DOWNTOWN DENVER ECONOMIC UPDATE
RESIDENTIAL DEVELOPMENT
.
Residential development in Downtown and its City Center neighborhoods continues at a brisk pace. The Downtown Denver Partnership recently released a Center City Neighborhood Residential Development Map and Profiles showing that 12,933 units were added since 2011 or are currently under construction. Almost half of these units, 6,165, are currently under construction. 26 projects are scheduled to be completed in 2016 or 2017. For more information about development in Downtown Denver, refer to the Development Maps by visiting www. downtowndenver.com/resources-downloads.
For-Sale Units
Rental Units
Number of Projects
Auraria
-
-
-
Ballpark
66
0
3
Capitol Hill
-
115
1
Central Business District
-
354
1
CPV/Denver Union Station
-
1,272
4
Curtis Park/Five Points
21
501
5
Golden Triangle
-
698
3
Highland
53
632
7
Jefferson Park
56
223
5
La Alma/Lincoln Park
-
800
1
RiNo
-
1002
4
Sun Valley
-
-
-
372
1
5,969
35
Uptown
Total
196
Sources: Downtown Denver Partnership, Metro Denver Economic Development Corporation, Denver Business Journal, Denver Post.
About This Report
News & Rankings • Sunrun, the largest dedicated residential solar company in the U.S., opened an office in Downtown Denver and plans to hire up to 800 workers in the next few years. • HomeAdvisor is relocating their headquarters to Downtown Denver and opening a sales and training center at 15th and Wazee streets. • The Urban Land Institute released their 2016 Emerging Trends report and Denver ranked as the sixthhottest commercial real estate market in the country.
RESIDENTIAL DEVELOPMENTS UNDER CONSTRUCTION AS OF DECEMBER 2015 City Center Neighborhood
DECEMBER 2015
• Money Magazine declared Denver to be the best city to live in the West, calling Denver a “mecca for millennials” and praising Denver’s great access to recreation. • Denver was ranked third in the U.S. for tech jobs. According to an analysis by Simply Hired, one in five job openings in Denver were technology jobs, the most of any city other than San Francisco or Seattle. • WalletHub ranked Denver the seventh most livable city in the country. • Denver has the highest percentage of women partners of any city in the country, with over 28% of partners being women. • Forbes found that Denver is the third-easiest city in the country to find a job.
This report includes the most recent quarterly data available and covers economic conditions in three areas. The first and smallest area, the Business Improvement District (BID), is the core of Downtown Denver, The second area, “Downtown,” includes the BID as well as a few surrounding districts such as the Golden Triangle. The third area, City Center Neighborhoods, includes the BID, Downtown, and surrounding residential neighborhoods such as Uptown and Highland. Data in this report was provided by Development Research Partners. For questions or comments, please contact the Downtown Denver Partnership Research Department at 303-534-6161.
DOWNTOWN DENVER ECONOMIC UPDATE DECEMBER 2015 EMPLOYMENT
RETAIL SALES
RESIDENTIAL REAL ESTATE
OFFICE MARKET
HOTEL MARKET
This report contains the most recent economic indicators available for Downtown Denver and the Business Improvement District. According to the most recent indicators, Downtown Denver economic conditions continued to improve, but at a slightly slower rate than previous quarters. Office vacancy rates declined and average lease rates increased as employment expanded. Retail vacancy rates increased slightly even as consumers continued to spend at a healthy pace.
Summary
EMPLOYMENT Employment levels continued to rise in both Downtown Denver and the Business Improvement District (BID) with employment levels rising 1.4 percent and 2.3 percent, respectively. The professional and business services supersector (+1,050 jobs) added the most jobs over-the-year in Downtown Denver, followed by the leisure and hospitality supersector (+800 jobs). Despite low crude oil prices, the natural resources industry continued to add jobs through end of Q1 2015.
1Q 2015
Industry
Share
1Q14
1Q15
Change
1Q14
1Q15
Change
Professional & Business Services
31%
36,381
37,434
2.9%
32,011
32,569
1.7%
Government
19%
23,384
23,038
-1.5%
21,011
20,675
-1.6%
Leisure & Hospitality
15%
17,788
18,591
4.5%
12,792
13,120
2.6%
Financial Activities
11%
14,484
13,127
-9.4%
11,249
11,601
3.1%
Natural Resources & Construction
9%
10,440
11,055
5.9%
9,675
10,440
7.9%
Information
4%
4,330
4,274
-1.3%
3,604
3,513
-2.5%
Wholesale & Retail Trade
4%
4,045
4,233
4.6%
3,047
3,225
5.8%
Education & Health Services
3%
2,663
3,129
17.5%
1,528
1,863
22.0%
Other Services
2%
2,613
2,679
2.5%
2,237
2,245
0.3%
Transp., Warehousing & Utilities
1%
1,446
1,528
5.6%
1,356
1,424
5.0%
Manufacturing
1%
857
1,024
19.5%
122
208
70.0%
Total
118,432
120,111
1.4%
98,634
100,883 2.3%
123,000
Employment Trends Downtown Denver
+1.4%
Metro Denver
+4.2%
Colorado
+3.8%
United States
+2.3%
BID
DOWNTOWN DENVER
121,000
DOWNTOWN DENVER HISTORICAL EMPLOYMENT
119,000 117,000 115,000 113,000 111,000 109,000 107,000 3Q10 1Q11
3Q11
1Q12 3Q12
1Q13 3Q13 1Q14 3Q14 1Q15
Sources: Colorado Department of Labor and Employment, Quarterly Census of Employment and Wages; Colorado Department of Labor and Employment, Labor Market Information, Current Employment Statistics; U.S. Bureau of Labor Statistics; Development Research Partners; Downtown Denver Partnership.