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Broomfield Commercial Real estate

Posted on: Apr 6 18

by: admin

BROOMFIELD — The Hyatt House Boulder/Broomfield, a 123-room extended-stay hotel in Broomfield, has been acquired for $18.3 million by a group of investors in Melville, N.Y.  The hotel is located at 13351 W. Midway Blvd. in Broomfield, Colorado.

The investor group is headed by the father-son team of Lawrence and Adam Levine, who are principals of  The Levine Organization in Melville. The Levine Organization develops, owns and manages hospitality and other properties throughout the United States.

“We believe in the Broomfield and Boulder area,” , “It is a growing corporate market.” said investor Adam Levine, who was a 2012 graduate of the University of Colorado.  

This author believes that Broomfield will prosper as the northern front range develops in the years ahead.  This hotel and others like it are located close to corporate centers in Interlocken and away (well away) from the congestion of Denver and close to the plentiful open space of Boulder and Broomfield counties.

Source: https://bizwest.com/2018/03/06/n-y-based-investors-buy-hyatt-house-broomfield/?member=guest

 

 

 

 

 

 

 

 

 

 

 

 

 

Photo, Courtesy, Hyatt House Boulder Broomfield.

 

TODAY’s Broomfields Commercial Real Estate Market

Posted on: Feb 26 18

by: admin

OFFICE MARKET
There was over 6.5 million square feet of office space in Broomfield during the second quarter of 2017, Square feet by office Class are shown in the table. All three classes of office space reported increasing vacancy rates and increasing average lease rates during the second quarter of 2017 compared with the prior year. The Class A and Class B office markets are similarly sized in Broomfield, and posted a similar increase in the vacancy rate over-the-year. However, the Class B vacancy rate of 8.1 percent is 1 percentage point higher than the Class A rate. The Class C market, which is relatively small in Broomfield, posted the largest increase in vacancy rate compared to last year, rising to 5.4 percent. Despite the increase in vacancy, the Class C market posted a 12.9 percent increase in the average lease rate, the fastest increase of the three classes. The average Class A lease rate increased 0.9 percent over-the-year to $28.73 per square foot, while the Class B market posted a larger increase of 7.7 percent to $25.15 per square foot. The Metro Denver office market recorded mixed trends between the second quarters of 2016 and 2017. The vacancy rate for Class A office space rose 2.7 percentage points over-the-year to 12.3 percent vacancy and the average lease rate fell 1.5 percent to $30.07 per square foot. This average lease rate was $1.34 per square foot more than the Broomfield rate. Class B office space recorded a vacancy rate of 9.5 percent, 0.6 percentage points lower than the previous year, and the average lease rate rose 4.1 percent to $23.15 per square foot during the period. Class C space in Metro Denver reported no change in the vacancy rate over-the-year at 4.1 percent but an 8.8 percent increase in the average lease rate.

INDUSTRIAL MARKET
The Broomfield industrial market had over 3.4 million square feet of space during the second quarter of 2017, but limited availability as the vacancy rate was just 0.4 percent, as shown in Table 3.6 on the next page. As a result of the tight market, the average lease rate increased 14.8 percent between the second quarters of 2016 and 2017, rising to $6.90 per square foot. Despite the increasing lease rate, the Broomfield average lease rate was $0.66 per square foot lower than the Metro Denver average lease rate during the period. There was nearly 213 million square feet of industrial space in Metro Denver during the second quarter of 2017. The industrial vacancy rate rose 0.5 percentage points between the second quarters of 2016 and 2017 to 3.9 percent. This was 3.5 percentage points higher than the Broomfield vacancy rate during the period. The average lease rate increased 1.1 percent over-the-year to $7.56 per square foot.

