http://henrygroupre.com/ Henry Group Real Estate - Blog RSS Feed 2.0 en-us Thu, 11 Jan 2024 01:39:27 GMT Thu, 11 Jan 2024 01:39:27 GMT http://henrygroupre.com/blog/12716/Henry-Group-Real-Estate-Announces-the-Sale-of-Clay-Park-Apartments-located-in-Denver--Colorado blog Denver, CO December 29, 2023 – Henry Group Real Estate is pleased to announce the successful sale of Clay Park Apartments located at 2526 N. Clay Street in the Jefferson Park Neighborhood of Denver, CO. This 12-unit apartment complex sold by Clay Apartments, LLC closed for $2,250,000. Built in 1958, the property is a two-story building with a unit mix of one (1) studio, seven (7) 1-BR/1BA's, and four (4) 2 BR/1BA's. It is centrally located just west of I-25, near Empower Field, Denver's Children's Museum, Elitch Gardens, the Downtown Aquarium, the Platte River Trail, and adjacent to Sloan's Lake and the Highlands Neighborhoods. The sale, which closed on December 28, 2023, marks another successful transaction for Henry Group Real Estate, a leading commercial real estate brokerage firm in Denver, CO. Patrick Henry and Boston Weir of Henry Group Real Estate represented the Seller and were diligent in their efforts to ensure a smooth transaction for all parties involved. The Buyer, Rocky Mountain Real Estate and Investments, LLC, was represented by Will McCauley of Unique Properties, Inc. "Jefferson Park remains a stable rental neighborhood in the Denver Multi-Family Market with strong rents and low vacancy," said Patrick Henry of Henry Real Estate. Fri, 29 Dec 2023 06:00:00 GMT http://henrygroupre.com/blog/12716/Henry-Group-Real-Estate-Announces-the-Sale-of-Clay-Park-Apartments-located-in-Denver--Colorado http://henrygroupre.com/blog/12624/Unleash-the-Power-of-Your-CRE-Portfolio-with-Henry-Group-Management blog Dear Clients, Customers, and Friends, As a trusted name in Colorado's commercial real estate industry, Henry Group's commitment to providing effective and affordable solutions to our client's real estate needs has been the cornerstone of our success. Property owners along the Front Range are facing substantial headwinds in today's market. Rising property taxes, insurance, and interest rates, increased vendor costs, and tenant default activity are only some of the hurdles. The commercial real estate industry is facing new challenges as the world of public policy is changing rapidly. Property owners are required to comply with new energy reduction standards found in Regulation 28 and Energize Denver. Failure to comply with these mandates could result in significant fines. All these factors are putting increased pressure on the decisions you make regarding your property. Our experienced property management team is here to help you navigate these challenges. Why choose Henry Group Management for your commercial property needs? Veteran Staff. Our property management team brings over 100 years of commercial real estate experience to the table. We understand the unique challenges and opportunities that property owners face and how to tackle them. Trusted Vendor Relationships. With over 20 years of managing properties, our vendor list is deep. We match the right service professional with your issue to get the work done on time and on budget. Personalized Service Solutions. We tailor our services to meet the specific needs of your properties. Whether it is managing vendor relationships and tenant communications or handling property accounting and looming capital expenditures – we've got you covered. Diverse Management Portfolio. We currently manage 50+ commercial properties including retail shopping centers, office buildings, service centers and warehouses totaling over 1 million square feet of commercial space along the Front Range from Greeley to Colorado Springs. Decision Making that Drives Value. Henry Group's experience in commercial real estate brokerage and development allows us to show our clients how their decisions impact the value of their property. We help you make major decisions with confidence. Please contact myself or Jason