JUST RELEASED: The 2014 Q4 Northern Colorado Market Report
The multifamily market in Northern Colorado continued its strong performance through the third and fourth quarters of 2014. Although there were some lulls seen in the growth, the area still expanded its workforce by nearly 5,000 workers in 2014. As the economy and the market flourish, the influx of people is compressing vacancies to staggeringly low average rates of 1.4% across the market. The report continues to explain that asking rents in Northern Colorado for multifamily units have been on an upward trend for the last five years, and that trend continued to close out the year. Sales and development were also incredibly strong, with nearly $320 million in trades taking place in the year.
General Market Outlook
- The economy in Northern Colorado will continue to expand and remain strong. Driven by large industries like oil and gas and technology, economic strength will continue to keep demand for multifamily units high.
- Rental rates and vacancy rates will begin to stabilize due to new development, with a large number of units delivering in the next 12 months.
- Development will remain very strong through the end of the year, as developers are currently capitalizing on the prominent conditions in the Northern Colorado market.
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