Colorado Real Estate Journal - June 1, 2016
Parker is located 20 miles from downtown Denver, in Colorado’s fastest-growing county. The Town of Parker boasts a highly talented and educated workforce, a high quality of life that balances rural living with the conveniences and amenities of a large city. The local community offers ample opportunity for investors, developers, business owners and retailers. Businesses and residents can take advantage of the area’s numerous recreational opportunities and excellent school system. The Town enjoys easy access to Denver, Colorado Springs and the rest of the Front Range via the E-470 tollway, I-25 and public transportation. DIA, Denver’s international airport, is located 30 minutes away, and Centennial Airport, a general aviation airport, is located just 10 minutes away. Both airports provide travelers convenient access to the rest of the country and the world. With a population of approximately 50,000, the 21-plus-square-mile Town of Parker boasts a median age of 34 years of age and a median household income of $104,887. The Town’s favorable demographics include a low unemployment rate of 2.9%. The Economic Development Team provides full-service economic development assistance to existing, expanding and relocating businesses, as well as retail development. Parker: The Right Location for Business Parker is the perfect location for business, and various Town initiatives support entrepreneurship and innovation. Parker has placed increased emphasis on economic development, taking steps to increase business recruitment and retention, including a streamlined approval process. Parker offers a number of customizable business incentives and small-business assistance programs, including tax credits, venture capital funding resources and workforce training. For those businesses considering Parker as a potential location, the Town’s existing real estate stock includes a variety of office, light industrial, retail and mixed-use space available. Economic Development Incentives and Programs Understanding that each business may vary in the type of assistance needed and each situation may differ; staff customizes economic development assistance packages to the needs of each unique company and/or situation. The Town Assistance Package can include rebates on permit fees and/or construction use tax and rebates on incremental sales tax. The Parker Capital Grant Program provides matching funds for eligible property owners and tenants to make capital improvements to the exterior or interior of the building, as well as equipment purchases. The Parker Capital Grant Programs seeks to bring new life to existing buildings by giving them a “face-lift” as well as provide assistance to existing businesses that are making interior improvements and equipment purchases. By assisting property owners and business owners with upgrades to their buildings, the program improves the economic vitality for all businesses and the Town as a whole. As part of the Town’s commitment to small business and entrepreneurs, Parker also provides a Small Business Scholarship Program. This program allows for the reimbursement of business training expense to small and home-based business owners/ employers with 25 or fewer employees. To qualify, businesses must be licensed and located within the Town limits of Parker. The scholarship program is designed to allow for flexibility in choosing the type of training that enhances each business. All courses that reasonably benefit the business are eligible. Applicants may choose courses from any accredited institution or generally accepted programs. Parker Authority for Reinvestment (URA) The Town of Parker established the Parker Authority for Reinvestment (PAR) in 2006. The purpose of PAR is to foster development and redevelopment that maintains the Town’s high quality of life and public spaces through alleviating and preventing blight within the Town. PAR currently administers the implementation of three urban renewal plan areas; Cottonwood Commercial Area, Parker Central Area and Parker Road Area. The Town of Parker and PAR are using the urban renewal area tool to assist property owners to reinvest in the area and provide necessary public improvements. Major/Current Employers Within minutes of Parker there are a number of Fortune 500 company headquarters in the finance, communications, health care and electronics industries. Parker is a viable alternative to the nearby Denver Tech Center and businesses are able to leverage a highly talented and well-educated population, with direct access to over 1 million people within a 20-mile radius. Parker is home to an increasing number of businesses and industries including Medtronic, Oralabs and Xssentials Technology for Living. Welcoming both large corporations and small businesses, Parker’s list of major employers also includes Parker Adventist Hospital, Rocky Vista University and a number of major retailers. Real Estate Data and Trends Existing commercial real estate is available in the Town of Parker for most any endeavor. The Town of Parker’s economy is continuing to improve year over year. The Town’s overall commercial vacancy rate dropped from 6.1% at the end 2014 to 4.1% at the end of 2015. Parker has more room to grow, with approximately 5,100 acres for development and redevelopment. Parker enjoyed the absorption of approximately 120,000 square feet of commercial space year over year.