2016 End of Year Economic Update - Broomfield...2016 End of Year Economic Report | 3 Economic...
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BROOMFIELDEconomic Development
Provided by: BroomfieldEconomicDevelopment OneDescombesDrive Broomfield,CO80020 303-464-5579 www.investbroomfield.com
Preparedby: DevelopmentResearchPartners,Inc. 10184WestBelleviewAve,Ste100 Littleton,Colorado80127 303-991-0070 www.developmentresearch.net
2016 End of YearEconomic Update
RELEASED: MARCH 2017
2 | 2016 End of Year Economic Report
Economic Dashboard
2,652Up3.8%from2Q2015
37,190Up3.5%from2Q2015
36,032Up3.8%from4Q2015
Down0.1percentagepointsfrom4Q20152.7%
Up7.8%from4Q2015112.5
Down3.5%from4Q2014$720.0MM
EMPLOYMENT
BUSINESSES
LABOR FORCE
RETAIL SALES
CONSUMER CONFIDENCE
UNEMPLOYMENT
Up1.2percentagepointsfrom4Q20158.9%
Down1.4percentagepointsfrom4Q20152.5%
Down1.4percentagepointsfrom4Q201511.5%
OFFICE VACANCY
RETAIL VACANCY
INDUSTRIAL VACANCY
RESIDENTIAL BUILDING PERMITS
Down69.3%from4Q2015116 Units
2016 End of Year Economic Report | 3
EconomicindicatorsfortheCityandCountyofBroomfieldshowtheeconomyrecordedstrongtrendsin2016.Broomfieldrecorded6percentemploymentgrowthduringthefirstquarterof2016over-the-year,thehighestratesincethethirdquarterof2013,followedby3.5percentgrowthinthesecondquarterof2016.TheaverageweeklywageforBroomfieldworkersincreasedby2.6percentbetweenthesecondquarterof2015and2016,representinganadditional$1,929ofwagesperyearfortheaverageworker.TheunemploymentrateinBroomfieldaveraged3.0percentin2016,recordingadecreaseof0.4percentagepointsfrom2015.Broomfield’slaborforceincreasedby2.8percent,adding971peopleemployedorlookingforwork.
Consumeractivitywasmixed,withconsumerconfidenceintheMountainRegiondeclining5.5percentin2016.SalestaxcollectionsinBroomfieldrevealedthatretailactivityincreased6.7percentin2016asthecitycollected$3.4millionmorein2016thanin2015.
Homesalesactivity inBroomfieldreportedashift inhousingdemandbetween2015and2016.Salesofsingle-familydetachedhomesfell4.5percentandsingle-familyattachedhomesalesdecreased11.4percentover-the-year,reflectinglimited inventory inbothproduct types.Theaverage salesprice forbothmarkets improved, adding $30,150 to theaveragesalespriceofsingle-familydetachedhomesand$29,020totheaveragesalespriceforsingle-familyattachedhomes.Theapartmentvacancyratefell0.8percentagepointsbetweenthefourthquartersof2015and2016to5.4percentandtheaveragerentalratefell6.4percentover-the-yearto$1,431permonth.
Thecommercialrealestatemarketreportedmixedtrendsbetweenthefourthquartersof2015and2016.Totalexistingsquare footage for all categories increased 2.5 percent, and vacancy rates for Class C office, industrial, and retaildeclined.Theaverageleaseratefortheindustrialandretailmarketsroseby16percentand43.7percent,respectively,whiletheaverageleaserateforthethreeofficespacetypesreportedmixedtrends.
ECONOMIC HEADLINES
• EnhanceBroomfield,aprogramdevelopedin2015toprovidefundingassistancetobusinessandcommercialbuildingowners,iscontinuingin2017.Approximately$165,000hasbeenallocatedtotheprogramthisyear,allowingapplicantstoreceive$25,000toimproveexistingcommercial/industrialbuildingsorcenters.SinceJune2015,14projectshavebeenfundedtotaling$236,000inawards,leveragingmorethan$463,000ofprivatesectorfunding.
• ForbesrankedDenverthebestplaceforbusinessandcareersforthesecondyearinarow.Thecompanyrankedthe200largestmetropolitanstatisticalareas(MSAs)basedon14criteriaincludingjobgrowth,costs,incomegrowth,qualityoflife,andeducationofthelaborforce.ThecompanystatedthatDenver’srelativelycentrallocationmakesitanaturallocationasadistributionhubfortheAmericanWest,whilealsosupportinganumberofgrowingindustriesin technologyandcommunications.Thecompanyalso stated that thecity’snationally recognizedmuseums, thesecondlargestperformingartscomplexinthenation,andbustlingneighborhoodsarestrongattributesofthecity.
• Forbesreleasedthe11thannual“BestStatesforBusiness”listmeasuringstateswiththebestbusinessclimatesthatarepoisedtosucceedgoingforward.ColoradoclaimedthefifthplacerankingwhileUtahheldthetopspot.Forbesutilized40metrics from17 sourcesacross sixbroadcategories includingbusinesscosts, labor supply, regulatoryenvironment,economicclimate,growthprospects,andqualityoflife.
• TheMilkenInstitute’s2016Best-PerformingCitiesIndexnamedtwoColoradometropolitanareasamongthetop-25.TheFortCollinsMSArankedeighth,upsixspotsfromlastyear,andtheDenver-Aurora-LakewoodMSAranked13th,upthreespotsfromlastyear.Theindexranked381U.S.metroareasbasedonnineseparatecomponentsincludingjobgrowthandearnings.TheFortCollinsMSAranked16thforjobgrowthfrom2014to2015andfifthforwagegrowthfrom2013to2014.TheDenver-Aurora-LakewoodMSAranked10thforwagegrowthfrom2013to2014,and16thinbothjobgrowthandthenumberofhigh-techindustries.
• TheMilkenInstitutereleasedtheirannual“StateTechnologyandScienceIndex”andreportedthatColoradowasthesecond-besttechstate.Thesurveyisconductedeverytwoyearstotrackandevaluateeverystate’stechandsciencecapabilitiesandtheirsuccessatconvertingtheseassetsintocompaniesandhigh-payingjobs.Coloradorosefromfourthplaceintheprevioussurvey,withajumpfromsixthtofirstinhumancapitalinvestment.Thecompanystatedthatwith14publicand17privateuniversities,Coloradoistrainingahigh-skillworkforceattractivetotechcompanies.