RETAIL MARKET
The retail market in Broomfield totaled nearly 4.8 million square feet of space during the second quarter of 2017, representing 2.9 percent of the retail space in Metro Denver, as shown in Table 3.6 on the next page. The retail vacancy rate decreased to 9.6 percent during the second quarter of 2017, a 0.4 percentage point decrease in vacancy compared with the previous year’s level. The average lease rate for the retail market in Broomfield rose 64.5 percent over-the-year to $18.31 per square foot, with the large increase due to an unusually low average lease rate posted last year at this time. Metro Denver had nearly 166 million square feet of retail space during the second quarter of 2017, 1.6 million square feet more than last year at this time. The retail vacancy rate fell 0.1 percentage points to 4.5 percent as the average lease rate increased 5.7 percent to $17.42 per square foot. The retail average lease rate was $0.89 per square foot lower throughout Metro Denver than Broomfield during the second quarter of 2017.

Courtesy
Broomfield Economic Development
One Descombes Drive
Broomfield, CO 80020
(303) 464-5579

 

Colorado Dept. of Agriculture To Build Broomfield Facility

Posted on: Feb 8 18

by: admin

BROOMFIELD, CO — The Colorado Dept. of Agriculture has officially broken ground on a new 27,000 sq. foot facility that will house three laboratories of the agency’s Inspection and Consumer Services Division. The move will consolidate the Dept. of Agriculture offices in Broomfield, moving from an almost 50-year-old facility in Denver, the agency said in a press release.

The project will renovate existing space at 305 Interlocken Pkwy and build the new facility next door. The new facility will include biochemistry labs with specialty equipment. The project will be complete in early 2019, the agency said.

“This office consolidation will create a more efficient and effective work environment for our staff while creating a ‘one-stop’ shop for our agricultural customers, said Commissioner of Agriculture, Don Brown in a statement. “It’s exciting to know that, in just over a year, our new laboratories will be up and running to continue providing the consumer protection efforts that affect every person in Colorado.”

According to the agency, the Division of Inspection and Consumer Services (ICS) covers the following: consumer protection, promotion of equity in the marketplace, and animal and human health safety. Programs include providing economic protection to agricultural producers and ensuring that Colorado consumers receive products that are safe, properly labeled, and sold in an honest manner. ICS also regulates pet care facilities, animal feed, fertilizer, anhydrous ammonia, compost, farm products dealers, commodity handlers/grain warehouses, scales and other measuring devices, pricing and package weight accuracy, eggs, home food service plan operators, custom meat plants and wild game processors.

ICS has two laboratories: the Metrology Laboratory and the Biochemistry Laboratory. The Rocky Mountain Regional Animal Health Laboratory will also be located in the new building. The project is being managed with JE Dunn Construction, a commercial general contractor, Iron Horse Architects (Architect and Lab Planner) and Wember (Owner’s Rep). The building will be submitted for LEED certification, a statement said.

Source: Broomfield Patch, By Jean Lotus, Patch Staff

Unemployment rates in region close out 2017 under 3%

Posted on: Feb 8 18

by: admin

DENVER — The unemployment rates in Larimer and Broomfield counties held steady in December compared with November, while the rates in Boulder and Weld counties increased one-tenth of a percentage point for that period, with each of the four counties that make up the region posting rates below 3 percent, according to the Colorado Department of Labor and Employment’s monthly jobs report released Tuesday.

The jobless rate in Boulder County increased to 2.6 percent, and in Weld County it increased to 2.7 percent. Larimer County held steady at 2.5 percent, and Broomfield County was unchanged at 2.7 percent.

In December of last year, rates were 2.1 percent in Boulder County, 2.3 percent in Larimer County, 2.5 percent in Broomfield County and 2.7 percent in Weld County.

In Boulder, 186,548 people held jobs in December, while 4,967 were looking for work. Larimer County had 194,081 people working with 5,047 seeking a job. Weld County had 155,048 people employed with 4,739 looking for work, and Broomfield County had 37,116 workers and 1,040 people seeking employment.

According to a survey of households, the unemployment rate in Colorado increased two-tenths of a percentage point from November to December to 3.1 percent.

Over the year, the average workweek for all employees on private nonfarm payrolls increased from 33.1 to 33.2 hours, and average hourly earnings increased from $26.93 to $28.09.

The national unemployment rate was unchanged in December at 4.1 percent.

