The South Metro Denver Chamber of Commerce, the state's third-largest chamber, has surveyed business owners and found most are bullish. Of the businesses responding, 70% have more than five employees and have been in business for more than five years.
When asked if they anticipated growth for their companies in the next 12 months, 64% say they expect earnings to go up, 74% are looking for an increase in revenues, 39% expect to hire more people and 11% say they anticipate no growth. When asked about the economy, 71% say it is holding steady; 21% say it is getting worse and 7% felt things are better. The cost of real estate is the bottom of the list, with only 16% citing that as their biggest challenge. Only rising advertising costs, cited by 13%, is less of a concern.
Topping the list is finding qualified employees, which is the biggest challenge for 52% of the respondents. Securing new customers is ranked second, with 37% calling it their biggest challenge. That has been followed by keeping employees, competition and taxes and regulations.
Jeff Hawks, a top apartment broker at Grubb & Ellis Co., tells GlobeSt.com that he thinks the survey bodes well for the local commercial real estate market. Hawks says he is especially impressed that almost 40% expect to hire more people. "I think we're going to be seeing more firms moving from northern California to Denver," Hawks says. "If you're a high-tech firm, I just can't imagine being in northern California and wondering if you're going to have power on a daily basis."
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