- July 27, 2020
-- Market Overview
The pandemic of COVID-19 threw a curveball and caused a global economic downturn as job losses and business shutdown numbers increased. As Colorado's stay-at-home orders lift slowly for businesses, one determining factor of a return will be on the reclamation of jobs this quarter. The surprising May increase in employment (30,000 new jobs) could bode well for Denver, which outperformed the national benchmark the month prior.
The Office Market (OM)
Technology and the capability to easily work from home has helped Denver's OM. Something concerning is that much of the Central Business District's (CBD) office space is occupied by the oil and gas industry, which has taken a big hit in today's economy. A saviour to this void is Denver's technology growth, as well as our state's history of providing a high quality lifestyle with a robust job market, natural amenities, and a fairly low cost of doing business. Another optimistic sign of a return is that the amount of office space under construction has seen a downward trend since its peak in 2017, with approximately 60% of space under construction completed in the first quarter.
Full Q2 Commercial Real Estate Market Report: https://bit.ly/39uHdGy