2016 End of Year Overview
4 | 2016 End of Year Economic Report
• ThreeColoradocitieswere rankedamong thebestplaces to livebyMoneyMagazine.HighlandsRanch ranked thehighestatsixth,followedbyCentennial(#13)andBroomfield(#25).Themagazinerankedcitiesbasedon60criteriaincludingeconomicopportunity,taxes,affordablehousing,education,andcrime.HighlandsRanchwasrecognizedforitslowcrimeandtop-notchschools,Centennialwasrecognizedforitsstrongjobmarket,andBroomfieldwasnotedforitslocationintheMetroDenverregion.
• ApartmentList,aSanFrancisco-basedrentallistingcompany,analyzed510U.S.citiestorankthemforfamily-friendliness.Thecompanyusedfourmetricstorankthecities,whichweresafety,housingaffordability,educationquality,andchildfriendliness.Centennialreceivedthehighestratinginthestateforthesecondyearinarow,ranking49th,followedbyBroomfield(73),Thornton(110),Arvada(227),Boulder(289),Lakewood(346),Denver(351),Westminster(354),andAurora(355).
• AproposedAdams12bondpassedallocating$350milliontofutureschoolrenovationsandconstructionforthedistrict.AlargeportionofthebondwillgotowardstheconstructionofanewPreK-8schoolintheAnthemareaofBroomfieldtocombatcurrentdistrictovercrowding.Ifthebondhadnotpassed,therewouldhavebeennearly100jobslostinthedistrictduetofundingissues.Thenewschoolisprojectedtoopenin2018.
• Colorado’sskiareavisitationinNovemberandDecemberstartedoutslowcomparedto2015,butwas3percentabovethefive-yearaveragefortheearlyseason.AsconditionsimprovedlateintoDecember,manyskiresortssawrecordvisitation.Broomfield-basedVailResortsrecordeda13percentdeclineintheearlyseason,buttrafficpickedupduringtheholidays.Season-to-dateliftticketrevenueatVailResorts’skiareaswasup4.3percentthroughthefirstweekofJanuarycomparedwiththesameperiodlastseason.
EMPLOYMENT ACTIVITY
• PartnersGroupHoldingAG,aSwitzerland-basedcompany,isbuildingtheirNorthAmericanheadquartersinBroomfield.Theglobalprivatemarketsinvestmentmanagerthatinvestsinprivateequity,realestate,infrastructure,anddebtmarketsmadethedecisionbasedongrowingbusinessintheU.S.Thecompanywillbebuildingthreeseparatestructuresamountingto80,000squarefeet.TheBroomfieldcampuswillemployroughly200employeestostart,withaprojected800employeesafterfurtherexpansions.Thefacilitywillbecompletedby2018.
• Simpro Software, anAustralian-based company, plans to open anAmerican headquarters in Broomfield that couldemployupto100peoplewithintwotothreeyears.Thecompanymakesanoperationalsoftwaresuiteforcontractorssuchaselectriciansandplumbersthathelpthemmanageavarietyoftasks.Thecompanyraised$30.54milliontosetupitsoperations.
• SpotXchange Inc.,a techfirmthatprovidesanonlinevideoadvertisingplatform,willmove itsheadquarters fromWestminstertoBroomfieldinMay2017.Thecompanyleased38,730squarefeetofClassAofficespaceat8181AristaPlacetoaccommodateitsgrowingworkforceandproductofferings.
• JPMorganChaseisplanninga150,000-square-footoperationscenterinBroomfield,withconstructionanticipatedtobegininthesecondquarterof2017,andbecompletedbyJanuary2019.Theoperationcenterwilladdanestimated30newfull-timejobsandthecompanyannouncedtheywillinvest$200millioninpersonalpropertyinvestment.
• Code42openedanewofficeinBroomfieldtohirethebesttalentandcontinuethecompany’squesttodeliverongoinginnovationtoitsclients.TheendpointdatasecurityandrecoverycompanyplanstoutilizeMetroDenver’sreputationasatechnologyhubandcenterforahighlyskilledworkforce.
• Broomfield-basedRenewableEnergySystemsAmericasiscollaboratingwithSouthernPowertodevelop10windpowerprojectsacrosstheU.S.The10projectswillproduceanestimate3,000megawattsofenergyandshouldbeinoperationbetween2018and2020.SouthernPowerhassignedagreementswithbothSiemensandVestastoprovidethewind-turbineequipmentforthe10projects.
• BroadcomLtd.agreedtobuyBrocadeCommunicationsthatemploysabout600peopleinBroomfield.Brocadeemploysabout 5,950people globally.The$5.9billiondeal is expected to close inmid-2017.Broadcom is the third-largestsemiconductormanufacturerinthenationbyrevenue.
2016 End of Year Overview
• Broomfield-basedForgeNano,acompany thatmakesnano-coating technology for lithium-ionbatterycomponents,announceditwillrelocatefromBroomfieldtoanew12,000-square-footfacilityinLouisvillefollowing$20millionofSeriesAfundingaimedtohelpthecompanyrampupproduction.Themoveandfinancingwillincreaseproductionfrom30tonsperyearto300tonsperyear.ForgeNanowillalsostartona3,000-tonperyearheavycommercialplantin2017
• Swedish-basedIKEAhasclosedona123-acreparceloflandonthenorthwestcornerofStateHighway7andInterstate25.Thecompanyplansonbuildingitssecondregionalstore,althoughnosetdatehasbeenannouncedonwhenthestorewillopen.AccordingtoIKEA,thecompanyreported771millionstorevisitsin2015,meaningonaverageeachstorehadroughly2.3millionvisits.
• ThresholdSchool,anewproject-basedprivateschool,isexpectedtoopeninAugustdependingonstudentrecruitment.Theschoolplanstoenrollstudentsfromthirdtoeighthgrade,cappingenrollmentat35studentsforthefirstyear.Insteadofteachers,onetothreefacilitatorswillbehiredfortheupcomingschoolyear,withhopesofbuildingaschoolaroundtheproblemsthatstudentsthinkareinteresting,andhowtosolvethem.
NEW & EXPANDING COMPANIES
2016 End of Year Overview
6 | 2016 End of Year Economic Report
Business, Employment, and WagesBUSINESS
Businesscounts inBroomfield increasedby3.8percentbetween the secondquartersof2015and2016,as shown inTable1.1,adding98businessesfor2,652totalbusinesses.Tenofthe13sectorsrecordedincreasesinbusinessduringtheperiod.Theminingandlogging(-33.3percent),retailtrade(-0.8percent),andthetransportation,warehousing,andutilitiessectors(-6.1percent)allreportedlossofbusinessesbetweenthesecondquartersof2015and2016.Theinformationsectorrecordedthelargestpercentageincreaseover-the-year,rising20.4percentto65totalbusinesses,whiletheprofessionalandbusinessservicessectorrecordedthesmallestincreaseof2.2percent.Thewholesalesectorrecordednochangeduringtheperiod,stayingsteadyat222businesses.