Source: BizWest, By Doug Storum — January 23, 2018

Colorado sees year of fastest growth in the state’s labor force since 1998

Posted on: Feb 8 18

by: admin

Colorado employers added 5,100 non-farm jobs to their payrolls in December, a sizable jump from the previous month when employers added 1,800 jobs. This means more jobs in Broomfield.

December ended with a record year for the number of Coloradans in the labor force.

But despite the jobs added in December, the unemployment rate ticked up slightly to 3.1 percent from the previous month when it was 2.9 percent, according to the latest data from the Colorado Department of Labor and Employment.

The monthly gain of 5,100 non-farm payroll jobs was higher than the state’s 12-month average gain of 3,817 jobs, according to the CDLE data. And the gains were higher than the previous four months when the average gain was 4,800 jobs, which had been the best four-month average since 2016, said Ryan Gedney, the state’s senior economist.

Breaking down the numbers, the private sector added 4,300 jobs in December and the government increased by 800 jobs.

The biggest job gains in December from the previous month were in construction, education and health services. The construction industry, for example, added 3,300 jobs in December and 10,000 since August. All of the jobs add up to a 2 percent job growth rate and Colorado outpacing the U.S. job growth rate — which it has done for the past seven years — of 1.4 percent.

Over the year, nonfarm payroll jobs increased 53,200, with an increase of 52,400 in the private sector and an increase of 800 in government. The largest private-sector job gains over the year were in professional and business services, leisure and hospitality and construction.

The statewide jobless rate of 3.1 percent is an increase over the previous month and a jump over the three straight months — April through June — when the unemployment rate was 2.3 percent, a four-decade low dating back to when the state began record-keeping in 1976.

Over the year, the unemployment rate is up one-10 of a percentage point from 3 percent.

The number of Coloradans participating in the labor force increased 141,700, the largest over-the-year increase in the history of the series and fastest rate of growth since 1998. Total employment increased 134,900, also the fastest rate of growth since 1998. The number of unemployed increased 6,800. Nationally, the unemployment rate declined from 4.7 percent in December 2016 to 4.1 percent in December 2017.

Over the year, the average workweek for all Colorado employees on private nonfarm payrolls increased from 33.1 to 33.2 hours, and average hourly earnings increased from $26.93 to $28.09.The largest over-the-month private sector job gains were in construction and education and health services.

Source: By Monica Mendoza – Reporter, Denver Business Journal Jan 23, 2018, 10:14am MST

Broomfield Commercial Real Estate Information (City & Keyword/s)

Posted on: Jan 19 18

by: admin

aircell-officeLongmont Commercial Real Estate specializes in commercial real estate sales, leasing and tenant representation for the greater Longmont area and the surrounding communities of Boulder, Firestone, Frederick, Erie, Lafayette, Louisville, Broomfield and the northern I-25 corridor. Longmont Commercial Real Estate specializes in commercial real estate sales, leasing and tenant representation for the greater Longmont area and the surrounding communities of Boulder, Firestone, Frederick, Erie, Lafayette, Louisville, Broomfield and the northern I-25 corridor. Longmont Commercial Real Estate specializes in commercial real estate sales, leasing and tenant representation for the greater Longmont area and the surrounding communities of Boulder, Firestone, Frederick, Erie, Lafayette, Louisville, Broomfield and the northern I-25 corridor. Longmont Commercial Real Estate specializes in commercial real estate sales, leasing and tenant representation for the greater Longmont area and the surrounding communities of:

  • Boulder,
  • Firestone,
  • Frederick,
  • Erie,
  • Lafayette,
  • Louisville,
  • Broomfield.

 

Longmont Commercial Real Estate specializes in commercial real estate sales, leasing and tenant representation for the greater Longmont area and the surrounding communities of Boulder, Firestone, Frederick, Erie, Lafayette, Louisville, Broomfield and the northern I-25 corridor.

