Not The Powers of Man or Nature Can Stop the Colorado Economy!
by Client Care
on Friday, November 15th, 2013 at 1:31pm.
Two monumental and unforeseen incidents that have rocked the Rocky Mountains and Colorado in the past two months were of course the 1000 year flood and the federal government shutdown. But despite the impact of these events, local economist and real estate professionals are forecasting growth in 2014. The Metro Denver Monthly Business Economic report for November says that regardless of the temporary setbacks, local economies like that of Colorado Springs, which is said to have taken one of the largest hits in the nation due to the shutdown, are willing, ready and able to rebound over the next coming months. This news is great to hear for Colorado residents, local businesses, big box brands, and of course our state's government.
This report also states that residential real estate has slowed a bit over the previous month which was really only to be expected, but that sales are still strong. Furthermore, if you look at the stats obtained by Land Title below you can clearly see that residential real estate of single family homes for all MLS Areas in Colorado are up 10.8% from the previous year during the same period and that condo sales are up 21.3%.
Metro Denver’s report has indicated that commercial real estate and residential construction “activity is strengthening” which is based on “several large projects breaking ground throughout the Metro Denver area." In this third quarter, the Denver Office Market Trends reported from Newmark Grubb Knight Frank are saying that “Metro Denver's office market is firmly in expansion mode.” These kinds of positive signs in the commercial real estate sector are according to Patty Silverstein, chief economist for the Metro Denver EDC and president of Development Research Partners, setting the stage for further growth. She has also stated that “vacancy rates fell in each of the four property types, and [the] reports of growing project pipelines and speculative construction, signal a robust market."