Thomas, our Director of Property Management, to learn more about how Henry Group Management can help you with your commercial real estate needs. Best regards, Patrick Henry Principal, Henry Group Real Estate 303.625.7444 pat@henrygroupre.com www.henrygroupre.com Tue, 05 Dec 2023 06:00:00 GMT http://henrygroupre.com/blog/12624/Unleash-the-Power-of-Your-CRE-Portfolio-with-Henry-Group-Management http://henrygroupre.com/blog/12574/Henry-Group-Real-Estate-Announces-the-Sale-of-11-Unit-Multifamily-Asset-located-in-Denver--Colorado blog Denver, CO November 17, 2023 – Henry Group Real Estate is pleased to announce the successful sale of JP50 Apartments located at 2426-2446 Clay Street in the Jefferson Park Neighborhood of Denver, CO. The property consists of 11 recently updated One Bedroom/One Bathroom units and was sold for $2,200,000 by JP50 LLC. This garden-style apartment building is ideally located in the heart of Denver near Empower Field, Denver's Children's Museum, Elitch Gardens, the Downtown Aquarium, the Platte River Trail, and adjacent to Sloan Lake and the Highlands Neighborhoods. The sale, which closed on November 16, 2023, marks another successful transaction for Henry Group Real Estate, a leading commercial real estate brokerage firm in Denver, CO. Patrick Henry and Boston Weir of Henry Group Real Estate represented the Seller and were diligent in their efforts to ensure a smooth and efficient transaction for all parties involved. The Buyer, Cedar Oaks Apartments, LP, was represented by Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors. "This property is so well located in Jefferson Park. There continues to be strong demand from a tenant perspective in this area and it should continue for years to come. The Sellers are thrilled to have made this deal with this Buyer, and NorthPeak Commercial Advisors were pros throughout the transaction." said Patrick Henry.   Mon, 27 Nov 2023 06:00:00 GMT http://henrygroupre.com/blog/12574/Henry-Group-Real-Estate-Announces-the-Sale-of-11-Unit-Multifamily-Asset-located-in-Denver--Colorado http://henrygroupre.com/blog/12434/Henry-Group-Real-Estate-Announces-the-Sale-of-Industrial-Investment-property-at-3805-Carson-Avenue-Evans--Colorado blog Denver, CO October 17, 2023 – Henry Group Real Estate is pleased to share the successful sale of 3805 Carson Avenue, a 30,175 square foot multi-tenant industrial/flex building situated in the high-demand Greeley area of the Weld County submarket. This metal building boasts heavy, I-3 zoning, 24 drive-ins, and a fenced, paved yard. The sale, which closed on October 13th, 2023, for $3,975,000 marks another successful investment transaction for Henry Group Real Estate, a leading commercial real estate brokerage firm in Denver, CO. 3805 Carson Avenue, LLC ("Buyer") was represented by Patrick Henry, Boston Weir and CJ Toohey of Henry Group Real Estate. This team worked relentlessly to accomplish the Buyers's goals ensuring a smooth and successful transaction for all parties involved. Tim Shay of Colliers represented T & D Real Estate Holdings, LLC ("Seller"). Henry Group Real Estate congratulates both the Buyer, 3805 Carson Avenue, LLC, and the Seller, T & D Real Estate Holdings, LLC, on their transaction and wishes them both continued success in their future endeavors. Wed, 18 Oct 2023 06:00:00 GMT http://henrygroupre.com/blog/12434/Henry-Group-Real-Estate-Announces-the-Sale-of-Industrial-Investment-property-at-3805-Carson-Avenue-Evans--Colorado http://henrygroupre.com/blog/12407/Henry-Group-Real-Estate-Announces-the-Sale-of-1700-East-17th-Avenue-Denver--Colorado blog Denver, CO October 10, 2023 – Henry Group Real Estate is pleased to announce the sale of 1700 East 17th Avenue, a newly renovated standalone building in Denver's City Park West neighborhood. This 6,292 SF office is ideally situated in the vicinity of multiple restaurants, parks, several hospitals and is adjacent to Downtown Denver. The sale, which closed on October 4th, 2023, for $2,300,000 marks another successful transaction for Henry Group Real Estate, a