Podcast: Development Challenges for Denver Metro
In 2004, at the height of the government-subsidized home ownership bonanza, 69.4% of families owned their own homes. By 2009 that number had fallen to 67.5%. Today, it is at62.9% nationwide. In Denver, however, the number is at 55% and, like the national average, continues on a downward trend. What does this mean for the commercial real estate market? More apartments, of course. There will be 15,000apartment units delivered in 2018. 9,000 in City of Denver. This is the 3rd largest number of units in the US, behind only New York and Dallas. 13 of the 17 land sales over $10 million will become apartments in three years. There are more developers seeking land than there are parcels to sell. Prices are going to increase. At the current rate of construction of new homes, there is no possibility that new home construction will increase much from the current delivery levels in the next3-4 years. Therefore, all of the population growth (migration, and more births than deaths) will go into rentals.
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