With concerns about the Coronavirus heightening every day and information updating nearly constantly, droves of Coloradans are coming together to help their neighbors far and wide. It’s important
Denver Slips In Popularity Rankings For Commercial Real Estate Expansion
For years Denver has been considered one of the hottest markets in the country for real estate and expansions. However, at least among local commercial and real estate pros, it appears that trend may be fading.
According to the 2020 Emerging Trends in Real Estate report co-authored by PwC and the Urban Land Institute, on a national scale, Denver has slipped in the popularity rankings. After placing in the top 10 in the previous two years, the Mile High City took a drastic tumble to No. 17 on PwC’s “Markets to Watch” list. This year, Austin, Texas; Raleigh-Durham, North Carolina; Nashville, Tennessee; Charlotte, North Carolina; and Boston were ranked as the top five markets to watch, prompting locals to wonder what changed.
Experts agree that the increasing cost of doing business is one of the biggest constraints for the Denver real estate community. Following strong population growth outpacing the rate of new construction of single-family homes, Denver’s housing prices trumped four of the top five markets on PwC’s list, registering a median home price of $408,360 – nearly 38% higher than the median home price in Austin. Given state laws on property taxes, commercial properties shoulder a 55% burden of property taxes while residential property taxes cover the remaining 45%. This means that while residential values continue to spike, the tax burden placed on commercial asset owners also continues to increase.
While Denver may be slipping in popularity on the commercial real estate side, in terms of residential real estate we are still going strong. If you’re thinking about becoming a homeowner in the Mile High, contact Metrowest – we’d love to discuss your options!
Ken Blevins, Chief Executive Officer of Metrowest Real Estate Services, is a veteran in mortgage and default servicing with more than 25 years of experience in collections, foreclosure/bankruptcy, los....
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For years Denver has been considered one of the hottest markets in the country for real estate and expansions. However, at least among local commercial and real estate pros, it appears that trend
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