Your Hub reported earlier this year on the booming commercial and real estate market happening here in Wheat Ridge and boy are they right. Wheat Ridge is growing by leaps and bounds and the article below is only the tip of the iceberg!
Wheat Ridge sees booming commercial and retail real estate market
About a decade ago, Wheat Ridge city leaders took a hard look at why the city had become economically stagnant and decided to make changes.
The city passed a neighborhood revitalization plan, went from opposing to embracing new development and began planning for growth along high-use corridors.
Now a combination of long-term planning coupled with abooming real estate market across the metro region has sent an influx of businesses into the Jefferson County city of 30,000 residents, sending office and retail vacancy rates plummeting and leasing rates increasing over the last year.
Retail vacancy rates have gone from 8.8 percent in the second quarter of 2013 to a current 4.8 percent. Likewise, office vacancy rates went from 10.9 percent in the third quarter of 2013 to the current 6.2 percent.
Wheat Ridge is also surpassing the west metro area — defined roughly as 90th Avenue to Hampden Boulevard and Sheridan Boulevard to Evergreen — in almost all commercial real estate metrics.
“Here’s one thing that I see happening — and that’s all the marijuana growers in Denver are absorbing anything that will grow marijuana and prices are probably 10 to 50 percent above a realistic market value,” said Esther Kettering, a senior vice president for Cassidy Turley. “So the people who are or were in those Denver manufacturing or industrial buildings are now looking about for alternative premises.”
One of the larger recent moves saw Gaming Laboratories International relocate its western regional office from Golden to Wheat Ridge into a 40,000-square-foot office at 4720 Teller St.
The move will keep 100 high-paying jobs in Jefferson County. Dave Daniels Sr., the general manager of the Colorado laboratory, said his company moved to Wheat Ridge after scouring the west metro area.
“Wheat Ridge was affordable, and the location was much better for our employees,” Daniels said.
Wheat Ridge city leaders say the city is slowly undergoing its own form of urbanization.
“I think another reason we’re seeing the growth is city staff and council have made it an easy process to get through, which wasn’t always the case,” said Steve Art, the city’s economic development manager.
After outgrowing its space at a warehouse off Interstate 70 and Pecos Street, Rocky Mountain Barrel Company began looking for a new space. The custom barrel and furniture manufacturing company began leasing a warehouse on the far west end of Wheat Ridge off of I-70 two months ago.
Noah Steingraeber, marketing and sales director for Rocky Mountain Barrel, agreed thatmarijuana operations made leasing in Denver out of the question.
“We needed a loading dock and a showroom and office space to operate out of, and we’re just trying to find something that had a big bang for the buck,” he said. “What we found in Wheat Ridge fit what we needed.”
Austin Briggs: 303-954-1729 or firstname.lastname@example.org
Read the article on the Denver Post Website: http://www.denverpost.com/arvada/ci_26816566/wheat-ridge-sees-booming-commercial-and-retail-real