DENVER | Downtown high-rise boom - Page 7

The Dirt · #**121** Posted **May 25, 2008, 3:54 PM**

Quote:

Originally Posted by CHAPINM1

How is Spire coming along?

Check out their webcam: Spire Webcam

SnyderBock · #**122** Posted **May 26, 2008, 3:31 AM**

A recent report by a major firm indicated that Denver's building boom is a sustainable one. The building boom Denver had in the 1980's was nearly all office space built specifically for energy related industries. That boom took a downtown Denver with only ~25 million sq.ft. office space and doubled it to over ~50 million sq.ft., in about 8-years. The 80's oil boom went bust and developers stayed away from Denver all this time, because they got burned so badly.

What's different about this building boom, is it's not a bunch of 1 million sq/ft. office only towers being used by one industry. This building boom started with a boom in mid-rise residential construction in and around downtown, because of increased desirability after billions of dollars in public works investments in entertainment, parks and transportation.

Then the Convention Center was more than doubled in size, thus attracting ever larger and more conventions, resulting in a downtown hotel boom to go along with the residential boom.

Now office space is at all time lows in vacancy rates and lease rates are climbing. The demand for office space is coming from just about every industry, not one specifically. With Denver in the process of building billions of dollars in mass-transit over the next 10-years and transforming Union Station into a primer, downtown multi-model transportation hub -- sandwiched between Denver's Lower Downtown (LoDo) and Central Platte Valley (CPV) districts -- desirability is continuing to rapidly grow.

Denver's building boom which went bust in the 1980's added office space to downtown at an 18% annual growth rate between 1980-1988. This building boom (so far) is projected to only increase Denver's office space by a little over 3% annually. Experts are saying that overbuilding is not going to occur at those rates in this market -- which is why developers such as Callahan (Chicago) have more interest in building in the Denver market, than just about anywhere right now.

Top Of The Park · #**123** Posted **May 26, 2008, 5:54 AM**

I really appreciate having a place to visually see all the improvements and proposals in one spot.

MitchCPC · #**124** Posted **May 26, 2008, 1:49 PM**

Can you post that report?

SnyderBock · #**125** Posted **May 27, 2008, 1:38 AM**

Quote:

Originally Posted by MitchCPC

Can you post that report?

Denver office market stable, report shows

covertb · #**126** Posted **Jun 4, 2008, 5:55 PM**

Yesterday I read in the Rocky Mountain News the 1401 Lawrence project got canceled. That sucks! The article listed other Denver projects including a 32 story River House not yet under construction. Has anyone heard of this one? The article didn't even mention the 2 Tabor Center. Is that building still going to be built? I"m hoping so at least.

The Dirt · #**127** Posted **Jun 12, 2008, 3:33 AM**

Check out the Mountain West Denver thread or look at:

http://www.denverinfill.com/
http://www.denver-cityscape.com/

River House has been in the works for a couple of years. The developer got a approval from the city to build to max height for the block near the end of last year then nothing after that. I'd say that it's still on, but it's got a way to go, especially with the housing market the way it is. If he was smart, he would get it started now, since there is still plenty of time for preleases and actual sales may not happen until 2010/11, and by then the housing problem should be in reversal.

Tabor is definitely still on.

MitchCPC · #**128** Posted **Jun 28, 2008, 11:49 PM**

In the future rendering it looks so naked now without 1401

detmi7mile · #**129** Posted **Jun 29, 2008, 2:23 AM**

Quote:

Originally Posted by SnyderBock

A recent report by a major firm indicated that Denver's building boom is a sustainable one. The building boom Denver had in the 1980's was nearly all office space built specifically for energy related industries. That boom took a downtown Denver with only ~25 million sq.ft. office space and doubled it to over ~50 million sq.ft., in about 8-years. The 80's oil boom went bust and developers stayed away from Denver all this time, because they got burned so badly.

What's different about this building boom, is it's not a bunch of 1 million sq/ft. office only towers being used by one industry. This building boom started with a boom in mid-rise residential construction in and around downtown, because of increased desirability after billions of dollars in public works investments in entertainment, parks and transportation.

Then the Convention Center was more than doubled in size, thus attracting ever larger and more conventions, resulting in a downtown hotel boom to go along with the residential boom.

