A record high year for Denver’s real estate market
Denver’s real estate market hit a record-high in 2016 with $12.9 billion. Apartment sales in Denver contributed to the record-high number with $6.9 billion. The year 2017 is expected to be yet another successful year, but not as successful as the last two. The apartment market is starting to balance out, and the construction starts are slowing down. The industrial industry is going through a low inventory, high rent cycle with vacancies up at 4.3 percent and rents prices went down with $7.57 per square foot. However, the number of leases signed in 2016 were the exact same as 2015. A continuing problem the industrial industry is facing is construction cost. Companies are concerned with the high costs of material and labor. The retail developers are finding it increasingly difficult to find retail space at an affordable cost. With the average rental space of $16.24 per square foot nearly doubling with every class A space.
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