Technology: 2 international firms eye Denver area for American HQ locations

Posted on: Jan 19 18

by: admin

Two international companies are considering locating their U.S. bases of operations in the Denver metro area, potentially bringing more than 1,600 new jobs with average salaries of about $100,000 to the region. Colorado Economic Development Commission members voted unanimously Thursday to offer more than $14 million in job-growth tax incentives each to Accelo, an Australian provider of cloud-based business-management software, and to Maxar Technologies, the American subsidiary of the Canadian firm that recently acquired DigitalGlobe of Westminster. EDC documents did not identify Maxar Technologies by name, but it was clear from the description of the company who it was. Maxar, a space and geospatial solutions company, is looking to establish a new U.S. corporate headquarters and bring as many as 856 new jobs to Adams, Boulder, Denver or Weld counties — jobs that pay an average of $116,917, according to Michelle Hadwiger, deputy director of the Colorado Office of Economic Development and International Trade. In addition to Colorado, it is looking at potential locations in Virginia, Michigan, South Carolina, British Columbia and Quebec. EDC members voted to offer as much as $14.3 million in incentives if the company creates the expected jobs. “During the acquisition, Colorado lost a headquarters,” Hadwiger said. “This would be the opportunity to regain a headquarters from a much larger global company.” Accelo, meanwhile, currently has no employees in Colorado. But after it recently raised $9 million in funding to develop a U.S. that eventually will be the largest office and center of growth globally for the company, it is looking at options in Denver and Salt Lake City, as well as in the areas around Houston and Austin, Texas. EDC members voted to offer as much as $14.8 million to Accelo if it were to create 787 jobs at its U.S. base of operations — positions in sales, business operations and other areas that would pay average annual wages of $92,977, Hadwiger said. She warned that Texas is offering less money — about $5 million — but that the offer may be more attractive to the company because that offer is cash that can immediately go to Accelo’s bottom line rather than tax credits it can take only after it becomes profitable in the U.S. “These were really exciting projects to start the year off — and quite a few jobs created,” EDC member Tara Marshall said. In addition, the commission offered these other incentives: As much as $5.2 million to “Project Computer” — most potential incentive beneficiaries go by pseudonyms until deciding whether or not to take the offer — which is a data-center infrastructure firm with 40 current Denver-area workers that is considering adding 200 jobs in Colorado, Alabama or Florida through the establishment of a regional technology and customer-experience center. Up to $1.6 million to “Project 5485,” a California-based wealth-management-services provider considering creating 75 new jobs in the metro Denver area, Texas or Missouri through the establishment of a centralized center for operations, marketing and mergers and acquisitions. As much as $706,267 to “Project Aviate,” a European manufacturer of interiors for corporate jets that is looking to expand in Wyoming or Colorado — likely in the Colorado Springs area — and create 60 new jobs. Up to $267,500 to Arrivo, a California transportation technology company that is building a test track in Commerce City and looking to hire as many as 152 workers there. As much as $59,055 to “Project Badger,” a Midwestern-based regional and national distributor of building materials that is deciding between Limon and South Dakota as a location for a new warehouse and distribution center that would create 18 jobs. This could mean significant development of warehouse space in Broomfield.

Source: Denver Business Journal 18 January 2018, by Reporter Ed Sealover

Boulder County’s economy still golden, but challenges about Labor shortages, housing prices pose problems for continued growth

Posted on: Jan 19 18

by: admin

The party’s not quite over for Boulder County’s economy, but experts have an eye on the horizon — and there might be tougher times ahead.

Wednesday evening’s Boulder Economic Forecast was presented at the newly opened Embassy Suites. The Boulder Economic Forecast hosted the event, as it has for the past 11 years, and Executive Director Clif Harald kicked things off much the same way he has since the local economy began its yearslong upward climb, only updating the year: “By almost every economic indicator we measure,” he said, “2017 was an historic year.”

And it was. Unemployment was at record lows; home prices reached record highs. Venture capital funders infused more cash into companies and projects than at any point in the last decade.

But, as Harald noted, “2017 was not without its challenges. As we head into 2018, efforts to address them will take on more urgency.”

Chief among them was a continuing labor shortage, which University of Colorado economist and keynote presenter Rich Wobbekind called the area’s “biggest short-term challenge.” Boulder County continued to add jobs in 2017, but at a slower pace than the peak in 2014 and ’15. Companies want to grow, Wobbekind said, but there aren’t workers to fill jobs.