Broomfieldaveraged2,663businesses inthefirsthalfof2016,a5percent increasefromthefirsthalfof2015,withanadditional126businesses.Theminingandloggingsectorrecordedtheonlylossofbusinessesbetweenthefirsthalfof2015andthefirsthalfof2016, losingfourbusinesses.Ofthe12sectorsthat recordedgrowthduringtheperiod,professionalandbusinessservicesrecordedthelargestabsoluteincrease,creating32newbusinessesduringtheperiod.Theinformationsectorrecordedthelargestpercentageincreasebetweenthefirsthalfof2015andthefirsthalfof2016,increasing16.8percentto63totalbusinesses.Businesscountsinthetransportation,warehousing,andutilities,retailtrade,andgovernmentsectorswereessentiallyunchanged.
Table 1.1 - Businesses by Supersector for the City and County of Broomfield
2Q 2015 2Q 2016 YR/YR % CHANGE
FIRST HALF 2015
FIRST HALF 2016
YR/YR % CHANGE
Total All Industries 2,554 2,652 3.8% 2,537 2,663 5.0%
Private SectorMining & Logging 12 8 -33.3% 12 9 -26.1%
Construction 158 166 5.1% 155 165 6.5%
Manufacturing 109 120 10.1% 109 119 9.7%
Wholesale Trade 222 222 0.0% 223 227 2.0%
Retail Trade 264 262 -0.8% 264 266 0.6%
Transportation and Warehousing 33 31 -6.1% 32 32 -1.6%
Information 54 65 20.4% 54 63 16.8%
Financial Activities 264 282 6.8% 263 284 8.0%
Professional & Business Services 834 852 2.2% 827 858 3.8%
Education & Health Services 224 235 4.9% 224 235 4.9%
Leisure & Hospitality 186 198 6.5% 187 197 5.4%
Other Services 176 188 6.8% 173 187 8.1%
Government 18 19 5.6% 18 19 5.6%Note: Industry data may not add to all-industry total due to rounding, suppressed data, and employment that cannot be assigned to an industry.Source: Colorado Department of Labor and Employment, Labor Marketing Information. Quarterly Census of Employment and Wages (QCEW)
AVERAGE WEEKLY WAGES
Broomfieldworkersacrossallindustriesearnedanaverageweeklywageof$1,491inthesecondquarterof2016,asshowninFigure1.2onthenextpage,a2.6percentincreasecomparedwiththesecondquarterof2015averagewageof$1,454perweek.Thisincreaserepresentedanadditional$37aweek,adding$1,930ofwagesperyearfortheaverageworker.Thethreehighestwageearnersbysectorwereminingandlogging($2,683),information($2,382),andprofessionalandbusinessservices($2,192),withminingandloggingpostingthelargestwagegrowthofthethreesectorsbetweenthesecondquarterof2015andthesecondquarterof2016of14.9percent.Thefinancialactivities sector recordedthelargestgrowthduringtheperiod,rising34.4percenttoanaverageweeklywageof$1,945,upfrom$1,447.Sevensectors
2016 End of Year Economic Report | 7
AVERAGE WEEKLY WAGES (CONTINUED)
recorded declines in the averageweeklywageduringtheperiod,rangingfrom transportation, warehousing,andutilities(-21.8percent)toleisureandhospitality(-0.1percent).
Workers across all industries inBroomfieldrecordedaslightdecreaseinwagesfromthefirsthalfof2015tothefirsthalfof2016of0.1percent,as shown in Table 1.3. Informationemployees ($2,771) recorded thehighestwageinthefirsthalfof2016,but this was 7.6 percent below theaverageinthefirsthalfof2015.Fiveothersectorsrecordedadeclineovertheperiod,withthedeclinesrangingfrom transportation, warehousing,andutilities(10.7percent)toleisureand hospitality (-0.5 percent). Thefinancial activities sector recordedthelargestgrowth(17percent)ofanysectorover-the-year,increasingweeklywagesby$261perweekor$13,550ayear.
Table 1.3 - Average Weekly Wage by Supersector for the City and County of Broomfield
2Q 2015 2Q 2016 YR/YR % CHANGE
FIRST HALF 2015
FIRST HALF 2016
YR/YR % CHANGE
Total All Industries $1,454 $1,491 2.6% $1,618 $1,616 -0.1%
Private SectorMining & Logging $2,335 $2,683 14.9% $2,488 $2,508 0.8%
Construction $1,305 $1,264 -3.1% $1,413 $1,329 -5.9%
Manufacturing $1,784 $1,747 -2.1% $2,140 $2,078 -2.9%
Wholesale Trade $1,729 $1,708 -1.2% $1,813 $1,850 2.0%
Retail Trade $504 $517 2.6% $496 $519 4.4%
Transportation and Warehousing $1,055 $825 -21.8% $1,071 $956 -10.7%
Information $2,466 $2,382 -3.4% $3,000 $2,771 -7.6%
Financial Activities $1,447 $1,945 34.4% $1,532 $1,793 17.0%
Professional & Business Services $2,060 $2,192 6.4% $2,258 $2,311 2.4%
Education & Health Services $692 $706 2.1% $670 $683 2.0%
Leisure & Hospitality $377 $376 -0.1% $376 $375 -0.5%
Other Services $702 $742 5.7% $665 $738 11.0%
Government $867 $760 -12.4% $869 $844 -2.9%
Note: Industry data may not add to all-industry total due to rounding, suppressed data, and employment that cannot be assigned to an industry.Source: Colorado Department of Labor and Employment, Labor Marketing Information. Quarterly Census of Employment and Wages (QCEW)
Business, Employment, and Wages
$1,288$1,415
$1,790
$1,454 $1,437 $1,483
$1,744
$1,491
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Average Weekly Wage(All Industries)
Figure 1.2
Source: Colorado Department of Labor and Employment, Labor Market Information. Quarterly Census of Employment and Wages (QCEW).
