Developments in downtown Denver reaches $2.5 billion in 2016
As Denver’s economy continues to thrive, more than $2.5 billion in developments are either planned or under construction in the downtown Denver area, according the latest report from the Downtown Denver Partnership. Currently, there are 18 projects under construction, while another 14 projects are in the planning stage. The $2.5 billion worth of developments includes 1,230 additional hotel rooms, 4,592 new residential units and 2.7 million square feet of new office space. Over the past two years, 24 companies have relocated or expanded into downtown Denver, while the number of people living in the downtown area has also increased from 73,000 last November 2015 to 76,000 year-to- date. Because of this influx of companies and the increase of people living in the downtown area, active listings in January did set a record low of only 64 active condo and loft listings. However, total sales dollar volume YTD did drop to $80,758,661, which was a -8.87% decrease compared to same time period from January through June 1st 2015 of $88,622,909. Average days on the market year-to-date was 42 days, which was a -16% decrease compared to same time period from January through June 1st 2015 of 50 days. The average sale price also increased from $538,290 to $555,449 for same time period of January through June 1st 2015 and 2016 respectively. This represented a 3.00% increase over the same time period.