Thanksgiving is a time to be thankful for all of your blessings…and to eat too much turkey!
One thing is for certain, though. Denver’s commercial real estate market is no turkey.
With Thanksgiving just around the corner, I thought a holiday Rebchook Real Estate Corner column should be on the table.
With a nod to Thanksgiving, I asked a broad-range of experts what Denver’s commercial real estate market has to be thankful for.
In their own words, here is what brokers, developers and consultant believe Denver’s commercial market has to be thankful for.
Jeff Johnson, co-founder, principal, Pinnacle Real Estate Advisors.
Jeff Johnson
“Given the amazing run that we have all participated in over recent years, there is a lot the commercial real estate market has to be thankful for. Personally, I think we should all be thankful for the high level of professionalism and integrity we generally experience when interacting with our counterparts within the industry. This includes but is not limited to property owners, developers, lenders, title companies, vendors, contractors, and of course my fellow brokers. I believe that out of state investors focus on this market not just due to the demographics of the area, but also due to the amazing business atmosphere that we all contribute to on a daily basis.”
Ilene Vivinetto Suter, president of Retail-Fashioned
Ilene Vivinetto Suter
“I am thankful for developers who see the value of remodeling themselves as curators; shaping the retail atmosphere, experience and identity of an area rather than just putting up buildings. As a multi-generational Denver native, this type of focus needs to always be at the forefront of development plans within our city.”
Terrance Hunt, vice chairman, ARA Newmark.
Terrance Hunt
“Denver commercial real estate is thankful for the new high paying jobs from companies moving to the city. Additionally, multi-family real estate is thankful for strong demand and a lower property tax assessment ratio on the horizon.”
Hilarie Portell, principal of Portell Worksand executive director of the Colfax Mayfair Business Improvement District.
Hilarie Porte;;
“I’m thankful to city planners and consultants on East Colfax Avenue for discussing the radical notion of building SMALL. Most of the commercial parcels in our district are too small for large-scale development and zoning limits building heights. At the same time, community stakeholders want a main street with more local businesses. So we’re exploring a small-scale development strategy to figure this out.”
Nicholas J. Pavlakovich, vice chairman, Cushman & Wakfefield.
Nicholos Pavlakovich
“I am thankful for strong population growth of people that want to live in our beautiful state and city. Our growing population has created a young well-educated workforce driving companies to find Denver as a place where they can thrive and grow. “
Douglas A. Elenowitz, principal, Trailbreak Partners:
Doug Elenowitz
“We should be thankful for the diversity of our jobs economy as compared to the past. Along with the amazing Colorado lifestyle, this range of employment opportunities will support the real estate industry over the long run and minimize the impact of periodic softening. “
Tim Harrington, vice chairman, Newmark Knight Frank Global Corporate Services
Tim Harrington
“Denver has to give thanks for 36 straight quarters of positive absorption, the love affair that tech has with the city and that Amazon didn’t choose to be here!”
Kyle Zeppelin, president, Zeppelin Development.
Kyle Zeppelin
“The commercial real estate market can be thankful for the chance welcome a new mayor to the City of Denver in May 2019. Our projects are only as good as the community around them and it’s absolutely essential to get long-term value out of the current economic boom and finally produce thoughtful solutions to the challenges our city faces in regards to affordable housing, transit and the environment. Under our current mayor, all three of these priorities are losing ground to mismanagement and a lack of vision. The commercial real estate market will have the opportunity to vote on a new mayor who will finally provide results and make next Thanksgiving all the more inviting in the knowledge that we have a new leader in place whose actions will keep the city inviting and prosperous for years to come.”