8 | 2016 End of Year Economic Report
EMPLOYMENTEmploymentinBroomfieldincreased3.5percentbetweenthesecondquarterof2015andthesecondquarterof2016,asshowninTable1.4,representing1,261additionaljobs.Theconstructionsectorrecordedthelargestover-the-yearpercentageincreaseinemployment,rising15.4percentandadding203jobs,whiletheretailtradesector(+0.7percent)recordedthesmallestincrease.Theleisureandhospitalitysectorrecordedthelargestabsolutechangeinemploymentovertheperiod,adding253jobsbetweenthesecondquartersof2015and2016.Twooutofthe13sectorsrecordeddeclinesinemploymentovertheperiod,withminingandlogging(-9.4percent)losingsixjobsandfinancialactivities(-2.8 percent) losing 60 positions over-the-year. Figure 1.5 shows quarterly employment in Broomfield from secondquarter2015tosecondquarter2016.
EmploymentinBroomfieldincreased4.7percentbetweenthefirsthalfof2015andthefirsthalfof2016,representing1,652additional jobs. Financial activities (+13.5percent),wholesale trade (+11.2percent), and construction (+10.9percent)all recordeddouble-digitgrowthover theperiod,adding531 jobscombinedover-the-year.The leisureandhospitalitysectorrecordedthelargestabsolutechangeinemployment,adding270jobsover-the-year,a7.8percentincrease.Onlyoneoutofthe13supersectorsrecordeddeclinesinemploymentbetweenthefirsthalfof2015andthefirsthalfof2016,withminingandlogginglosingoneemployee.Retailtraderecordedthesmallestover-the-yearpercentageincrease,rising0.2percent,followedbytheprofessionalandbusinessservicessector,rising2.3percent.
TheMetroDenverarearecordedsteadyemploymentgrowthbetweenthefirsthalfof2015andthefirsthalfof2016,rising2.8percenttoover1.56millionjobs.MetroDenvergeneratedanadditional42,417jobsover-the-year.Thelargestabsolute increases in employment were in the leisure and hospitality (+4.5 percent) and the education and healthservicessupersectors(+3.7percent),creating7,408jobsand7,291jobs,respectively.Theconstructionsectorrecordedthelargestpercentageincreaseinemploymentduringtheperiod,rising6.2percent.Thetransportation,warehousingandutilitiessectorrecordedthesmallestemploymentincreaseover-the-year,rising1.4percent,whiletheminingandloggingsector(-15.2percent)recordedtheonlydeclineinemploymentduringtheperiod.
Table 1.4 - Employment by Supersector
Note: Industry data may not add to all-industry total due to rounding, suppressed data, and employment that cannot be assigned to an industry.Source: Colorado Department of Labor and Employment, Labor Marketing Information. Quarterly Census of Employment and Wages (QECW)
Business, Employment, and Wages
CITY AND COUNTY OF BROOMFIELD METRO DENVER
2Q 2015 2Q 2016 YR/YR % CHANGE
FIRST HALF 2015
FIRST HALF 2016
YR/YR % CHANGE
FIRST HALF 2015
FIRST HALF 2016
YR/YR % CHANGE
Total All Industries 35,929 37,190 3.5% 34,995 36,647 4.7% 1,518,008 1,560,424 2.8%
Private SectorMining & Logging 64 58 -9.4% 67 66 -0.8% 14,897 12,635 -15.2
Construction 1,320 1,523 15.4% 1,322 1,466 10.9% 84,384 89,612 6.2%
Manufacturing 4,942 5,106 3.3% 4,908 5,077 3.4% 84,583 85,828 1.5%
Wholesale Trade 1,294 1,445 11.7% 1,292 1,437 11.2% 74,763 76,456 2.3%
Retail Trade 4,539 4,572 0.7% 4,534 4,543 0.2% 148,927 152,223 2.2%
Transportation and Warehousing
239 260 8.8% 229 239 4.6% 51,292 52,031 1.4%
Information 3,923 4,022 2.5% 3,717 3,982 7.1% 53,176 54,273 2.1%
Financial Activities 2,130 2,070 -2.8% 1,802 2,045 13.5% 104,023 107,796 3.6%
Professional & Business Services
9,351 9,516 1.8% 9,183 9,397 2.3% 280,733 286,867 2.2%
Education & Health Ser-vices
2,348 2,438 3.8% 2,379 2,437 2.5% 194,916 202,206 3.7%
Leisure & Hospitality 3,580 3,833 7.1% 3,445 3,714 7.8% 165,349 172,757 4.5%
Other Services 703 728 3.6% 680 708 4.1% 46,264 48,005 3.8%
Government 1,496 1,616 8.0% 1,441 1,534 6.5% 214,552 219,414 2.3%
2016 End of Year Economic Report | 9
Business, Employment, and WagesEMPLOYMENT (CONTINUED)
LABOR FORCE AND UNEMPLOYMENT
Broomfieldhadalaborforceof36,032peopleinthefourthquarterof2016,asshowninFigure1.6,a3.8percentincreasecomparedwiththepreviousyear’s level of 34,697. Broomfield’slabor force represented 2.1 percentof Metro Denver labor force duringtheperiod.Therewereanadditional1,335peopleemployedorlookingforajobbetweenthefourthquartersof2015 and 2016. The unemploymentrate of 2.7 percent in the fourthquarter of 2016was 0.1 percentagepointslowerthanthepreviousyear’sleveland1.8percentagepointslowerthan the national average. Thiswasthe lowest recorded unemploymentrate for Broomfield since 4Q 2000whentheratewas2.2percent.OfthesevenMetroDenvercounties,theCityand County of Broomfield recordedthefourthlowestunemploymentratealongwithArapahoeCounty.
ThelaborforceinBroomfieldincreased2.8percentin2016comparedwith2015,asshowninTable1.7onthenextpage,representinganadditional971peopleemployedorlookingforwork.ThelaborforceinBroomfieldmaintaineda2.1
36,032
2.7%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
30,000
31,000
32,000
33,000
34,000
35,000
36,000
37,000
Une
mpl
oym
ent
Rate
Labo
r Fo
rce
Quarter
Broomfield Labor Force & Unemployment Rate
Labor Force Unemployment Rate
Figure 1.6
Source: Colorado Department of Labor and Employment, Labor Market Information; U.S. Bureau of Labor Statistics.
34,927 34,936
34,061
35,92936,362 36,564
36,103
37,190
32,00032,50033,00033,50034,00034,50035,00035,50036,00036,50037,00037,500
3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16
Broomfield Employment(All Industries)
Source: Colorado Department of Labor and Employment, Labor Market Information. Quarterly Census of Employment and Wages (QCEW).
