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Broomfield Economic Development 2015 Mid Year Economic Uddate

Posted on: Dec 1 15

by: admin

 

OFFICE MARKET The Broomfield office market had nearly 6.4 million square feet of space during the second quarter of 2015. The office market recorded declining vacancy rates, as shown in Table 3.5, and generally increasing average lease rates across all three office types during the second quarter of 2015 compared with the prior year. The vacancy rate for Class A office space fell 6.9 percentage points between the second quarters of 2014 and 2015 to 9.2 percent vacancy. The average lease rate of Class A space was $29.98 per square foot, an increase of 0.7 percent over-the-year. Class B office space recorded a 2.8 percentage point decline in vacancy and a 3.4 percent increase in the average lease rate during the period. The vacancy rate for Class C space fell 3.8 percentage points over-the-year, but the average lease rate fell 1 percent during the same period.

INDUSTRIAL MARKET The Broomfield industrial market consisted of over 3.4 million square feet of space during the second quarter of 2015. The industrial market recorded a vacancy rate of 4.3 percent during the second quarter of 2015, as shown in Table 3.6 on the next page, a 1.1 percentage point decline compared with the second quarter 2014. The average lease rate for the industrial market was $5.56 per square foot, an increase of 3.2 percent over-the-year. The Broomfield average lease rate was $1.07 lower than the Metro Denver average lease rate during the period.

RETAIL MARKET The retail market in Broomfield had over 4.7 million square feet of space during the second quarter of 2015, representing less than 3 percent of space in Metro Denver. The retail market vacancy rate was 11.6 percent during the second quarter of 2015, as shown in Table 3.7, a 1.7 percentage point decline in vacancy compared with the previous year’s level. The Broomfield vacancy rate was 6.6 percentage points higher than the Metro Denver vacancy rate during the period. The average lease rate for the retail market in Broomfield fell 25.4 percent over-the-year to $12.18 per square foot.

BUSINESS The City and County of Broomfield had over 2,430 businesses during the fourth quarter of 2014, as shown in Table 1.1, an increase of 5.5 percent from the previous year. The area welcomed an additional 126 businesses between the fourth quarters of 2013 and 2014. Nearly one-third of businesses in the City and County of Broomfield are in the professional and business services supersector, as illustrated in Table 1.2, which reported an 8 percent increase in total businesses over-the-year. The financial activities supersector reported significant growth during the period, rising 10.3 percent or 24 additional businesses. The retail trade and the information sectors reported the only over-the-year declines in businesses, falling 4.8 percent and 3.8 percent, respectively

EMPLOYMENT Employment in Broomfield increased 1.8 percent between the fourth quartersof2013and2014,representing an additional 631 jobs, as shown in Figure 1.4. The transportation, warehousing, and utilities supersector reported the largest over-the-year increase in employment, rising 117.2 percent or 109 additional jobs. The professional and business services supersector, the largest supersector by employment, generated the most positions during the period, with 295 new employees. The retail trade and leisure and hospitality supersectors reported the only over-the-year declines in employment, falling 3.1 percent and 0.1 percent, respectively.

LABOR FORCE AND UNEMPLOYMENT The City and County of Broomfield had a labor force of 33,790 people during the second quarter of 2015, as shown in Figure 1.5, representing 2.1 percent of the total Metro Denver labor force. The labor force in Broomfield increased 0.6 percent between the second quarters of 2014 and 2015. This represented an additional 200 people working or looking for a job. The unemployment rate in Broomfield fell 0.4 percentage points over-the-year to 3.9 percentin the second quarter of 2015, as shown in Figure 1.6. Broomfield recorded the third lowest unemployment rate of the seven Metro Denver counties during the period.

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
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