leading commercial real estate brokerage firm in Denver, CO. DWP Properties, LLC ("Seller") was represented by Patrick Henry and Dexter Degre of Henry Group Real Estate. The Seller, originally an owner/occupant, had been operating this building as an investment property and sought out brokerage help from Henry Group to dispose of the asset from their portfolio. Patrick Henry and Dexter Degre worked tirelessly to accomplish the Seller's goals and achieve a successful and efficient transaction for all parties involved. G&A Real Estate Investment Group, LLC ("Buyer") plans to occupy the space with their company Veriheal, Inc. which is a healthcare adjacent technology company. Tyler Bray of Cushman & Wakefield represented the Buyer.  Henry Group Real Estate congratulates both the Seller, DWP Properties, LLC, and the Buyer, G&A Real Estate Investment Group, LLC, on their transaction and wishes them both continued success in their future endeavors. Wed, 11 Oct 2023 06:00:00 GMT http://henrygroupre.com/blog/12407/Henry-Group-Real-Estate-Announces-the-Sale-of-1700-East-17th-Avenue-Denver--Colorado http://henrygroupre.com/blog/12272/Henry-Group-Real-Estate-Announces-Sale-of-39-Unit--Multifamily-Asset-located-near-Tennyson-Street-in--Denver--Colorado blog Denver, CO August 23, 2023 – Henry Group Real Estate is pleased to announce the successful sale of Highland Junction apartments located at 3785 Yates Street in the Berkeley/Tennyson neighborhood of Denver, CO. The property consists of 39 modern luxury multifamily units and was sold by 5000 W 38th LLC, a subsidiary of Zakhem Real Estate Group. Highland Junction is ideally situated in the Highland submarket, one of Denver's most sought-after neighborhoods. The Tennyson neighborhood offers residents an array of cultural amenities, new restaurant and bar options, boutique retailers with easy access to downtown Denver. Located just two blocks from Tennyson Street, the property is equipped with modern amenities and unique units with an array of functional layouts. The sale, which closed on August 16th, 2023, marks another successful transaction for Henry Group Real Estate, a leading commercial real estate brokerage firm in Denver, CO. The Henry Group Real Estate team, led by Boson Weir and Patrick Henry, worked tirelessly to ensure a smooth and efficient transaction for all parties involved. The buyer, Plenty of Places Apartment Homes, is a privately held real estate investment firm headquartered in California. The acquisition marks the firm's 13th multi-family property in the Denver Metro area. Clayton Primm of Marcus & Millichap represented the Buyer. Henry Group Real Estate congratulates both the sellers, Zakhem Real Estate Group, and the buyers, Plenty of Places Apartment Homes, on a successful transaction and wishes them both continued success in their future endeavors. Wed, 23 Aug 2023 06:00:00 GMT http://henrygroupre.com/blog/12272/Henry-Group-Real-Estate-Announces-Sale-of-39-Unit--Multifamily-Asset-located-near-Tennyson-Street-in--Denver--Colorado http://henrygroupre.com/blog/12038/Henry-Group-announces-sale-of--3-0-million-historic-landmark-at-600-S--Broadway--Denver--CO blog Denver, CO, June 22, 2023 – Henry Group Real Estate, a leading commercial real estate brokerage firm, is pleased to announce the sale of 600 S Broadway, Denver, CO.  Built in 1890, this former "Town of South Denver" Firehouse, became Denver Firehouse #13 when the towns merged in 1900.  This Historic Denver landmark was active as a Firehouse until the mid-1970's.   The Seller, Firehouse Thirteen LLC, which is owned by the late Lee Weinstein's Estate, previously operated the property as an office building.  The Buyer, Wellness Center of the Rockies, intends to move its current operations to this new location.   The Property closed on June 20, 2023, for $3.0 million.  Joe Awad of Henry Group Real Estate acted as the Seller's agent in the successful completion of this sale, while Shannon Bustos with A&N Real Estate represented the Buyer.  