Figure 1.5
10 | 2016 End of Year Economic Report
LABOR FORCE AND UNEMPLOYMENT (CONTINUED)
percentrepresentationofMetroDenver’stotalworkforce.Theunemploymentrateduring2016averaged3percent,adeclineof0.4percentagepointsfromthe2015average.TheBroomfieldunemploymentratewas0.1percentagepointsbelowtheMetroDenverleveland1.9percentagepointslowerthantheU.S.averagein2016.
ThelaborforceinMetroDenverincreasedby58,150peopleinthefourthquarterof2016,a3.5percentincreasefromtheyearprior.Thenearly1.71millionpeopleemployedorlookingforworkintheMetroDenverarearepresentedabout59%ofColorado’stotallaborforceinthesameperiod.MetroDenver’sunemploymentratedecreasedby0.3percentagepointsbetweenthe fourthquartersof2015and2016 to2.7percent,1.8percentagepoints lower than thenationalaverage,and0.2pointslowerthanColorado.
TheColorado labor force increased2.8percentbetweenthe fourthquarterof2015and2016 tonearly2.91millionworkers.TheunemploymentrateinColoradodeclined0.4percentagepoint’sover-the-yearto2.9percent.Thenationallaborforceincreased1.3percentinthefourthquarterof2016toover159millionworkers.TheunemploymentrateintheU.S.declined0.3percentagepointsbetweenthefourthquartersof2015and2016to4.5percent,thelowestsecondquarterratesincethesecondquarterof2007whentheratewas4.4percent.
Table 1.7 - Labor Force and Unemployment by Area
Source: Colorado Department of Labor and Employment, Labor Marketing Information; U.S. Bureau of Labor Statistics
Business, Employment, and Wages
2.7%2.7%2.9%
4.5%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16
Une
mpl
oym
ent
Rate
Quarter
Unemployment RateBroomfield Metro Denver Colorado U.S.
Source: Colorado Department of Labor and Employment, Labor Market Information; U.S. Bureau of Labor Statistics.
Figure 1.8
LABOR FORCE UNEMPLOYMENT RATE
4Q 2015 4Q 2016 YR/YR % CHANGE
ANNUAL 2015
ANNUAL 2016
YR/YR % CHANGE
4Q 2015 4Q 2016 ANNUAL 2015
ANNUAL 2016
Broomfield 34,697 36,032 3.8% 34,673 35,643 2.8% 2.8% 2.7% 3.4% 3.0%
Metro Denver 1,649,826 1,707,976 3.5% 1,649,882 1,691,360 2.5% 3.0% 2.7% 3.6% 3.1%
Colorado 2,829,329 2,909,255 2.8% 2,828,529 2,892,831 2.3% 3.3% 2.9% 3.9% 3.3%
U.S. (000’s) 157,299 159,401 1.3% 157,130 159,187 1.3% 4.8% 4.5% 5.3% 4.9%
2016 End of Year Economic Report | 11
CONSUMER CONFIDENCE
The Conference Board’s National ConsumerConfidence Index showed increasingconfidence between the fourth quarters of2015 and 2016, as shown in Figure 2.1.TheU.S. index rose 12.3 percent over-the-yearto 107.8 and was up 7.1 percent from thepreviousquarter.Theindexaveraged99.8in2016, a 1.9 percent increase over the 2015average.
The Mountain Region index, which includesColorado,alsoreportedincreasesinconsumerconfidence between the fourth quarters of2015 and 2016. The mountain region indexwas112.5inthefourthquarterof2016,up7.8percentfromtheprioryear’s levelof104.3.The fourth quarter level was 8.7 percentabovethepreviousquarter’s level.However,the index fell 5.5 percent to an average of103.4in2016comparedwith109.4in2015.
RETAIL SALES
TotalretailsalesforBroomfieldreached$720millioninthefourthquarterof2015,asshowninTable2.2,adecreaseof3.5percentfromthepreviousyear’slevelof$745.8million.Thisdecreaserepresented$25.8millionlessinretailsales.Thefourthquarter2015declineinretailsalesmarkedthefirstover-the-yeardeclineinfourthquarterretailsalessincethefourthquarterof2011whensalesfell7.1percent.OfthesevenMetroDenvercounties,Broomfieldrecordedthethirdsmallestdeclineinretailsalesbetweenthefourthquartersof2014and2015.
Table 2.2 - Total Retail Sales in Metro Denver by County
METRO DENVER TOTAL RETAIL SALES ($000S)
4Q 2015 4Q 2014 YR/YR % CHANGE
ANNUAL 2014 ANNUAL 2015 YR/YR % CHANGE
Adams $6,010,676 $5,682,668 -5.5% $23,168,485 $21,438,261 -7.5%
Arapahoe 6,063,664 $5,777,055 -4.7% $21,192,360 $21,515,064 1.5%
Boulder 3,137,873 $3,036,560 -3.2% $10,370,313 $10,405,312 0.3%
Broomfield $745,793 $720,001 -3.5% $2,410,900 2,456,242 1.9%
Denver $8,003,170 $7,750,745 -3.2% $27,479,112 $28,190,833 2.6%
Douglas 2,343,368 2,661,773 13.6% $8,409,964 $9,825,587 16.8%
Jefferson $4,580,990 $4,592,678 0.3% $16,630,191 $17,097,575 2.8%
Metro Denver $30,885,534 $30,221,480 -2.2% $109,661,325 $110,928,874 1.2%Source: Colorado Department of Revenue
TotalretailsalesforBroomfieldreachednearly$2.5billionin2015,anincreaseof1.9percentfromthepreviousyear’slevelof$2.4billion.Thisincreaserepresentedanadditional$45millioninretailsales.In2015,BroomfieldrecordedthefourthlargestincreaseinretailsalesofthesevenMetroDenvercounties.RetailsalesintheCityandCountyofBroomfieldrepresentedabout2.2percentoftotalretailsalesinMetroDenverin2015.
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Source: The Conference Board.
Figure 2.1
12 | 2016 End of Year Economic Report
RETAIL SALES (CONTINUED)
RetailsalesinMetroDenverwere$30.2billioninthefourthquarterof2015,a2.2percentdeclineinsalescomparedwiththepreviousyear’slevelof$30.9million.Thisdecreaserepresented$664millionlessinretailsales.Thefourthquarterof2015declineinretailsalesmarkedthefirstover-the-yeardeclineinfourthquarterretailsalesforMetroDenversincethefourthquarterof2009whensalesfell5.2percent.DouglasandJeffersoncountiesrecordedtheonlyover-the-yearincreasesinretailsales,rising13.6percentand0.3percent,respectively.
