A new document has shown that Metro Denver is one of America’s most thriving real estate markets. The report entitled “Emerging Trends in Real Estate 2013” was released earlier this month, and was compiled by PricewaterhouseCoopers (trading as PwC).
“Emerging Trends in Real Estate 2013”was released in tandem with the ULI’s Fall Meeting, which took place at the Colorado Convention Center. The event was attended by over 5,000 property development and real estate professionals from Denver and across the country.
The report revealed that the city of Denver now ranks 14th on the list of “U.S. Markets to Watch: Overall Real Estate Prospects.” It also explains the theory behind Denver’s real estate success; that the housing market recession did not hit the city as hard as others, and that fewer home foreclosures were seen as a result of this.
PwC’s Thomas Holborn highlights the importance of Denver’s young population in this report: “over 15% of Denver’s population are under 34, and it’s these people that are driving the economy and investing in real estate”.
Here are some other findings from the report:
• The city ranks 14th in the USA in terms of its development prospects.
• The city ranks 8th among promising investment markets, which is a substantial improvement from last year’s report.
• Denver ranks 15th in homebuilding. “We can’t deny that more growth will come in 2013 too”, Holborn says. “Low interest rates, and the obvious volatility of the stock market, mean that investors are putting their faith in Denver’s strong low-risk real estate market”.
In order for this success to be continued well into 2013 and beyond, the report recommended the following measures:
• The consideration of single-family housing funds.
• Developing well-chosen industrial facilities in major hub distribution centers that are near to ports and airports.
• Reducing apartment development in low-barrier-to-entry real estate markets.