The Colorado Real Estate Journal is predicting positive growth in Denver’s vacancy and economic markets in 2010.
“MULTI-FAMILY BUYERS MUST BE CREATIVE IN YEAR AHEAD”
Mark Favro, part of the team at the Colorado Real Estate Journal, predicts the year of 2010 to bring growth to the Denver apartment market, decreasing vacancy rates to 7.51%. Favro states, “Approximately 4,500 new units were delivered in 2009 and fewer than 2,100 units are schedules to be delivered in 2010, after which time new construction will be minimal. This lack of new construction coupled with positive job growth, or at least stemming job loss, should continue to decrease vacancy rates and apartment owners again will have the ability to increase market rents and decrease concessions offered to tenants by late 2010.” With vacancy numbers running as high as 8.29% and multifamily investments down by 75% in 2009, this upcoming trend will be a welcomed change of pace. – Colorado Real Estate Journal February 17-March 2. pg. 8AA&12AA
“SIGNS POINT TO APT. IMPROVEMENT”
D.U.’s Professor at Daniels College of Business, Dr. Gordon Von Stroh, gives a positive outlook for Denver’s vacancy rates and economy; “If our economy moves more positively, vacancy rates could have a serious drop.” Lauren Brockman of Allied Realty Services Ltd. backs Von Stroh and says “Denver is a bright spot in the country” and is “considered fundamentally one of the better markets. Denver has fairly stable rents, good occupancy and net in-migration.” – Colorado Real Estate Journal February 17-March 2. pg. 4 & 8.