MetroDenverretailsalesreachednearly$111billionin2015,anincreaseof1.2percentfromthepreviousyear’slevelof$109.7billion.Thisincreaserepresentedanadditional$1.3billioninretailsales.SixofthesevenMetroDenvercountiesrecorded increases in salesbetween2014and2015, ranging from0.3percent inBoulderCounty to 16.8percent inDouglasCounty.AdamsCountyrecordedtheonlyover-the-yeardecline,falling7.5percentto$21.4million.
SALES TAX COLLECTIONS
SalestaxcollectionsinBroomfieldwere8.6percenthigherduringthefourthquarterof2016thanthefourthquarterof2015.Thefourthquarterof2016collectionlevelwasalso18.6percenthigherthanthepreviousquarter’s level. Sales tax collections inBroomfield reached nearly $15.8 millionin the fourth quarter of 2016, as shownin Figure 2.3, representing an additional$1.3 million in sales tax compared withthepreviousyear,andthehighestreportedamount sincedatagoingback to thefirstquarterof2012.
Sales tax collections were nearly $54.7million in 2016, up 6.7 percent from theprevious year’s level of $51.3 million.Broomfield collected an additional $3.4million in sales tax between 2015 and2016. (Note: The two data points, TotalRetail Sales and SalesTaxCollections, donotnecessarilyreflectthesametaxbase,sotrendsmaydiffer.)
HOTEL AND LODGING
According to the RockyMountain LodgingReport,theHighway36corridorrecordedanaverageoccupancyrateof74.4percentin2016,asshowninFigure2.4.Thisratewas0.4percentagepointshigherthantheprior year’s occupancy rate. The averageroom rate for the Highway 36 corridormarket was $128.81 per night in 2016, a5.6 percent increase from the previousyear ($121.98 per night). The averageoccupancyrateinMetroDenverdecreasedto 75 percent in 2016, down from 75.9percentin2015,andtheaverageroomraterose5.1percentover-the-yearto$140.46.
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Source: Colorado Hotel and Lodging Association, Rocky Mountain Lodging Report.
Figure 2.4
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Figure 2.3
Source: The City and County of Broomfield, Finance Department
2016 End of Year Economic Report | 13
Real EstateEXISTING HOME SALES
ExistinghomesalesintheBroomfieldsingle-familydetachedmarketfellbetweenthefourthquartersof2015and2016,asshowninTable3.1,reflectingthelimitedinventoryofhomesavailableforpurchase.Broomfieldreporteda2.1percentdeclineinsingle-familydetachedhomesalesover-the-year,fallingfrom237salesinthefourthquarterof2015to232salesinthefourthquarterof2016.Theaveragesalespriceforasingle-familydetachedhomewas$412,162inthefourthquarterof2016,anincreaseof5.3percentcomparedwiththeprioryear.TheaveragesalespriceforBroomfieldwas$15,603belowtheMetroDenveraverageduringthefourthquarterof2016.Broomfieldrecorded1,024single-familydetachedhomesalesduring2016,adecreaseof4.5percentcomparedwith2015.Thisrepresented48fewerhomessoldover-the-year.Theaveragesalespriceforasingle-familydetachedhomewas$423,731in2016,anincreaseof7.7percentcomparedwiththepreviousyear.TheBroomfieldaveragesalespricewas$8,320belowtheMetroDenveraverage.
TheMetroDenversingle-familydetachedmarketrecordedsimilartrendsinhomesalesasBroomfieldbetweenthefourthquartersof2015and2016.MetroDenverrecorded10,934single-familydetachedhomesalesinthefourthquarterof2016,a3.8percentdecreaseinsalescomparedwiththefourthquarterof2015levelof10,535sales.Theaveragesalespriceforasingle-familydetachedhomewas$427,765inthefourthquarterof2016,anincreaseof8.2percentcomparedwiththefourthquarterof2015price.MetroDenverreported44,711salesinthesingle-familydetachedmarketin2016,adecreaseof0.5percentcomparedwiththeprioryear.Thisrepresented226fewerhomessoldbetween2015and2016.Theaveragesalespriceforasingle-familydetachedhomeinMetroDenverwas$432,051in2016,anincreaseof9percentcomparedwiththepreviousyear.
Table 3.1 - Existing Single-Family Detached Home Sales
4Q 2015 4Q 2016 % CHANGE ANNUAL 2015
ANNUAL 2016
% CHANGE
Home SalesBroomfield 237 232 -2.1% 1,072 1,024 -4.5%
Metro Denver 10,535 10,934 3.8% 44,937 44,711 -0.5%
Average Sold PriceBroomfield $391,399 $412,162 5.3% $393,582 $423,731 7.7%
Metro Denver $395,295 $427,765 8.2% $396,508 $432,051 9.0%Source: Colorado Comps, LLC
Sales of single-family attached homes recorded a different trend than the single-family detached home market,reflectingashiftindemandformoreaffordablehousingthatsingle-familyattachedhomesoffer.ExistinghomesalesintheBroomfieldsingle-familyattachedmarket increasedby16.7percentbetweenthefourthquartersof2015and2016,increasingfrom24salesto28sales,respectively.Theaveragesalespriceforasingle-familyattachedhomewas$295,100inthefourthquarterof2016,anincreaseof12.6percentcomparedwiththeprioryear.TheaveragesalespriceforBroomfieldwas$30,371abovetheMetroDenveraverageduringthefourthquarterof2016.Broomfieldrecorded132single-familyattachedhomesalesduring2016,adecreaseof11.4percent,reflectingthelimitedinventoryofhomesforpurchase.Theaveragesalespriceforasingle-familyattachedhomewas$276,948in2016,anincreaseof11.7percentcomparedwith thepreviousyear.TheBroomfieldaverage salespricewas$23,247above theMetroDenveraverage.
TheMetro Denver single-family attachedmarket recorded significantly different trends in home sales as Broomfieldbetween the fourth quarters of 2015 and 2016. Metro Denver recorded 3,821 single-family attached home salesin the fourth quarter of 2016, a 0.4 percent decrease in sales compared with the fourth quarter of 2015 level of3,838 sales. The average sales price for a single-family attached home was $264,729 in the fourth quarter of2016, an increase of 13.4 percent compared with the fourth quarter of 2015 price. Metro Denver reported 15,578sales in the single-family attached market in 2016, a decrease of 5.3 percent compared with the prior year. Thisrepresented 875 fewer homes sold between 2015 and 2016. The average sales price for a single-family attachedhome in Metro Denver was $253,700 in 2016, an increase of 11.1 percent compared with the previous year.
