And Denver and Atlanta were the only cities that Integra had ranked in the Top 10 in four areas: CBD, suburban office, industrial and retail. But only Denver had copped a top spot from Integra, formed in 1999 as a collection of independently owned and operated appraisal and consulting firms. According to the Viewpoint 2001 report, Denver has pulled a third place in industrial, sixth in suburban office market and eighth for apartments. Last year, Denver's CBD had been ranked second.

Integra had analyzed CBDs on factors such as vacancy rate, value change estimates, 2000 to 2005 FIRE services (percentage and absolute), and service employment growth projections from 2000 to 2005, and estimated years to balance. Brad Weiman, managing director of Integra Joseph Farber, says strong employment growth, averaging 3.5% each year for the past year, is the main reason that Denver has fared so well in the ranking. He predicts growth will slow this year, but will still exceed the national average. Integra Joseph Farber and Co. is Denver's affiliate in the Integra family.

The CBD has seen incredible improvements in the past three years, he says. For example, Chicago-based CMD Realty had bought the Hudson Bay Centre for $45 per sf in 1997, but had sold it for $103 per sf in 2000, he says. And just last year, J.P. Morgan Investment Management had paid a record $203 per sf for the 17th Street Plaza building downtown. Weiman told GlobeSt.com that the suburban market has been ranked so high because it's so hot in the northwest corridor between Boulder and Denver.