Downtown Denver’s office space market in is absolutely thriving, especially in the “LoDo” area. According to a recent article in the Colorado Springs Business Journal, rents in LoDo and the Central Platte Valley, trendy sections of downtown Denver, are running up to $10 higher than those in the Denver Tech Center. Several new existing developments and exciting future plans are fueling this hip area’s growing popularity.
According to the Downtown Denver Partnership, Downtown Denver’s office space has seen a rate increase of 23% in the past year high-end spaces are now going for more than $30 per sq. ft). There are several new developments in Lower Downtown and Central Platte Valley that will be adding more than two million square feet of office space including new offices on Wewatta Street, Wynkoop, Larimer and Blake Street.
Sunshine Development of Colorado Springs is planning a $175 million project just north of Denver’s Union Station on Wewatta Street. The Denver Post and Colorado Springs Business Journal have broken the news that the firm is planning the 1.83-acre development that will include offices, shops, restaurants and even a boutique hotel. It is expected that the project will meet Leadership in Energy and Environmental Design (LEED) standards. Construction is slated to begin in 2009. This is exciting news for the already thriving neighborhood surrounding Union Station.
It is obvious that LoDo continues to be a great investment opportunity for buyers not only searching for properties near their downtown offices, but close to Denver’s trendiest restaurants, shopping and nightlife. For more information on up and coming areas in the Denver real estate market, please contact TeamCox Realtors. Click here to search for homes in LoDo.
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