Search
 

Multifamily Permit Activity Falls By Half

DENVER-Concerns over an anti-growth amendment on the ballot prompted a rush of permits to be pulled last year, but the measure's defeat means many developers got ahead of themselves, says one multifamily broker.

By John Rebchook | Updated on June 01, 2001

DENVER-Multifamily housing building permit activity in the Denver area fell by 47.8% in the metro area compared with last year, according to the latest report by the Home Builders Association of Metropolitan Denver. The HBA tracks more than 30 cities and counties in the metro area.

Its most recent report, which goes through February, found only 948 multifamily unit permits had been issued, compared with 1,818 a year ago. In fast-growing Douglas County, for example, no permits were pulled in the first two months of this year, compared with 537 in the same period in 2000.

Jeff Hawks, an apartment broker with Grubb & Ellis, says the drop was expected. “The main reason is that a lot of developers ran out and pulled a lot of permits last year, worrying about the (anti-growth) Amendment 24 would pass,” Hawks tells GlobeSt.com. Because the amendment was soundly defeated, many developers got ahead of themselves, Hawks adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.