If you are considering where to launch your business, take a look at Denver. From its thriving demographics to its state-of-the-art infrastructure, Denver economic development is strong from every angle. To begin, it is consistently ranked along with the fastest-growing metropolitan areas in the country. Also, Denver’s geographically-centered location and its new and efficient international airport combine to make Denver one of the country’s most important transportation hubs. As another great indicator of positive economic development in Denver, the emergence of an amazing e-commerce supply chain is generating a prosperous industrial market.
Now, consider the outstanding workforce in Denver. The population of the Mile High City exhibits of a core of younger, well-educated workers, many of which have relocated from around the United States and throughout the world. Furthermore, after newcomers discover the benefits of living in Colorado, they hardly ever leave. And since the quality of the workforce is crucial for success, the other considerations like tax benefits and the affluent demographic makeup that is steadily growing every year, only make it more attractive.
When it comes to finding your ideal clientele, it doesn’t get much better than Denver, Colorado. The demographic makeup in and around the city is world-class. To elaborate, in 2016, the United States Census Bureau ranked Colorado as the second-most highly-educated state for residents with a bachelor’s degree or higher, 39.2 percent to be exact. In addition, Colorado has the lowest obesity rate in the nation. That is probably due to being number one in the nation for physical activity according to 2016 reports from Kaiser State Health Facts and Trust for America’s Health.
Since Colorado is the second-fastest growing state according to the United States Census Bureau in 2016, who are moving in? Millennials, who increasingly make up the core population, are arriving at a greater pace than almost anywhere else in the country. This younger group is statistically well educated and gainfully employed. Therefore, they have plenty of spending money on hand.
Having such a growing population of highly-educated young adults, trends are changing. Many of the old-guard establishments like Staples, Sears and Macy’s are shrinking. They are slowly losing ground to newer, contemporary retailers that have a smaller presence. Also, entertainment, fast-casual dining, and fitness companies are moving into the desirable spaces that are being left behind by these shrinking retail giants.
As the backbone for Denver economic development, the Mile High City has completed some major infrastructure projects. These projects have gracefully supported the steady yearly growth. Over the last three decades, Denver has accomplished three major milestones. First, Denver diversified its oil and gas-dependent economy. Then, it built the nation’s newest and greatest international airport. Finally, it completed the largest single-transit network in the nation.
Starting with Denver’s diversified energy economy, it is strong in several key areas. To begin, Colorado is ranked third nationally for LEED-certified buildings. This ranking is based on cumulative square footage per capita. LEED stands for Leadership in Energy and Environmental Design. Next, the state is ranked sixth in natural gas and seventh in oil production. Furthermore, it is ranked ninth in installed solar capacity and 10th in solar generation, installed wind capacity, and alternative fuel vehicles adoption per capita.
Then there is DEN – Denver International Airport, the powerhouse behind Denver economic development. It is the fifth-busiest airport in the nation. To provide some specifics, after transporting 64.5 million passengers through the airport in 2018, DEN has once again proven itself as one of the most active airline hubs in the world. As such, DEN is the primary economic engine for Denver and the entire state of Colorado. It has generating more than $26 billion for the region annually.
Named the Regional Transportation District, or RTD, it operates over a 2,342-square-mile area, serves almost 3.1 million people. The transit network includes buses, light rail and commuter rail trains, and HOV lanes along the major highways in and around Denver. Being the largest single transit system in the United States, it employs almost 3000 workers. Also, it reported 97.6 million boardings in 2018. Therefore, RTD covers the city for almost everyone.
In 2019, there was a six percent economic increase year-over-year, just to show the annual economic growth. Increasing sales are a reflection of Denver’s growing residential population, which is up 13 percent in 2019. Also, having a strong draw for tourists, overnight visitors were up one percent in 2019. The two largest industry categories in Denver are restaurants and lodging services. The restaurant industry in Denver produced 41 percent of total sales. Also, lodging services produced 25 percent of total sales. Furthermore, in 2019, the Denver restaurant industry grew by 4.8 percent and the lodging industry grew by 11 percent.
Retail vendors are increasingly utilizing Denver’s visibility to test out new touch points in the area with their customers. For example, downtown Denver hosted a number of short-term retail “pop-ups.” To explain, they allowed for new businesses and brands to test the Denver market by setting up shop in temporary locations. They have been doing this to introduce new products and services. Recent “pop-ups” included national brands like Stetson and local companies like Evolve Designs and Beyond Designs. Due to the success of these short-term “pop-ups,” the local company Fetch Market is opening a permanent location at the Dairy Block in Denver.
National retail vendors are noticing the success of the “pop-up” short-term retail opportunities in Denver. As a result, the New York City based Storefront recently entered the Denver market to facilitate matchmaking between space providers and companies that are interested in testing the local market using these short-term “pop-ups.”
Selecting the ideal location for your business is job number one. You probably recall hearing the saying: “location, location, location.” Well, location is the most important aspect. Everything else comes after that. Therefore, make sure you take location selection very seriously. Also, be sure to read Denver Commercial Real Estate: The Complete Guide to Locating, Negotiating, and Leasing Commercial Real Estate in Denver to prepare yourself to step forward and succeed.
Space Selectors offers a simple and customized commercial real estate search in Denver. They will equip you with everything needed to launch your business from a strategic, well-informed position. Through Space Selectors, gain exclusive access to the top experts who are highly-skilled in evaluation, demographic analysis, and commercial real estate negotiation. Then, uncover just how quick, economical and simple their platform works for you to find those ideal commercial real estate options.
For more information on launching your business in Denver, contact Space Selectors today. They will provide you with resources for all your Denver commercial real estate needs.