Metro Denver Commercial Real Estate Rentals on an Uptrend
Commercial real estate lease in Metro Denver is on an uptick, setting a new record for the sector, a report from the Denver Business Journal said.
Citing third quarter data from commercial real estate firm CBRE Group Inc., the report revealed that asking rates for metro Denver offices now sit at $22.71 per square foot. CBRE notes that the rate is a “record-high” for the sector, bringing the rates back to nearly pre-recession levels.
That is just for average office spaces, Sam DePizzol, a broker at CBRE noted to the Journal. Class A and AA could even command higher lease rates.
DePizzol noted the demand for office spaces was spurred by “capital markets and organic growth” in the area. He pointed out expansion in the local energy and professional services sectors as two main drivers for office rental price increases.
As a result, developers have started to reconsider building new office towers. DePizzol said that developers “have committed to building over 1.5 million square feet of office spaces.”
These speculative office spaces would probably be constructed in Downtown Denver or the Denver Tech Center where 75 percent of companies are headquartered.
The report said that Metro Denver’s rising rates was due to an improved job market and the arrival of new investors.
Metro Denver’s industrial sector has also seen similar trends this year with lease prices almost at pre-recession range at $6.72 per square foot. Jim Bolt, another broker at CBRE, noted that the rates are still below 2008 rates but should recover by end of the year or by 2015.
Real estate agents in the Metro Denver area can take advantage of the sector’s uptrend by using Realbiz Media Group, Inc. (OTCQB: RBIZ) technologies to promote their listings to commercial real estate investors. Realbiz Media is a Florida-based digital media company that develops proprietary video marketing software that agents and their brokers can use to promote virtual tour listings online.
Its Virtual Tour Program allows real estate sellers to create virtual tours and presentations that are optimized for mobile viewing and could be syndicated through social media for only $29.95 a month.
The program features a video search engine optimization (VSEO) tool that automatically generates meta tags and descriptions for virtual tours and listings that agents have uploaded to the platform so that they could be found easily by consumers online.
The program also has tools for creating QR codes, e-flyers, and seller reports as bonus features.
Realtors can also make use of the company’s listing platform Nestbuilder.com to market their NYC listings with videos, slideshows and virtual tours. Nestbuilder.com is a consumer site based on Realbiz Media’s patented marketing technology Nestbuilder Agent.
The web site makes a great platform for hosting real estate agents’ listings and for their personalized agent profiles which help them widen their reach and build their online reputation. Nestbuilder.com’s agent and listing pages also feature a contact form as well as social media buttons that connect agents with their consumers easily.
Realbiz Media’s platforms, applications and web sites feature social integration, which allow agents to cross-publish their posts to social networks like Twitter, Facebook, and Pinterest.
To learn more about Realbiz Media and its products, contact email@example.com or call 1.888.REAL.BIZ (888.732.5249).
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.