For more information on Henry Group Real Estate, please visit www.henrygroupre.com   Thu, 22 Jun 2023 06:00:00 GMT http://henrygroupre.com/blog/12038/Henry-Group-announces-sale-of--3-0-million-historic-landmark-at-600-S--Broadway--Denver--CO http://henrygroupre.com/blog/12037/Henry-Group-Announces-Sale-of--1-25-Million-land-site-in-Aurora--Colorado blog Denver, CO, June 16, 2023 – Henry Group Real Estate, a leading commercial real estate brokerage, is pleased to announce the sale of 15655 E 33rd Avenue in Aurora, CO. The property was sold by Jasper Fine LLC and purchased by JCGS Group LLC, the family owner and operator of Milling Paving & Concrete (MPC), a provider of asphalt and concrete services throughout the Denver Metro. 15655 E 33rd Ave closed in May 2023, for $1,250,000.  Jasper Fine, operating out of New York, no longer has a local presence in the state and was motivated to exchange their Colorado assets into a market they operate in.  MPC plans to develop the 3.5-acre site, which is zoned I-1 (Light Industrial) in the City of Aurora, just southeast of the I-70 and Chambers Rd intersection. MPC has plans to relocate their business operations to this site after constructing a 10,000 SF industrial building with a large outside storage area.  MPC was motivated to purchase and develop this site due to the continued growth of their business. MPC prides themselves on being family owned and operated and attribute their growth to providing quality work and their dedication to customer service. The sale marks another successful transaction for Henry Group Real Estate. The Henry Group Real Estate team, led by Dexter Degre, Boston Weir, and Patrick Henry, worked tirelessly to ensure a smooth and efficient transaction for all parties involved. The Henry Group Real Estate team congratulates both the seller, Jasper Fine LLC, and the buyer, JCGS Group LLC, on a successful transaction and wishes them both continued success in their future endeavors.   Fri, 16 Jun 2023 06:00:00 GMT http://henrygroupre.com/blog/12037/Henry-Group-Announces-Sale-of--1-25-Million-land-site-in-Aurora--Colorado http://henrygroupre.com/blog/11906/Henry-Group-Real-Estate-Acquires-John-Propp-Commercial-Group-s-55-Property--1-300-000--SF-Commercial-Property-Management-Division blog FOR IMMEDIATE RELEASE Denver, CO, June 1st, 2023- Henry Group Real Estate, a leading commercial real estate firm based in Denver's West Wash Park neighborhood, is thrilled to announce the successful acquisition and retention of John Propp Commercial Group's commercial property management division consisting of approximately 55 retail, office and industrial properties totaling over 1,300,000 square feet. The acquisition, effective June 1st, 2023, solidifies Henry Group Real Estate's position as a premier provider of comprehensive commercial real estate services in the region. The acquisition marks a significant milestone for both companies, as Henry Group Real Estate expands its portfolio of services and welcomes a very talented group of professionals from John Propp Commercial Group's property management division. Henry Group Real Estate is delighted to retain 100% of John Propp Commercial Group's existing property management clients, ensuring a smooth transition and uninterrupted service for all valued clients and Tenants. John Propp, Founder and President of John Propp Commercial Group, expressed his enthusiasm for the acquisition, stating, "I am pleased to announce the sale of my commercial property management division to Henry Group Real Estate. Our organizations share a commitment to excellence and a focus on delivering exceptional service to our many clients. It is a bittersweet announcement for me as I truly love working with my clients and tenants and have come to cherish the relationships my property management business has helped me create these past 28 years. I want to express my heartfelt gratitude to my dedicated staff and clients for their many years of service and commitment. I am proud of the work we have accomplished together. I will continue to provide brokerage services to my clients for