Worried About the Apartment Boom?
Multifamily is so hot in Denver that we should nix the lark bunting for cranes as our state bird. That's why we're thrilled to be holding our second annual Denver Multifamily Summit on July 22, where expert panelists will tackle the looming question on everyone's mind: What happens if the job growth slows—or even stops? We've got a sneak peek.
To absorb all the supply coming online in the next 24 months—triple the annual average absorption amount—we'll have to continue the same job and population growth we've seen the past few years says Greystone managing director Jef Elm, one of our panelists (he's snapped at the Old Head Golf Links in Ireland). The good news: he thinks it will probably happen.
CBRE EVP Michael White, who's also speaking, agrees that the odds are that Denver will keep attracting the kind of well-paid, young workers that will keep the apartment market humming. The area’s got the right industries, as well as appealing lifestyle options. (Wink.) For now, most Millennials will be attracted to urban properties. As they age, many of them will want to live in more suburban settings, but we can still depend on a strong contingent of renters—that means long-term opportunities for suburban Denver apartment properties, he says. While Michael looks great in a tie, we bet you didn't know he's an avid motorcyclist. Don't miss him at our event: register here.