Commercial Medical Office Spaces Booming in Denver

Denver boasts the country's hottest real estate market with economic stability and a growing population. Some big-name companies have been moving into the area. Ten of which are fortune 500 headquarters, including one of the nation’s largest medical groups.

The largest Real Estate purchases are medical office buildings. Some of the most prevalent high-growth medical sectors are Orthopedics, Pain Management, and Primary Care. Metro Denver now has the world’s only complete research, education and patient care complex. Making it not only appealing to medical professionals but also a plethora of patients seeking optimal, state-of-the-art care. Healthy living requires state-of-the-art health care systems to provide the best medical services to the population in demand. Medical companies and physician groups are taking notice of the demand and moving their practices and offices to the area.

Construction costs are rising in Denver, but it doesn’t seem to be affecting the medical office space demand. Tenants are choosing longer lease options to minimize out-of-pocket costs. Most of the new leases have term lengths between five and 10 years, keeping the market steady in this area for years to come.


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Denver’s Apartment Mania is Ending

 

Denver economists expect the surge in apartment construction to slow down over the next year as demand and financing wane. Renters have already begun to respond to rising prices and banks are beginning to look for new investment projects. Many millennials are giving up their downtown rentals in favor of housing on the outskirts of the city, where they can afford larger homes and more land.

In spite of these changes in the housing market, almost 25% of units under construction this summer were downtown in high-end neighborhoods. Most individuals in the industry agree that this has oversaturated the high-end apartment market in Denver. In other words, the city has an influx of expensive buildings in expensive neighborhoods do not suit the majority of people moving to the city. 

As demand continues to drop many builders are moving their efforts to Denver city borders where land is cheaper and less financing is required.


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Denver Homes Values have Recuperated from the 2008 Recession

According to a recent Trulia analysis, almost 99 percent of homes in metro Denver have, at a minimum, regained prerecession prices, many houses have surpassed their pre-recession costs. The same analysis shows only a third of homes nationwide earning their prerecession prices.

Most counties in Denver have regained their values, only the Western Slope counties are still valued lower than their pre-2008 prices. Metro Denver has seen a 50.5 percent increase from their former $237,071, the highest gain in the Trulia analysis.

Unfortunately, metro Denver incomes have only gone up 20 percent since the recession so many buyers are searching for homes outside the metro area. This search has created housing booms in areas such as Colorado Springs where home values are up 93.4 percent from their prior peak.

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Colorado Real Estate

Good news real estate agents!

Colorado has more cities in the top 20 for hottest housing markets than any other state in the aside from California.  This is a great time to be a Colorado real estate agent, make sure you are up to date on your continuing education to ensure your license does not expire.

What do I need to renew my Colorado real estate license?

Licenses are renewed every 3 years through the state of Colorado DORA site. License holders must accumulate 24 hours of continuing education to renew.  12 of the 24 continuing education hours must be comprised of 3 different versions of the 4-hour annual Commission Update Course.

Where can I find courses to renew my Colorado real estate license?

Real Estate training institute several course packages and individual courses to meet your continuing education needs.  All courses are completed online with the support of a full staff available to answer questions and tech support if needed.

Who submits my Colorado real estate license continuing education?

Colorado requires license holders to submit their own continuing education to the state.  Real Estate Training Institute provides a link for students to print their certificates at home.

If you have any questions about renewing your Colorado real estate license please visit our website, call 800-727-7104, or email [email protected]

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