the foreseeable future and still plan on being involved in the commercial real estate market here in Denver for years to come." Key Details of the Acquisition: Retained Property Management Division: Henry Group Real Estate is pleased to announce that it has retained 100% of John Propp Commercial Group's commercial property management division. The highly skilled and experienced management professionals will join the Henry Group Real Estate team, ensuring a seamless transition and continuity of outstanding service. Retained Existing Property Management Clients: Henry Group Real Estate will retain 100% of John Propp Commercial Group's existing property management clients. Clients can expect uninterrupted service and continued commitment to excellence as Henry Group Real Estate assumes responsibility for their properties.  Shared Commitment to Excellence: Both Henry Group Real Estate and John Propp Commercial Group share a dedication to providing exceptional client-focused service. The acquisition aligns with Henry Group Real Estate's mission to deliver superior service, professionalism, and unmatched customer satisfaction for all facets of commercial real estate ownership. Patrick Henry, Managing Partner of Henry Group Real Estate, commented, "We are delighted to welcome the talented professionals from John Propp Commercial Group's property management division to our team. Their expertise and dedication will enhance our capabilities and enable us to provide an even higher level of service to our valued clients. We are committed to building on the strong foundation laid by John Propp Commercial Group and to continuing their tradition of excellence." For more information about Henry Group Real Estate and its services, please visit www.henrygroupre.com or contact Mary Beth Skarsgard at marybeth@henrygroupre.com or 303.625.7444. About Henry Group Real Estate: Henry Group Real Estate is a leading real estate firm specializing in commercial real estate brokerage, management, and development. With a strong focus on client satisfaction and superior service delivery, the company offers comprehensive and customized solutions to maximize the value and performance of their clients' commercial properties along the Front Range of Colorado. Media Contact: Mary Beth Skarsgard Henry Group Real Estate marybeth@henrygroupre.com 303.625.7444 Thu, 01 Jun 2023 06:00:00 GMT http://henrygroupre.com/blog/11906/Henry-Group-Real-Estate-Acquires-John-Propp-Commercial-Group-s-55-Property--1-300-000--SF-Commercial-Property-Management-Division http://henrygroupre.com/blog/11815/Henry-Group-Announces-Sale-of-land-assemblage-in--Denver--Colorado- blog 1900 Osage St Press Release - Click Here Tue, 25 Apr 2023 06:00:00 GMT http://henrygroupre.com/blog/11815/Henry-Group-Announces-Sale-of-land-assemblage-in--Denver--Colorado- http://henrygroupre.com/blog/11814/Henry-Group-announces-sale-of--1-05-million-Papa-John-s-location-At-621-N-Union-Boulevard--Colorado-Springs--CO- blog 621 N Union Blvd Press Release - Click Here Mon, 17 Apr 2023 06:00:00 GMT http://henrygroupre.com/blog/11814/Henry-Group-announces-sale-of--1-05-million-Papa-John-s-location-At-621-N-Union-Boulevard--Colorado-Springs--CO- http://henrygroupre.com/blog/11813/Henry-Group-Announces-Sale-of--3-8-Million-commercial-investment-in-fort-collins--Colorado- blog 913 E Laurel St Press Release - Click Here Thu, 13 Apr 2023 06:00:00 GMT http://henrygroupre.com/blog/11813/Henry-Group-Announces-Sale-of--3-8-Million-commercial-investment-in-fort-collins--Colorado- http://henrygroupre.com/blog/11812/Henry-Group-Announces-Sale-of--3-15-Million-land-parcel-in-aurora--Colorado blog 38th & Helena Ave Press Release - Click Here Mon, 09 Jan 2023 06:00:00 GMT http://henrygroupre.com/blog/11812/Henry-Group-Announces-Sale-of--3-15-Million-land-parcel-in-aurora--Colorado http://henrygroupre.com/blog/11811/Henry-Group-Announces-Sale-of--2-625-Million-land-parcel-in-wheat-ridge--Colorado- blog 5130 Parfet Street Press Release - Click Here Tue, 06 Dec 2022 06:00:00 GMT