In 2019, Denver’s commercial real estate market
has seen a great deal of development, both in terms of new projects arising as well as existing buildings seeing renovations. It’s clear that the real estate market in the mile-high city has not seen significant signs of slow-down, as development continues at a rather fervent pace, making it clear that we’ve still got a long way to go before hitting peak levels. However, it’s important to bear in mind that not every commercial real estate project is guaranteed to succeed, as you need to take the necessary steps to build the best type of project you can, one that is more likely to succeed in a changing market. Here are some of the strategies you should consider employing to stay competitive in a changing marketplace.
Mixed-Use is Still a Hot Commodity
One of the recent trends that have seen a significant amount of growth in recent years is the rise in Mixed-Use developments. These are properties that have both residential, commercial, and retail in the same complex. Recent developments, such as the still-under-construction South Broadway complex, are examples of how potent these types of properties can be in terms of their value. Having a mixed-use property can provide endless opportunities in the commercial real estate space, as you will have a steady stream of potential customers (your residents) to support the businesses that occupy your commercial spaces.
It can be a very lucrative property, assuming you take the necessary steps to make such a project a success. It’s important to remember that not every empty spot of real estate is the right fit for these types of projects, as you will want to consider proximity to other areas of the city, local transportation, as your intended clients. For example, if you’re trying to gain a large amount of younger tenants, you won’t want to be on the outskirts of the city, as these tend to be spots where families will flock to.
Consult with the Pros
Before you dig your toes into the Denver commercial real state market, it is vitally important to have a trusted advisor to guide you throughout this process. Simply going it on your own is often a recipe for getting burned in a bad deal, or missing out on something which can prove extremely costly in the long-run. Always consult with trusted professionals before you make your first foray into the commercial real estate space.
If you’re seeking a qualified and knowledgeable real estate firm in the Denver area to assist you through the property investment and development process, Elevation Group is your preferred choice in the mile-high city. We offer expert advice and help from start to finish in order to ensure your commercial or residential project is a smooth success, providing you with the needed peace of mind to make your dreams a reality. Contact us today to begin the process of building your dream property development.