DENVER–Peter Schippits, senior managing director of CBRE, moderated a power panel discussion at RealShare Greater Denver this week at the Magnolia Hotel. The panel was comprised of Brian Bailey, senior financial policy analyst at the Federal Reserve Bank of Atlanta; Karen Gerwitz, president of the World Trade Center, Denver; Clif Harald, executive director of the Boulder Economic Council; Jeff Romine, chief economist of the Denver office of Economic Development; and Al Wenstrand, chief business development officer of the Colorado Springs Regional Business Alliance.
The region boasts wide industry diversification with strengths in the financial services, healthcare, consulting, energy and technology. Denver experienced significant population growth last year with a record-breaking influx of millennials as well as baby boomers representing the largest group of renters. Combining that talent with the healthy job market spells CRE success.
The panel of experts discussed the factors behind the success and what is needed for continued momentum and continued growth in the future. Romine pointed to the “wise, long-term investments in the future, where leaders have asked what needs to be done next.” He cited the recent examples of relocations for KPMG's Ignite Center and Zen Payroll, both decisions a result of Denver's strong labor force. Harald agreed, indicating that Boulder, CO is host to At Last software, which Google acquired and began to expand, due to the innovation, workforce and quality of life offered there.
“It was a desirable location for the kind of operation they were seeking,” Harald says. “Many companies in Boulder are doing everything to stay, including being creative in finding expansion space.”
Wenstrand says much the same is happening in Colorado Springs, CO, which takes care of existing businesses and values organic development due to slower growth there.
Gerwitz cited that one in five jobs in Colorado are attributable to trade but cautioned the need for more international flights to make Denver a truly global city. Despite that, Bailey recognized that a number of cities fared well in the downturn, and Denver was included on that list.
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Lisa Brown
Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.