http://henrygroupre.com/blog/11811/Henry-Group-Announces-Sale-of--2-625-Million-land-parcel-in-wheat-ridge--Colorado- http://henrygroupre.com/blog/11810/Henry-Group-Announces-Sale-of--6-5-million-office-building-in-Westminster--Colorado blog Press Release Lake Arbor Plaza - Click Here Mon, 17 Oct 2022 06:00:00 GMT http://henrygroupre.com/blog/11810/Henry-Group-Announces-Sale-of--6-5-million-office-building-in-Westminster--Colorado http://henrygroupre.com/blog/11809/Henry-Group-Announces-Sale-of--2-597-million--infill-development-opportunity-in-Denver--Colorado- blog Press Release 1642 N Lafayette - Click Here Tue, 30 Aug 2022 06:00:00 GMT http://henrygroupre.com/blog/11809/Henry-Group-Announces-Sale-of--2-597-million--infill-development-opportunity-in-Denver--Colorado- http://henrygroupre.com/blog/11808/Henry-Group-Real-Estate-2021-Year-In-Review blog Henry Group 2021 Year In Review - Click Here Wed, 23 Feb 2022 06:00:00 GMT http://henrygroupre.com/blog/11808/Henry-Group-Real-Estate-2021-Year-In-Review http://henrygroupre.com/blog/11807/Henry-Group-Announces-Purchase-of--3-050-000---9---Unit-Multifamily-Property-near-Colorado-School-of-Mines-and-Downtown-Golden-- blog Press Release Miners Apartments - Click Here Wed, 29 Dec 2021 06:00:00 GMT http://henrygroupre.com/blog/11807/Henry-Group-Announces-Purchase-of--3-050-000---9---Unit-Multifamily-Property-near-Colorado-School-of-Mines-and-Downtown-Golden-- http://henrygroupre.com/blog/11806/Henry-Group-Announces-Sale-of--21-6M-Self-Storage-Redevelopment-Site-in-Denver-s-RiNo-Arts-District- blog Denver, CO November 9, 2021 – Henry Group (Broker), as exclusive advisor to, LODO Self Storage LLC  and AFTCO 3315 LLC (Seller), is pleased to announce the sale of the fee simple interest in the portfolio of 2 adjacent properties at 3275 and 3315 Denargo Street, to an undisclosed Buyer. The property closed on November 4, 2021, for $21.6 million. Denargo Press Release - Click Here Tue, 09 Nov 2021 06:00:00 GMT http://henrygroupre.com/blog/11806/Henry-Group-Announces-Sale-of--21-6M-Self-Storage-Redevelopment-Site-in-Denver-s-RiNo-Arts-District- http://henrygroupre.com/blog/11804/Henry-Group-Announces-Sale-of--6-4-Million-MultiFamily-Asset-in-Denver--Colorado blog Denver, CO September 30, 2021 – Henry Group, LLC (Broker), as exclusive advisor to West Arkansas, LLC (Seller), is pleased to announce the sale of Arkansas Place Apartments to Turnstone Capital (Buyer). The multifamily building consists of 46 units multifamily units, closed on September 30, 2021, for $6.4 million ($139,130/unit).  Press Release W Arkansas - Click Here Mon, 11 Oct 2021 06:00:00 GMT http://henrygroupre.com/blog/11804/Henry-Group-Announces-Sale-of--6-4-Million-MultiFamily-Asset-in-Denver--Colorado http://henrygroupre.com/blog/11805/Henry-Group-Announces-sale-of--10-2-Million-Redevelopment-Site-in-Denver-Rino-Art-District-Colorado blog Denver, CO October 6, 2021 – Henry Group, LLC is pleased to announce the sale of the fee simple interest in commercial land property located at 3225 Denargo Street, to DM6 Land, LLC (Buyer) from Big Hat Land Company, LLC (Seller). The property closed on October 1, 2021, for $10,200,000. Sale of RINO Redevelopment Site - Click Here Mon, 11 Oct 2021 06:00:00 GMT http://henrygroupre.com/blog/11805/Henry-Group-Announces-sale-of--10-2-Million-Redevelopment-Site-in-Denver-Rino-Art-District-Colorado http://henrygroupre.com/blog/11803/Henry-Group-Announces-Sale-Of--19-25-Million-Mulitfamily-Asset-In-Denver-s-West-Wash-Park blog Read Full Vita Flats Press Release - Click Here Fri, 16 Jul 2021 06:00:00 GMT http://henrygroupre.com/blog/11803/Henry-Group-Announces-Sale-Of--19-25-Million-Mulitfamily-Asset-In-Denver-s-West-Wash-Park http://henrygroupre.com/blog/11802/Henry-Group-Announces-Sale-OF--17-35-Million-Student-Housing-and-Retail-Asset-near-Denver-University blog University Lofts Press Release - Click Here Fri, 25 Jun 2021 06:00:00 GMT http://henrygroupre.com/blog/11802/Henry-Group-Announces-Sale-OF--17-35-Million-Student-Housing-and-Retail-Asset-near-Denver-University http://henrygroupre.com/blog/11801/Home-Out-of-the-Range--Commercial-Properties-ara-Turning-Residential blog DENVER (KDVR) — The former Colorado Art Institute at 12th Lincoln Streets is being repurposed as a 10-story building that will house 194 studio apartments. It's a recent example of converting downtown commercial space into residential living. The units are tiny — 300 square feet on average — and will rent for $1,200 to $1,500 a month, depending on the rental market once the project is complete by the end of 2022.   