New year, same commercial real estate market—which in Denver's case is a good thing, according to the real estate execs we asked.
We posed only one question: Are you optimistic or not about the state of the market in 2016, and why? (Well, maybe that's two questions.) The result: mostly optimism.
Ken Howell
Company: Southern Land Co
Position: CFO
Outlook for '16: “We continue to view the Colorado market as one that's still brimming with opportunities. The state’s strong economic growth should continue to fuel population gains and healthy demand for housing. We believe our centrally located, well-equipped properties will provide these new residents with the amenities and lifestyle they desire."
Ray Kawano
Company: River Meadow LLC, which is developing Tejon34
Position: Managing partner
Outlook for '16: “In the 10 years I’ve been working in the LoHi neighborhood, I’ve seen a lot of changes. The area has exploded with new restaurants and shops, and there doesn’t seem to be any sign that development activity will slow down. It’s not just LoHi; all of central Denver is in a growth mode."
Jim McGrath
Company: Newmark Grubb Knight Frank
Position: Executive managing director
Outlook for 2016: “I anticipate another year of growth for the Denver market in 2016. We continue to attract growing companies in many industries, including technology and financial services, as well as educated employees to meet the increased employment demand. There's a wave of new building construction that will impact us, pushing rates for the next several years. However, working strategically with savvy tenants, we should be able to find opportunities at reasonable costs.”
Chad McWhinney
Company: McWhinney Real Estate Services
Position: Co-founder and CEO
Outlook for '16: "The commercial real estate market in Denver is one of the fastest-growing in the country, led by smart leadership and wise investment. Every indication for us points to it continuing into 2016. Smart, disciplined growth is alive and well throughout Colorado."
Kyle Zeppelin
Company: Zeppelin Development
Position: Principal
Outlook for '16: "We're optimistic about growth and performance of well-designed, well-built projects. There's a continual demand for commercial real estate offerings outside of the central business district, with unique amenities and culture in the immediate area."
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