Which cities improved the most last year in the office, retail and multifamily sectors?
Denver's a Mile High in one more way, according to the Coldwell Banker’s latest report. The firm’s commercial market comparison report recently ranked the top commercial real estate markets in the country.
The report examined more than 80 U.S. markets based on the percent change in vacancy and rental rates for the office, retail and multifamily sectors from the third quarter of 2013 through the third quarter of 2014, as well as population and unemployment changes over the same time period.
"Commercial real estate continues its steady improvement as we start 2015," Fred Schmidt, president and chief operating officer of Coldwell Banker Commercial Affiliates, said. "This is especially true of markets outside core cities such as Boston, Chicago, Los Angeles and New York. These secondary and tertiary markets such as Denver, Houston, Dallas and Phoenix take up many of the top spots on this year's ranking and are strong candidates for continued growth in 2015."
Denver climbed to the top of this year's ranking from its top-ten ranking in last year's inaugural report. This year's jump can be attributed to the city's record-breaking job growth, construction and economic expansion in energy, healthcare and technology, according to Coldwell Banker Commercial’s report.
"Denver has recovered from the Great Recession and moved into expansion mode with positive market absorption in every market segment," Ben Gilliam, vice president, commercial sales of Coldwell Banker Commercial Alliance Denver, said.
“With the recent grand opening of the new Union Station/Central transit hub, it [Denver] is anticipated that the market could see its first $1,000 or more per square foot investment sale in the Central Business District,” Gilliam added.
Here’s Coldwell Banker’s top 10 commercial real estate markets for 2015:
The report examined more than 80 U.S. markets based on the percent change in vacancy and rental rates for the office, retail and multifamily sectors from the third quarter of 2013 through the third quarter of 2014, as well as population and unemployment changes over the same time period.
"Commercial real estate continues its steady improvement as we start 2015," Fred Schmidt, president and chief operating officer of Coldwell Banker Commercial Affiliates, said. "This is especially true of markets outside core cities such as Boston, Chicago, Los Angeles and New York. These secondary and tertiary markets such as Denver, Houston, Dallas and Phoenix take up many of the top spots on this year's ranking and are strong candidates for continued growth in 2015."
Denver climbed to the top of this year's ranking from its top-ten ranking in last year's inaugural report. This year's jump can be attributed to the city's record-breaking job growth, construction and economic expansion in energy, healthcare and technology, according to Coldwell Banker Commercial’s report.
"Denver has recovered from the Great Recession and moved into expansion mode with positive market absorption in every market segment," Ben Gilliam, vice president, commercial sales of Coldwell Banker Commercial Alliance Denver, said.
“With the recent grand opening of the new Union Station/Central transit hub, it [Denver] is anticipated that the market could see its first $1,000 or more per square foot investment sale in the Central Business District,” Gilliam added.
Here’s Coldwell Banker’s top 10 commercial real estate markets for 2015:
- Denver
- San Francisco
- Houston
- Dallas
- San Jose
- Phoenix
- San Antonio
- Las Vegas
- Austin
- Orange County
