Downtown Denver a Magnet for Business. Here's Why.
Growing companies have a way of flocking together, and one of the places they want to be now is Downtown Denver. That's why we're excited to hold our Bisnow Denver Downtown Renaissance event beginning at 7:30am on Sept. 30.
"Denver has done and is doing a remarkable job with growth in the right sectors, and Downtown has been thriving as a result," McWhinney CEO and co-founder Chad McWhinney, who will be a speaker at the event, tells us. He adds that with continued astute planning, the supply of real estate will remain in tandem with demand. "Denver was just ranked No. 1 in growth for 2014, so the need is there for smart, effective planning ahead of anything developed," he adds.
Also, according to Forbes, in 2014 Denver ranked No. 1 Best Place for Business and Careers for the first time, moving up from fourth place. The magazine notes that the metro area, home to 2.8 million people, is attractive for its diverse economy, highly educated labor force and outdoor recreational opportunities. Companies are increasingly choosing Denver as the site for new operations or to relocate.
Tech's been driving a lot of job growth in metro Denver, especially in desirable submarkets, such as Downtown. “As we've seen other business sectors cool off, tech continues to grow,” CBRE SVP Alex Hammerstein tells us. Alex is with CBRE’s Occupier Advisory and Transaction Services in Denver and is a member of the company's Technology and Media Practice. Tech clusters in the city are experiencing historically low vacancy rates and high rental rates, he says. Despite that, tech companies want to be in those areas because of the access to talent.
According to a recent report by CBRE Group, Denver ranked 19th in North America for high-tech job growth, adding 5,603 new jobs from 2012-2014, which amounted to 20% of total new office jobs here. Tech firms employed 58,014 people in Denver at the end of 2014, a fact that parallels national trends. Overall, the tech industry has created 730,000 new jobs in North America since 2009 and was the leading driver of US office market demand, accounting for 20% of major leasing activity through Q2 2015, according to CBRE. Join us for Bisnow's Denver Downtown Renaissance event beginning at 7:30am on Sept. 30. Sign up here.