Downtown Denver Partnership Releases 2016 State of Downtown Denver Report

DENVER (May 10, 2016) – The Downtown Denver Partnership issued today the 2016 State of Downtown Denver report. The annual report, funded in part by the Downtown Denver Business Improvement District, is one of the most comprehensive statistical looks at the stories and statistics behind a thriving center city, detailing increasing investment, strong office market fundamentals, a growing and highly-educated workforce and vibrant residential population in Downtown Denver.

“Our center city’s strong economy and dynamic energy creates a place where people want to live and work, and as a result, it’s a place where companies want to locate,” said Tami Door, president and CEO of the Downtown Denver Partnership. “Downtown Denver is a model for what a great city can be as a result of our collective strategic, place-based economic development strategy and the long-term vision and commitment of public and private-sector leaders.”

At a breakfast attended by nearly 600 business and civic leaders, Door presented key facts from the report, including:

Development and Investment
Developers are responding to increased demand propelled by a strong population and job growth, as well as key public-sector investments. $2.5 billion of investment is under construction or planned for Downtown Denver, on top of more than $634 million of investment in 2015 that included 15 projects to create an additional 511 hotel rooms, 1,901 residential units and 333,000 square feet of office space.

Office Market and Employers
Downtown Denver is an ideal place to start or grow a business. In the past 24 months, 24 companies have relocated or expanded, and office market fundamentals remain strong with a 9.5 percent direct vacancy rate and $33.14/square foot direct average lease rate. As of the beginning of 2016, an additional 2.8 million square feet of office space was planned or under construction.

Workforce
More people are working in Downtown Denver than ever before, totaling 123,548 at the end of 2015. Employment has increased 13.2 percent since 2010, surpassing the nation-wide increase of 8.5 percent. Denver is also the seventh most educated metro area in the country, with more than 40 percent of Denver Metro area residents earning a bachelor’s degree or higher.

Students and Universities
54,000 students attend public, not-for-profit institutions of higher education in Downtown Denver, and more than 10,000 students attend trade or private institutions. The Auraria Higher Education Center continues to see growth and investment to help ensure businesses are able to recruit qualified employees, with new facilities including an aerospace and engineering sciences building at Metropolitan State University of Denver, and an advanced manufacturing center at the Community College of Denver.

Residents
Ranked as the top place to live in the U.S. by U.S. News & World Report, 75,972 people live in Downtown Denver. Attracted to vibrant walkable districts and diverse residential amenities, this number is expected to grow by 12.6 percent over the next five years, compared to 3.7 percent nationally.

Retail and Restaurants
First-to-market and new-to-downtown options create a diverse retail scene, including the second non-coastal location for Uniqlo, which will open a 23,000-square-foot flagship store later this year. 53 percent of businesses along the 16th Street Mall are local businesses or local chains contributing to the $45 million in retail sales tax collections generated in Downtown Denver in 2015.

Mobility
Multi-modal transportation options converge in Downtown Denver, where nearly 60 percent of Downtown Denver employees commute to work via transit, walk, bike or ride share. 21 percent of Downtown Denver residents don’t own a car.

Public Space and Activation
Downtown Denver’s parks and public spaces are an economic asset for the community and help transform an individual’s experience in the center city. In 2015, public spaces were activated for a collective total of 749 days. Events like Meet in the Street, produced by the Downtown Denver Partnership and funded by the Downtown Denver Business Improvement District, resulted in 30 percent more pedestrian traffic on the Mall, and 60 percent of people spending more time in the space.

Tourism and Attractions
A world-class destination for regional and international tourists, more than 15 million people, including one million conference attendees to the Colorado Convention Center, visit the city each year and spend a total of $4.6 billion. Downtown Denver’s 32 hotels also experience high occupancy rates, and with four new hotels planned.

“I applaud the Downtown Denver Partnership for leading the private sector’s commitment to help develop and implement the strategies that are responsible for the economically vibrant center city showcased in the 2016 State of Downtown Denver report,” said Joe Vostrejs, principal of City Street Investors and chairman of the Downtown Denver Partnership.

Following an overview of the report, a panel moderated by Rob Cohen, CEO of IMA Financial, and including Crissy Fanganello, director of transportation for Denver Public Works, Chris Frampton, managing partner of East West Partners, and Scott Heimes, chief marketing officer at SendGrid, discussed the opportunities and challenges facing Downtown Denver, including population growth, mobility, affordability and education, as well as the role the entrepreneurial community plays in the future of the center city.

“While Downtown Denver is certainly thriving, it’s important to continue collaboration between the public and private sector and engage in important dialogue to drive our center city forward,” said Rob Cohen, CEO of IMA Financial and chair of the Partnership’s Downtown Denver Inc. Board of Directors. “Let’s continue to invest in and capitalize on the opportunities we’ve worked so hard for and ensure Downtown Denver remains the best place in the entire country to live, work and visit.”

For more information and to view the complete 2016 State of Downtown Denver report, visit www.downtowndenver.com.