Now office space is at all time lows in vacancy rates and lease rates are climbing. The demand for office space is coming from just about every industry, not one specifically. With Denver in the process of building billions of dollars in mass-transit over the next 10-years and transforming Union Station into a primer, downtown multi-model transportation hub -- sandwiched between Denver's Lower Downtown (LoDo) and Central Platte Valley (CPV) districts -- desirability is continuing to rapidly grow.

Denver's building boom which went bust in the 1980's added office space to downtown at an 18% annual growth rate between 1980-1988. This building boom (so far) is projected to only increase Denver's office space by a little over 3% annually. Experts are saying that overbuilding is not going to occur at those rates in this market -- which is why developers such as Callahan (Chicago) have more interest in building in the Denver market, than just about anywhere right now.

This is exactly what I hope will happen in Detroit. The same investing in entertainment, residential, and parks is happening right now and more residential is coming in. Now if only we could get the mass transit underway lol.

But anyways, I like what's happening in Denver. Keep it up.

Top Of The Park · #**130** Posted **Jun 29, 2008, 2:57 AM**

In the report you referenced, it lists Denver's office market as having doubled in the 80's to 50 million square feet. I think they are including the tech center in this number. I wish someone had the current total amount of square footage in both areas. I believe I heard it was 27 or 28 million a year ago, but they seem to jockey for whoever has more.... Does anyone have the current figures? I believe the vacancy rate is just under 8%, but it would be nice to hear the total amount.

SnyderBock · #**131** Posted **Jul 11, 2008, 2:27 PM**

Yes, now that I think of it, you are correct; that would be including all of the city/county of Denver (such as Denver Tech Center). Nevertheless, the point remains every bit as valid. This building boom seems to be "sustainable" and "diverse." The investments in 16th Street mall, downtown sports venues (Coors Field, Pepsi Center and Invesco Field @ Mile High), the rebuilt and expanded Convention Center, Performing Arts center, and mass-transit; all have seem to stimulated an urban population boom into LoDo and the Central Platte Valley, which in turn is pumping more business investment (office, hotel and residential) into all of downtown.

The July 1, 2007 Census estimates are out and the City of Denver gained over 12,000 people between July 1, 2006 and July 1, 2007. Denver now has 588,349 people as of July 1, 2007 (last year). That means Denver could very well be sitting right at 600,000 people, as we speak. This is quite a steppingstone for a small, landlocked city center of a vast metro area.

P.S.
New Update of the master post on page one of this thread!

SnyderBock · #**132** Posted **Aug 5, 2008, 5:41 AM**

Mega update just completed... Everything is updated and looks great!

Check it out one page one of this thread and take some time to look through everything

SnyderBock · #**133** Posted **Aug 14, 2008, 12:29 AM**

With the DNC right around the corner, I thought this would be a good time to bump the Denver thread to get some conversation going.

Top Of The Park · #**134** Posted **Aug 14, 2008, 7:13 AM**

Quote:

Originally Posted by SnyderBock

With the DNC right around the corner, I thought this would be a good time to bump the Denver thread to get some conversation going.

...or you could start its very own thread in the Mountain West

SnyderBock · #**135** Posted **Aug 28, 2008, 2:23 PM**

I will be posting a new update by weeks end - that is, by Sunday.

CONative · #**136** Posted **Sep 14, 2008, 3:18 PM**

Where is the update that was promised?

rds70 · #**137** Posted **Sep 27, 2008, 11:30 PM**

Denver skyline comparison (not quite the same scale, but from almost the same vantage point):

September 2005:

September 2008:

SnyderBock · #**138** Posted **Oct 4, 2008, 4:48 AM**

U. F. O.^

The Dirt · #**139** Posted **Oct 6, 2008, 2:53 AM**

Quote:

Originally Posted by SnyderBock

U. F. O.^

Every time!

That's some goooood comparison!

SnyderBock · #**140** Posted **Oct 6, 2008, 6:40 AM**

New Update!

I count 8 High-rises currently under-construction in Central Denver now (7 if you count One Lincoln Park as complete, it's 99.9% complete). Plus many more great looking mid-rises!
Click the link or go to Page 1

Here is the link to the latest Diagram for Denver projects (construction & Proposed). All of which are Under-construction, except for the magnificent Two tabor center and a recent rumor is that they landed a loan, before the market crash and are planning a January 2009 groundbreaking!