The State of the Denver Commercial Real Estate Market
Partial Transcript: Welcome to the rentbits rental talk podcast where we interviewed thought leaders within the rental and real estate industry discuss current rental market trends and give their thoughts on how to grow a successful real estate business. Thanks for tuning into today's episode. Here's your host, Dan Daugherty. All right, welcome to today's episode. Today we're gonna talk about this state of the commercial real estate market, and I have a very special guest. Brett, I've known Brett on over 12 years now, Um, he was the first to get us into our rent bits. First headquarters that we had in Denver Tech Center. Ah, have Brett Davis here with mile High commercial advisers. Brett, thank you so much for coming into our new podcast studio. It's also been here. I love it. Thanks so much for having me. Absolutely. Let's let's jump right on into it. You know, it must have been 2000 and five or 2006 even before the Great Depression of 2000 feet, and I remember you were talking about the supply and demand specifically within the Denver real estate market, we were looking at downtown Denver. We were looking at DTC and we decided to go to DTC because that's where I leave the time. And, um, we were able to get really, really good deals on a cost per square foot. Um, I believe the first, the first contract we signed with, what, five years? Five year contract? If I might think it was a three year deal, if I remember correctly. And I was in DTC and was used to the killer job of getting us in and then the market crashing Oh, it 08 And then we all grew our space and wanted to move closer to downtown. Um, pricing started to increase. What is it now? Now we're in 2018 going on a 2019. We have companies like Google coming in by me. Boulders blowing up right. We have. We have very large businesses coming from outside of Colorado there, literally moving their headquarters into into Colorado. You have some of the moving out chipotle, eh? Um is now moving to I feel already moved, but they're in California Port Beach before beach, But we have Ah, I think it was north face and moved. And now is in downtown, right? Yeah, They'll be moving in later. Well, sometime this spring, they're officially moving in. And, ah, you know how many square foot they're scruffy? They're getting just under 300,000 feet. They took down the 100,000. They took the old gates headquarter space in lower downtown. And that's awful. Flight 25 Broadway, right? No, that's Ah, that's a different gates location. This one is right downtown, right close to the Pepsi Center, 15th and Wasi basically. And they're they're moving. How many police? Couple 100? Probably, Uh, I believe I saw 600 600 moving away from wherever they were before. I don't even know what state they were coming. They were one of the Carolinas. It was south or North Carolina. I don't recall which God and then I just saw Zeo is, um is taking over the Chipotle, right? Yeah, that's so they just took down another 60,000 feet. In addition to what they have in Boulder, they think what they found is they were having a harder, harder and harder time attracting the talent they want in Boulder.