Nate Orr and Other Experts Predict Denver Commercial Real Estate Market Will Grow in 2013

Nate Orr, who has over 24 years of experience in the Colorado construction industry and has seen business cycles from all perspectives — as a laborer, carpenter, superintendent, estimator, project manager and an executive — joins a growing chorus of industry experts who are predicting further growth in the Denver-area commercial real estate market. "Although Washington is creating some unnecessary economic uncertainty by failing to resolve the fiscal cliff before year-end, the Denver-area commercial real estate market is poised for growth in 2013," says Orr.

Nate Orr currently works for one of the top general contractors in Denver, specializing in healthcare and commercial construction, and he is a previous winner of the American Subcontractors Association of Colorado - Project Manager of the Year Award and an active member of the Associated General Contractors of America (AGC) - Colorado Chapter and the Subcontractor Relations Committee.

According to CoStar, a leading provider of commercial real estate information services, the Denver office real estate market ended the third quarter 2012 with a vacancy rate of 12.5%. The vacancy rate was up over the previous quarter, with net absorption totaling positive 26,871 square feet in the third quarter. Vacant sublease space decreased in the quarter, ending the quarter at 573,732 square feet. Rental rates ended the third quarter at $20.37, an increase over the previous quarter. A total of three buildings delivered to the market in the quarter totaling 477,131 square feet, with 971,780 square feet still under construction at the end of the quarter.

The CoStar report also stated The Denver industrial real estate market ended the third quarter 2012 with a vacancy rate of 7.8%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 1,088,078 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 406,391 square feet. Rental rates ended the third quarter at $5.96, an increase over the previous quarter. A total of four buildings delivered to the market in the quarter totaling 329,597 square feet, with 1,324,029 square feet still under construction at the end of the quarter.

"The Denver metropolitan area commercial real estate market, slowly recovering from its recession lows, is showing improving fundamentals, capital availability, asset pricing and transactions and builders are optimistic that the favorable environment will continue through the new year," says Nate Orr.