Denver Emerges as the 10th-Most Active Real Estate Market in the Nation
The ever-growing interest in Denver makes it the 10th-most impressive real estate performer in the nation. To identify the most active real estate markets in the last decade, StorageCafé looked at new construction in the single-family, multifamily, self-storage, office, retail and industrial sectors in the 50 largest metropolitan areas.
Key takeaways for Denver:
- In an effort to keep up with phenomenal demand, residential construction is booming. Building permits have been issued for roughly 98K single family homes (a 131% increase) and over 100K multifamily units (109% increase) in the last 10 years – that’s, respectively, two times and almost 11k more the equivalent figure for San Francisco.
- Not only did the pandemic not slow the market, but 2021 saw the highest numbers of permits issued for new single family homes in the entire decade – almost 13,000. In addition, over 17,000 new apartments got the go-ahead in Denver.
- Office space swelled by almost 19M square feet. In 2021, over 3M square feet of office space was added to the local inventory.
- The industrial sector saw the addition of over 56M square feet of new space, with 2021 again being the best year of the decade.
- Self-storage construction, which is also driven by moving, has itself witnessed an increase in demand that in turn has translated into heightened construction activity. More than 8.7M square feet of new self-storage space entered the Denver market over the last decade.
You can find the full report together with what experts have to say about the sustained construction activity in the country’s top 50 biggest metros over the past decade, here: https://www.storagecafe.com/