Another report, this one from the Congressional Budget Office (CBO), also points to possible good news for the business real estate sector and the economy in general. The CBO report, which was released in early February, shows the American economy returning to its pre-pandemic strength by mid-year even if another federal aid package isn’t passed.
The report also stated, however, that it could take years to re-hire all of the people who lost jobs during the pandemic.
The new report is an improvement over the projections the CBO issued last summer and reflect the finding that major sectors of the economy are adapting better and more rapidly to the pandemic than expected.
The improved economic conditions are also the result of the $900 billion economic package passed late last year by Congress. The aid package included the extension of unemployment benefits and $600 checks to individuals.
The unemployment rate is expected to improve from earlier projections as well, with the rate falling to 5.3 percent at the end of this year. The CBO also projected economic growth of 3.7 percent this year, mainly because the economy contracted less in 2020 that expected.
The Brookings Institution has forecast that another economic stimulus package would help the economy grow more rapidly as well.
About Miller’s Landing, A New Multi-Use Development
Here at Miller’s Landing, we’re hard at work seeking ways to offset the economic slowdown, including working with the Town of Castle Rock to modify our plans to reflect the new economic situation.
Miller’s Landing is a new 65-acre multi-use business and residential real estate development located in the heart of Castle Rock. When completed, Miller’s Landing will feature a pedestrian-friendly town center with restaurants, retail and entertainment options. It will also include modern office spaces, a resort hotel and spa, conference and meeting facilities and large tracts of open space with views of the Colorado Front Range.
New Commercial Office Under Development
We’re currently seeking tenants for our new 150,000 square-foot multi-tenant commercial office building that is in development. The building will offer versatile office spaces that meet the higher standards of the new normal working environment and will be one of the most desirable business real estate opportunities in the Denver metro area.
Rise Commercial Property Services is marketing the new office building. Rise is a leader in proactive and responsive real estate services. The new office is expected to be available in 18 to 24 months in mid to late 2022.
About Castle Rock, Colorado
Castle Rock is a popular and growing community in the south Denver metropolitan area. Located on the I-25 corridor, its combination of small-town charm, high-quality of life and easy access to Denver to the north and Colorado Springs to the south makes it a popular community with well-educated professionals.
From hospitality to retail, community gatherings to individual adventures, Miller’s Landing will be an exciting place to build the future and make lasting memories together, all in a town that’s consistently rated one of the safest and best places to live in the nation. We invite you to learn more.