SUMMER ECON 2016
Cranes, Trains and Occupancies
Annual forecasting event brings good news, hesitation on
current and future development
T
he 2016 Summer Economic Conference drew a vast crowd of over 300 to
the Hyatt Denver Tech Center on July
21st. With city growth continuing its
increase, the main question at hand was, “What
can we expect next?”
According to the Apartment Association of
Metro Denver’s Vacancy and Rent Survey, the
second quarter of 2016 reflected a state-wide 5.4%
vacancy rate and a 14.3% economic vacancy. Richard Wobbekind, the Executive Director of the
Leeds School of Business at the University of
Colorado, described the economic outlook and
what he expects for the state of Colorado moving
forward. Overall, Wobbekind sees the state’s current
economic outlook as better than the nation, saying
“Colorado is as close to full employment as I think
we will see.” However, Wobbekind is troubled by
the price of housing in Colorado relative to the
wages. There is a gap of what people are paying for
their housing and what they are being paid.
There is no doubt, a continuation of econom24 | TRENDS • AUGUST 2016
ic growth and record in-migration that will create
a substantially higher rental demand than what is
currently available. Despite concerns surrounding
the oil and gas sectors of Colorado, consumer confidence is on the rise. According to Wobbekind,
Colorado is the second fastest state for percentage
growth and the fifth most net migration since 2010.
Interest rates will (most likely) continue to stay
low, which will result in growing home sales in the
coming months. However, with the average home
price in Denver being over $300,000, it is leading
many to rent instead of buy.
Anna Jones and Todd Wenskoski, from the
North Denver Cornerstone Collaborative described
their vision to create cohesion between Denver’s
several current commercial redevelopment opportunities. With so many people moving to Denver, the pressure to house residents is at an all-time
high. Currently described as the Corridor of Opportunity, the benefits of creating a universal and
integrated planning for these districts will result in
deliberate connections among the converging proj-
PRESENTING SPONSOR: JENNY JACOBS OF STANDARD INTERIORS
PRESENTING SPONSOR: BLUSKY RESTORATION
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