Home out of Range Part VI: Higher home prices mean higher taxes "They are small, but wait to you see how smart we make this layout," said Melissa Rummel, a development director with Nichols Partnership. It's the same firm that transformed an old Holiday Inn hotel next to Mile High Stadium into the Turntable Studios apartments. Rummel said the Turntable project confirmed to her it's not just college students who want to live downtown. "It will satisfy a broad swatch of housing demand," she said. "I can say that from experience." The demand for more housing comes as the demand for office space is declining.   Home out of Range Part V: Colorado's new place near the top of nation's housing expense The Denver Downtown Partnership told the Problem Solvers that only 15-25% of office workers have returned to office buildings downtown since the beginning of the COVID pandemic. "We got forced into a grand experiment of working from home, and we found out we were pretty good at it," said Jeff Engelstad, a business professor at University of Denver. Occupancy rates downtown have been climbing since the pandemic begin. According to CoStar, which tracks commercial real estate information worldwide, the vacancy rate for downtown office space in Denver was 12% in the first quarter of 2020. In the second quarter of 2020 it was 13.4%, then it jumped to 14.4% in the 3rd quarter, followed by 15.1% in the fourth quarter. By the first quarter of 2021, the vacancy rate had risen to 16.9%.   Outbid in Colorado's housing market "The market always figures out a way. Now we have a problem with office space," said Engelstad, who believes there will be more conversions downtown of commercial space into residential living. The Denver Metro Association of Realtors told the Problem Solvers Denver has gained the most workers in the last 12 months from New York City, Chicago and San Francisco, places where people are likely familiar with downtown living. Local developers are noticing, evidenced by the change in plans being submitted to city hall. What was to be office space at 955 Bannock Street will now be a 12-story apartment building.   Why are there so few homes for sale? It's not just a downtown trend either. In Cherry Creek North, a site at 3250 E. Second Ave. was slated to be a five-story office project. In April, developers submitted new plans to make it a five-story high rise filled with 22 housing units. Could converting office buildings into residential spaces help address the housing crunch in Denver? "Absolutely," said Rummel, the developer. "It doesn't necessarily alleviate the need for single-family homes. That market still exists and that demand is still there. What it does is it gives people the opportunity to live downtown affordably." Mon, 31 May 2021 06:00:00 GMT http://henrygroupre.com/blog/11801/Home-Out-of-the-Range--Commercial-Properties-ara-Turning-Residential http://henrygroupre.com/blog/11791/Commercial-Real-Estate-Financing-Posied-for-Boom--CO-Experts-Say blog Commercial real estate finance leaders are optimistic one year after the COVID-19 pandemic brought deal activity to a virtual standstill. That's according to panelists at Commercial Observer's fifth annual Spring Financing CRE Forum in New York, who said on April 22 that while challenges remain, conditions are ripe for recovery across a number of real estate asset classes amid strong economic growth and record-low interest rates. Sat, 03 Apr 2021 06:00:00 GMT http://henrygroupre.com/blog/11791/Commercial-Real-Estate-Financing-Posied-for-Boom--CO-Experts-Say