14 | 2016 End of Year Economic Report
EXISTING HOME SALES (CONTINUED)
Table 3.2 - Exising Single-Family Attached Home Sales
4Q 2015 4Q 2016 % CHANGE ANNUAL 2015
ANNUAL 2016
% CHANGE
Home SalesBroomfield 24 28 16.7% 149 132 -11.4%
Metro Denver 3,838 3,821 -0.4% 16,453 15,578 -5.3%
Average Sold PriceBroomfield $261,121 $295,100 12.6% $247,931 $276,948 11.7%
Metro Denver $233,465 $264,729 13.4% $228,422 $253,700 11.1%Source: Colorado Comps, LLC
APARTMENTS
Broomfield reported an apartment vacancy rateof5.4percentduringthefourthquarterof2016,asshowninFigure3.3,whichwas0.8percentagepoints below the fourth quarter of 2015 level(6.2percent).However,thevacancyratewas0.3percentage points above the previous quarter’slevel. The Metro Denver vacancy rate fell 0.6percentagepointsbetweenthefourthquartersof2015and2016to6.2percent.Ofthesixmarketareas in Metro Denver, the Boulder/Broomfieldsubmarket recorded the second lowest vacancyrateduringthefourthquarterof2016.
Broomfield reported an average lease rate of$1,431 per month during the fourth quarterof 2016,whichwas 6.4 percent lower than thefourthquarterof2015level($1,529permonth).TheaverageleaserateinMetroDenverwas$1,347permonthinthefourthquarterof2016,rising4.3percentfromthefourthquarterof2015rateof$1,292permonth.TheBroomfieldaverageleaseratewas6.3percentabovetheMetroDenverlevelinthefourthquarterof2016.OfthesixmarketareasinMetroDenver,theBoulder/Broomfieldsubmarketrecordedthehighestaverageleaserateduringthefourthquarterof2016.
Table 3.4 - Average Apartment Rents and Vacancy
VACANCY RATE AVERAGE APARTMENT RENT4Q 2015 4Q 2016 4Q 2015 4Q 2016 % CHANGE
Broomfield 6.2% 5.4% $1,529 $1,431 -6.4%
Metro Denver 6.8% 6.2% $1,292 $1,347 4.3%Source: Denver Metro Apartment Vacancy and Rent Survey
Real Estate
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Figure 3.3
Source: Denver Metro Apartment Vacancy and Rent Survey
2016 End of Year Economic Report | 15
BUILDING PERMITSBroomfieldissuedpermitsfor102newsingle-familydetachedunitsduringthefourthquarterof2016,asshowninTable3.5,representinga27.5percentincreasefromthefourthquarterof2015(80).Theaveragevaluationforsingle-familydetachedhomeswas$345,978inthefourthquarterof2016,whichwas3.1percentbelowthepreviousyear’slevelof$357,218.Thisrepresentedadropof$11,240inaveragevaluationover-the-year.Broomfieldissuedbuildingpermitsfor14newsingle-familyattachedunitsduringthefourthquarterof2016,representinga133percent increasefromthefourthquarterof2016level(6units).Theaveragevaluationforsingle-familyattachedhomeswas$204,007,4.4percentbelowthepreviousyear’slevelof$213,403.Theaveragevaluationforunitsinthemarketwas$9,396lowerover-the-year.
Permitsfor479single-familydetachedhomeswereissuedduring2016,anincreaseof24.4percentcomparedwiththepreviousyear’s levelof385.Theaveragevaluationofsingle-familydetachedhomes in2016declined1.7percentto$346,062comparedto2015.Therewere67permitsissuedforsingle-familyattachedunitsin2016,whichwasessentiallythesameasthe68unitspermitted in2015.Theaveragevaluationofsingle-familyattachedunits increasedby21.8percentto$193,776,upfromthepreviousyear’slevelof$159,140.Therewere216apartmentandcondominiumsunitspermittedin2016,adeclineof26percentfromlastyear’slevelof292units.
MetroDenverissued7,626permitsinthefourthquarterof2016,representinga45.3percentincreaseoverthesamequartertheprioryear.MetroDenverissuedpermitsfor2,686single-familydetachedunits,55single-familyattachedunits,and4,885multi-familyunits.Thesingle-familydetachedmarketrecordeda17percentincreaseinpermitsandthesingle-familyattachedmarketrose25percentover-the-year,whilethemulti-familymarketrecordeda68percentincreaseinpermitsduringtheperiod.
Therewere23,027unitspermittedinMetroDenverduring2016,anincreaseof21.9percentcomparedwiththepreviousyear’slevel(18,885units).Single-familyattachedunitsincreased5percentover-the-year,risingto422unitsin2016.Single-familydetachedunits inMetroDenver rose from9,832units in2015 to10,772units2016,an increaseof9.6percent.Themulti-familymarketrecordedthelargestincreaseintotalunits,rising36.8percentover-the-yearto11,833unitsin2016.
Table 3.5 - Broomfield Residential Building Permits
Real Estate
SINGLE-FAMILY DETACHED SINGE-FAMILY ATTACHED APARTMENTS AND CONDOMINIUMS TOTAL UNITSUNITS AVERAGE
VALUATION PER UNIT
UNITS AVERAGE VALUATION PER UNIT
PERMITS UNITS AVERAGE VALUATION PER UNIT
4Q 2015 80 $357,218 6 $213,403 14 292 $92,611 378
4Q 2016 102 $345,978 14 $204,007 - - - 116
Yr/Yr % Change 27.5% -3.1% 133.3% -4.4% - - - -69.3%
Annual 2015 385 $352,219 68 $159,140 14 292 $92,611 745
Annual 2016 479 $346,062 67 $193,776 8 216 $105,052 762
Yr/Yr % Change 24.4% -1.7% -1.5% 21.8% -42.9% -26.0% 13.4% 2.3%Source: The City and County of Broomfield, Building Division
16 | 2016 End of Year Economic Report
Real EstateOFFICE MARKET
TheBroomfieldofficemarkethadover6.5millionsquarefeetofspaceduringthefourthquarterof2016.Thethreeofficetypesreportedmixedtrendsduringthefourthquarterof2016comparedwiththeprioryear.ThevacancyrateforClassAofficespaceincreased2percentagepointsbetweenthefourthquartersof2015and2016to10.5percentvacancy,asshowninTable3.5onthenextpage.TheaverageleaserateofClassAspacewas$28.39persquarefoot,adecreaseof1.6percentover-the-year.ClassBofficespacerecordeda0.5percentagepointincreaseinvacancy,anda6.2percentincreaseintheaverageleaserateto$24.79persquarefootduringtheperiod.ThevacancyrateforClassCspacefell2.4percentagepointsover-the-yearto2.6percentandtheaverageleaseratefell13.5percentto$15.32persquarefootduringthesameperiod.
