Denver Commercial Real Estate Market on Slow Upswing

I knew that if we hung in there a little longer, Denver would start to ease out of the recession. According to today’s Denver Business Journal, that is exactly what’s happening.

According to Paula Moore of the DBJ, L.A. real estate brokerage firm Grubb & Ellis has had its eye on Denver. L.A.’s brokers are predicting that Denver’s commercial real estate market will slowly start to recover this year — ahead of the national commercial real estate market, which may not start to come back up until 2011. That is not much consolation for homeowners who are still struggling with the residential real estate market, but it is good news for entrepreneurs like those of us in the self-storage industry. So cheer up, homeowners, because if business starts to improve, there should eventually be more buyers out there with money to buy your homes.

If entrepreneurs and investors start buying and renting more commercial space in Denver for businesses, that tells me two things. First, consumers must be spending money in Denver again — or there would be no demand for these new businesses.  Secondly, those new businesses will bring jobs, so Denver’s unemployment rate should go down — and the newly employed will start spending money again, too. These have to be good things for Denver’s economy. We’re still in the early days…but we are getting there.

Denver entrepreneurs, investors, operators of self-storage facilities and other small businesses, and all of our customers who want us to continue to be here providing excellent service — let’s all breathe a sigh of relief. Better times are on their way.

And, to all of those businesspeople out there who are investing in commercial real estate in order to start or expand a business — bear in mind that if you need a place to store excess inventory, supplies, and equipment, you can always come to Extra Space Storage.

Tags: business, commercial real estate market, Denver, Denver Business Journal, economic recovery, entrepreneurs, Extra Space Storage, investors, recession, self storage, unemployment

This entry was posted on Friday, January 8th, 2010 at 6:15 pm and is filed under Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.