Denver In Top 10 For Development For '17
Denver is the No. 9 city in the country for its development outlook next year, according to PricewaterhouseCoopers and ULI's 2017 Emerging Trends in Real Estate. Its prospects for investments are a little weaker, coming in at No. 15, meaning that its overall real estate outlook is No. 11 for next year, a drop out of the top 10 from last year.
Part of the reason for the drop, according to the report, is that Denver hasn't been able to completely escape the downturn in the energy-related business services sector. With the decline in operating oil rigs in the United States, a number of service firms have reduced admin staff. The good news is that the worst of these layoffs has likely already occurred.
Professional services are projected to be the growth-driver of the Denver economy in 2017, the report says. "The market has enjoyed the creation and relocation of a number of engineering, computer systems design, and scientific research companies. These firms are drawn to the qualified labor force that, in turn, has come to Denver for the high quality of life."