The Denver Business Journal held a Commercial Real Estate forum on June 19. Panelists included Pete Schippits, senior managing director and market leader for CBRE in Colorado, Allison Recker, senior vice president of commercial real estate finance at UMB Bank in Denver, and Jay Philp, a partner in the real estate group at the Denver law firm of Otten Johnson Robinson Neff + Ragonetti.
Among the topics of conversation…
- Recent changes to condo construction-defect legislation may bring growth in the development of more affordable condo units.
- Industrial is currently the top asset class at the moment; 29 consecutive quarters of positive absorption is pretty much unheard of.
- The panel also noted a shift towards experiential retail and shared-space retail, which is replacing some of the big-boxes that used to be traditional walk-in, purchase your goods stores.
- Multifamily units continue to be absorbed despite concerns that the market is being overdeveloped.
- Given the strong market demographics and strong dynamics, Denver is reportedly in a good position to weather the next downturn.
