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March 2017 — Office Properties Quarterly —
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next major micro-market in the urban
core, facilitated and backed by the city
through infrastructure spending and
cityscape plans. Other areas of current
and future growth include the Golden
Triangle, which has experienced
significant multifamily and creative
workspace developments. These have
attracted major capital sources to the
area, displaying investors’ desires to
find the next up-and-coming Denver
neighborhood.
Despite the positive attention Den-
ver is generating, there are some
issues it faces compared with more
established markets. For one, there
is a limited presence of Fortune 500
headquarters. Ten Fortune 500 com-
panies are headquartered in Colorado,
compared to the 37 in Illinois and 25
in Ohio.
A key factor that could help lure a
Fortune 500 headquarters to the mar-
ket is Denver’s state-of-the-art airport.
Denver International Airport is the
fifth busiest airport in the country and
15th in the world. Despite heavy use,
the experience is favorable compared
to an airport like O’Hare. Beyond the
experience, it is one of the few airports
in the nation that allows travelers to
reach both Europe and Asia in one day
and is continually expanding interna-
tional routes.
Also, the homeless situation in Den-
ver is significant. As a very complex
and delicate issue, there does not
seem to be a pragmatic solution to the
large number of homeless individu-
als present in downtown who reside
around commercial and residential
properties. There is no easy answer to
this issue, but it is one that needs to
be addressed.
The final issue involves the chal-
lenges with the suburban market. As
some companies move to the CBD
from the suburbs, investors see it as a
significant weakening in the submar-
ket. However, there have been recent
large expansions completed by corpo-
rate users in the submarket including
Comcast, Charter Communications
and Arrow Electronics.
While locals complain about traffic
and transportation issues, those from
other major markets see the ease and
speed at which one can travel from
downtown to the suburbs. The Region-
al Transportation District expansion
has made it more convenient than
ever to travel between the two areas
and, compared to markets such as
L.A., NewYork and Chicago, the 15- to
45-minute commute is insignificant.
Although certain issues exist, sig-
nificant progress has been made in
mitigating them, and there is nothing
to indicate that the Denver market
will diverge from its current path of
growth, expansion and economic suc-
cess.
s
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188 INVERNESS DRIVE WEST
ENGLEWOOD, CO 80112
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RANDY SWEARINGEN
| 303.521.7354 |
rswearingen@RISEcrea.com|
JEREMY REEVES
| 720.274.8376 |
jreeves@RISEcrea.comCommercial Real EstateAdvisors
2 Inverness Drive East, Suite 200 | Englewood, Colorado 80112 | 303.799.9500 |
www.RISEcrea.comEXCELLENT HQ OPPORTUNITY!
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HFF Research, C2ER, Forbes
HFF Research, CoStar
All percentages are of current stock.
Colorado State Demography Office
Market Update