“Almost every industry sector reported lack of available labor or properly trained labor. This doesn’t go away,” he said.

Despite this, the five-year average wage growth in the county was an “anemic” 5 percent. “This is a very, very troubling fact,” Wobbekind said, driven by the growth of low-wage jobs and the vast amount of retirees being replaced with lower-paid younger workers.

By 2030, Boulder County’s crop of 65-plus is projected to grow some 84 percent, according to State Demographer Elizabeth Garner. One in five residents will be in the age group.
An aging population will impact nearly every facet of the economy, Garner said, changing what services are needed, what jobs are created and what goods are sold. It has already depressed wages — as older workers retire, younger ones are hired at lower pay — and could potentially tighten Boulder County’s already pinched housing market.

“As people age, they move less,” Garner said. “You think you’ve got a housing problem now? Wait until all of you just age in place.

“Who’s going to create the housing opportunities for the newbies coming in?”

With birth rates on a steady decline, in-migration has largely been fueling growth in Colorado and Boulder County. But the number of people moving to the state is projected to level off in 2020 and beginning declining in 2025 as surrounding areas attract workers with growing economies and lower home prices.

Utah is one example, Wobbekind said, with a higher rate of job growth and housing price appreciation in 2017 than Colorado. Closer to home, Weld County has become a major destination for jobs and people.

The Greeley metro had more employment growth than any other in Colorado over the past decade. Weld County’s population grew fastest from 2015 to 2016, and is projected to more than double by 2040.

Growth in surrounding areas may be siphoning off consumers’ dollars, too: Sales and use tax in the city of Boulder were down 5 percent in 2017, while up in Broomfield (1.8 percent), Longmont (11.8 percent) and the state as a whole (7 percent).

“Remember the old definition of Boulder as 27 square miles surrounded by reality?” Wobbekind said. “Now, it’s 27 square miles surrounded by competition.”


Source:

Daily Camera January 17 2018. By Shay Castle, Daily Camera Staff Writer

 

 

 

 

Low unemployment, high housing prices pose challenge for Boulder economy

Posted on: Jan 19 18

by: admin

BOULDER — Boulder has come off a record economic year in 2017, with soaring home prices, record employment, record-low unemployment, and a 10-year high in venture capital and private investment.

But many of those same factors represent a threat to the long-term health of the local economy, according to presenters at the Boulder Economic Council’s 11th Annual Economic Forecast: Boulder & Beyond, held at the Embassy Suites in Boulder, Wednesday.


Clif Harald, executive director of the Boulder Economic Council, noted the record year, including more than $300 million in venture capital and private financings.
“By almost every economic indicator that we measure, 2017 was an historic year,” Harald said.
But he noted that the entire Denver metropolitan area is experiencing historic shortages of labor, housing, office and industrial real estate, and transportation infrastructure, issues that the BEC will seek to address in 2018.

Those concerns were highlighted by two keynote speakers: Elizabeth Garner, state demographer in the Colorado Department of Local Affairs, and Rich Wobbekind, executive director of the Business Research Division at the University of Colorado Boulder’s Leeds School of Business.
Garner said that an aging population presents significant challenges for the Front Range, including Boulder. Baby Boomers are exiting the workforce, and the high cost of housing makes it more difficult to attract young, talented workers from out of state.

“It’s also a really hard age to live here and buy here and rent here,” she said.
Colorado now includes 5.6 million residents, growing at an annual rate of 1.4 percent, No. 9 nationwide.
“We can see that this growth has been concentrated along the I-25 corridor, along the Front Range,” she said. One challenge is that the birth rate has declined, with 70,000 births compared with 40,000 deaths, for a net increase of 30,000.

Garner said that age matters, as Colorado is potentially entering a “phase of natural decline, where you’re going to have more deaths than births.”

Even as Boulder County’s growth-rate flattens, population is expected to soar to the north, especially in Weld County, which Garner described as “the big elephant in the room.”

“They really will influence a lot of what’s going on in this region over the next 20, 30 years,” she said, noting that growth will also be high in neighboring Larimer and Adams counties.