TheMetroDenverofficemarketalsorecordedmixedtrendsinvacancyratesandaverageleaseratesbetweenthefourthquartersof2015and2016.ThevacancyrateforClassAofficespacerose0.4percentagepointsover-the-yearto10.1percentvacancyandtheaverageleaserateincreased1percentto$30.41persquarefoot.Thisaverageleaseratewas$2.02persquarefootmorethantheBroomfieldrate.ClassBofficespacerecordedavacancyrateof10percent,0.6percentagepointslowerthanthepreviousyear,andtheaverageleaseraterose5percentto$22.56persquarefootduringtheperiod.ClassCspaceinMetroDenverreporteda0.6percentagepointdeclineinthevacancyrateover-the-yearto4.2percentanda7.6percentincreaseintheaverageleaserate.
INDUSTRIAL MARKET
TheBroomfieldindustrialmarketconsistedofover3.6millionsquarefeetofspaceduringthefourthquarterof2016,asshowninTable3.5onthenextpage.Theindustrialmarketrecordedavacancyrateof2.5percentduringthefourthquarterof2016,a1.4percentagepointdeclinecomparedwiththefourthquarterof2015.Theaverageleaseratefortheindustrialmarketwas$6.80persquarefoot,anincreaseof16percentover-the-year.TheBroomfieldaverageleaseratewas$0.61persquarefootlowerthantheMetroDenveraverageleaserateduringtheperiod.
TheMetroDenverindustrialmarkethadnearly211millionsquarefeetofspaceduringthefourthquarterof2016.Theindustrialmarketvacancyraterose0.7percentagepointsbetweenthefourthquartersof2015and2016to3.8percent.Thiswas1.3percentagepointshigherthantheBroomfieldvacancyrateduringtheperiod.TheaverageleaserateforindustrialspaceinMetroDenverwas$7.41persquarefootduringthefourthquarterof2016,anincreaseof5.4percentcomparedwiththepreviousyear’slevel.
RETAIL MARKET
TheretailmarketinBroomfieldhadnearly4.8millionsquarefeetofspaceduringthefourthquarterof2016,asshowninTable3.5onthenextpage,representing2.9percentofretailspaceinMetroDenver.Theretailmarketvacancyratewas11.5percentduringthefourthquarterof2016,a1.4percentagepointdecreaseinvacancycomparedwiththepreviousyear’slevel.TheBroomfieldvacancyratewas7percentagepointshigherthantheMetroDenvervacancyrateduringtheperiod.TheaverageleaseratefortheretailmarketinBroomfieldrose43.7percentover-the-yearto$16.77persquarefoot.
TheretailmarketinMetroDenverconsistedofnearly165millionsquarefeetofspaceduringthefourthquarterof2016,anincreaseof0.8percentoverthepreviousyear’slevel.Theretailvacancyratefell0.5percentagepointsbetweenthefourthquartersof2015and2016to4.5percent.TheaverageleaserateforretailspaceinMetroDenverwas$16.55persquarefootduringtheperiod,anincreaseof3.4percentover-the-year.TheaverageleaserateforretailspaceinMetroDenverwas$0.22persquarefootlowerthantheBroomfieldlevelduringthefourthquarterof2016.
2016 End of Year Economic Report | 17
Table 3.6 - Broomfield Real Estate Markets 4Q-2016
TOTAL EXISTING SQUARE FOOTAGE
VACANCY RATES AVERAGE LEASE RATE (PER SQ. FOOT)
4Q 2015 4Q 2016 4Q 2015 4Q 2016 4Q 2015 4Q 2016
OfficeBroomfield
Class A 3,068,913 3,171,782 8.5% 10.5% $28.84 $28.39
Class B 3,163,749 3,174,758 7.1% 7.6% $23.34 $24.79
Class C 178,857 178,857 5.0% 2.6% $17.72 $15.32
Metro DenverClass A 63,156,108 63,960,404 9.7% 10.1% $30.11 $30.41
Class B 94,275,993 94,836,072 10.6% 10.0% $21.48 $22.56
Class C 21,570,561 21,570,561 4.8% 4.2% $17.28 $18.59
IndustrialBroomfield 3,413,728 3,624,758 3.9% 2.5% $5.86 $6.80
Metro Denver 206,176,085 210,685,070 3.1% 3.8% $7.03 $7.41
RetailBroomfield 4,730,551 4,766,566 12.9% 11.5% $11.67 $16.77
Metro Denver 163,591,434 164,909,230 5.0% 4.5% $16.00 $16.55Source: CoStar, Inc.
COMMERCIAL BUILDING PERMITS
Therewereninecommercialrealestatepermitsissuedduringthesecondhalfof2016,asshowninTable3.6,representing381,680squarefeetofspace.TheFairfieldandResidenceInnwasthemostexpensiveoftheprojectsvaluedat$16.3million.TheAtriaAristaApartmentbuildingswerethesecondhighest-valuedprojects,withavaluationof$5.3millioneach.ThesmallestprojectbysquarefootagewasStarbucksCore&Shell, spanning2,150squarefeetandvaluedat$821,000.
Table 3.7 - Commercial Real Estate Permits, Second Half 2016
PROJECT DESCRIPTION VALUATION TOTAL SQUARE FOOTAGE
Fairfield & Residence Inn $16,329,441 145,083
Atria - Building 1 $5,295,080 88,294
Atria - Building 2 $5,295,080 88,294
Vista Pointe Core and Shell $1,976,500 25,824
7-Eleven $1,127,500 2,958
Starbucks Core & Shell $821,000 2,150
Auto Zone $600,000 7,147
Broomfield Professional Campus Building $158,000 19,994Source: The City and County of Broomfield, Building Division.
Real Estate
BROOMFIELDEconomic Development
Provided by: BroomfieldEconomicDevelopment OneDescombesDrive Broomfield,CO80020 303-464-5579 www.investbroomfield.com
Preparedby: DevelopmentResearchPartners,Inc. 10184WestBelleviewAve,Ste100 Littleton,Colorado80127 303-991-0070 www.developmentresearch.netMarch2017