Colorado Real Estate Journal - September 16, 2015
The Arvada Economic Development Association recently released a report on the state of Jefferson and Adams counties, detailing positive economic development activity. At just under 39 square miles, the city of Arvada is located in both counties. The majority of Arvada, including about 38 square miles, resides in Jefferson County, mainly west of Sheridan Boulevard, while about one square mile in the southeast corner of the city is within Adams County, mainly east of Sheridan, according to AEDA. The report noted that Jefferson County continues to strengthen through the second quarter of the year, with steady employment gains, low unemployment and strong consumer activity. The unemployment rate fell to 4.2 percent in the first quarter of 2015. In the mountain region, consumer confidence rose during the first quarter of 2015, rising 28.6 percent over the year. As employment strengthened, the commercial real estate markets in Jefferson County recorded tightening vacancy and rising average lease rates. The retail market was the only market to report an increase in vacancy but continued to report increasing average lease rates. The industrial warehouse market is the most constricted of the submarkets, reporting 1.1 percent vacancy. Class A office space is commanding the highest average lease rate, $26.08 per square foot during the first quarter of 2015, the report noted. In Adams County, the county government recently reorganized a number of its departments in order to streamline key functions. As part of this reorganization, the county created a new department called Community & Economic Development. This restructured department consists of five divisions: Development Services (current planning, development engineering, building safety), Neighborhood Services (code compliance, and animal welfare), Economic Development (in coordination with Adams County Economic Development), Community Development (Community Development Block Grant and other funding programs) and the One-Stop Customer Center (the front desk serving all walk-in visitors to the department). This new structure will improve services provided to its residents, business owners, developers and contractors. The changes came after a lengthy review process with input from inside and outside of the county.