Wobbekind provided a snapshot of the national, state and local economies, with the United States posting growth in gross domestic product of 3 percent in recent quarters, far higher than the 2.1 percent of the previous decade.

Colorado fares well in unemployment, at about 3 percent compared with the U.S. unemployment rate of 4.1 percent.

But he agreed with Garner that baby boomers exiting the workforce will present a challenge, especially amidst a labor shortage.

“Employment forecasts continue to show a decline in job growth year over year, generated by lack of available workforce in many industries,” he said. “Almost every industry sector reported shortages of labor, losing 55- to 60-year-old engineers, construction workers, ag workers.”

He said the recent federal tax cuts might not have much impact on consumer spending, as individuals use additional cash to pay down debt — something unlikely to stimulate economic growth.
But businesses likely will spend money on fixed investments, raises, bonuses and stock buybacks, all of which should stimulate economic growth.

Wobbekind said that housing appreciation will limit Colorado’s ability to attract workers from other parts of the country. Colorado recorded the second-highest housing appreciation in the United States over the past 10 years, he said.

And he warned that soaring federal budget deficits pose a significant challenge for the nation.
“To me, this is one of the biggest threats,” he said. “This is something we really have to be focused on going forward as a country.”

He predicted further interest-rate hikes by the Federal Reserve in 2018, as well as higher inflation in the Denver-Boulder area.

And he said that many of the jobs being created in Colorado are in low-wage sectors, including retail and hospitality, although some fast-growing industries — including professional services, government and mining — pay higher wages.

Wobbekind lamented the loss of corporate headquarters in Colorado, as companies mergers, acquisitions or bankruptcies eliminate local administrative salaries.
For Boulder, Wobbekind said that the city — described by some as “25 square miles surrounded by reality” — now “is surrounded by competition,” with Longmont, Broomfield, and neighboring counties attracting jobs and residents.

Source:

Source: BizWest Morning Edition by By Christopher Wood — January 18, 2018

Dallas-based investment firm buys Eos Building for $46.5M

Posted on: Jan 11 18

by: admin

BROOMFIELD — Dallas-based Invesco Real Estate has purchased the Eos at Interlocken building in Broomfield for $46.5 million from EOS Development I LLC, according to public records. This marks another commercial property sale in Broomfield.

The 186,231-square-foot, four-story Class A office building at 105 Edgeview Drive is at the southeast entrance to the Interlocken Advanced Technology Park. It was constructed on speculation in 2011 by Hines, a global real estate developer headquartered in Houston. Invesco Real Estate is a global investment management firm.

The building, designed by Forum Architects of St. Louis, is LEED Platinum-certified by the U.S. Green Building Council. The building has 10-foot floor-to-ceiling windows, and mechanical systems that reduce energy consumption. Half of the roof is covered with an array of solar panels that produce approximately 8 percent to 10 percent of the building’s electrical power needs. The parking lot has 18 vehicle-charging stations.

NKF Capital Markets handled the sale on behalf of Hines Holdings Inc. Kevin Shannon, president, West Coast Capital Markets; Ken White and David Hart, executive managing directors; and Laura Stumm, managing director of NKF Capital Markets, represented Hines in the deal that closed Dec. 28. Leading up to the sale, Hart leased the building to 100 percent occupancy on behalf of Hines Holdings Inc.

Tenants include GoGo Business Aviation LLC, which occupies 65 percent of the building, Blue Horse Solutions Inc., Blue Spruce Capital Corp., Access Broomfield Chamber and North Shore Energy LLC.

 

The Eos Building- Interlocken

Broomfield Commercial Real Estate provides commercial real state sales & Leasing to established businesses, to start ups, to property owners and to investors in the greater Broomfield Colorado area

Contacts

Broomfield Commercial Real Estate Brokerage: Summit Commercial Brokers, 325 Interlocken Parkway Building A #105, Broomfield CO 80021

Broomfield Commercial Real Estate
325 Interlocken Parkway Building A #105,
Broomfield CO 80021
Phone: 720-600-9084
timconarro@gmail.com Copyright 2014