About the Downtown Denver Partnership
The Downtown Denver Partnership, Inc. partners with public, private and non-profit entities to implement high-impact strategies, outlined in the organization’s long-term strategy the 2007 Downtown Area Plan, to support its vision for an economically healthy, growing and vital Downtown Denver. For more information, visit www.downtowndenver.com.

About The Downtown Denver Business Improvement District
The Downtown Denver Business Improvement District (BID) is a public organization funded by private commercial property owners. It strives to provide a clean, safe and vibrant Downtown environment for workers, residents and visitors. Through their annual assessments to this quasi-governmental entity, BID property owners fund a series of district-wide programs that enhance Downtown Denver, including cleaning and maintenance efforts, safety initiatives and targeted visitor marketing. The BID is an independent organization that contracts with the Downtown Denver Partnership to manage its work program. For more information, visit www.downtowndenver.com/about-the-bid.


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COBRT Supports and Celebrates Small Biz Week

Colorado Business Roundtable knows that small business has a significant impact on all businesses, including the large companies that comprise the national Business Roundtable. This week, we have celebrated and supported National Small Biz Week and invite our readers to continue to do so -- it's only Thursday, after all!

Join the conversation at @ColoradoBRT #DreamSmallBiz

Our capital city of Denver welcomed U.S. Small Business Administration's Administrator Maria Contreras-Sweet on Wednesday, May 4 to kick-off day four of the National Small Business Week celebrations that are happening across the nation May 1-7. SBA Regional Administrator Betsy Markey joined Contreras-Sweet to officially welcome the national event to Denver and the Rocky Mountain Region. While in Denver, Contreras-Sweet participated in a Celebrating Women in Small Business forum with Colorado’s prominent women entrepreneurs and leaders followed by an awards luncheon and a Latina’s in Business discussion at Azucar Bakery in Denver. See original release and check out the livestream events as well as webinars here.

Learn more about Betsy Markey, the Former Colorado Congresswoman who was appointed as the Regional Administrator of the SBA's Region VIII in January 2016. The region is based in Denver and covers the states of Colorado, Montana, North Dakota, South Dakota, Utah and Wyoming, serving over 875,000 small businesses. 

Last week, we had Tim Gaudette as a guest on COBRT's Connect and Collaborate Radio. Gaudette is the Colorado Outreach Manager for Small Business Majority, a national small business advocacy organization, founded and run by small business owners to focus on solving the biggest problems facing small businesses today. On the show, Gaudette discussed next week's Small Business Summit in Washington D.C. as well as other topics for small business owners such as access to capital, predatory lending, nondiscrimination and benefits. Click the player below to stream the podcast, or click download to save and listen later.

Also from the Small Business Majority, we report that the organization released on May 4, 2016 a scientific opinion poll showing the vast majority of small business owners in Colorado oppose proposed legislation allowing lenders to increase the interest they can charge on a $3,000 consumer loan. See the report, "Colorado Small Businesses Strongly Oppose Raising Loan Interest Rates."

Tomorrow, May 6, 2016 the Denver Office of Economic Development invites you to "Meet Your Maker!" From 3-6 p.m., InkMonstr Graphic Design & Printing (at 2721 W. Holden Place) has invited local manufacturers of cool gear to showcase Denver’s active lifestyle industry. This is the final in a series of events for National Small Business Week. See all.

Keep the momentum of Small Biz Week going next month with the Colorado Rockies. Colorado Small Business Development Center Network (CSBDC) invites you to its 3rd Annual Small Business Night at Coors Field on June 23. CSBDC is dedicated to helping existing and new businesses grow and prosper in Colorado by providing free and confidential consulting and no- or low-cost training programs. CSBDC has locations around the state with a team of business experts ready to help you create and retain jobs, secure loans, increase sales, win government contracts, obtain certifications and more. 

As COBRT has reported in the past two weeks, CSBDC along with several statewide small businesses, community organizations and financial institutions, launched a new website in honor of this year's Small Business Week. The website, www.coloradosmallbizweek.com, serves as the one place where Coloradans can find all the events and celebrations in honor of small businesses in specific communities across the state. 

For more on the national perspectives and policies affecting small business, check out the website and resources for the U.S. House Small Business Committee. Get the latest news and learn more about its key priorities: tax simplification, regulatory reform, increasing trade, access to capital and small business contracting.

COBRT has a unique and continued commitment to small business in that our president, Jeff Wasden, is on the Board of Trustees of the National Small Business Association, the nation’s oldest small-business advocacy organization, and operates on a staunchly nonpartisan basis. As we reported in February 2016, this is Wasden’s second time serving in an executive role for NSBA. He originally served on their national leadership council representing Colorado’s sixth district through the family business he co-owns.

The Internal Revenue Service (IRS) encourages small-business owners and self-employed individuals to check out several products to help them understand and meet their tax obligations. See the list here. Topics and tools include Payments to Independent Contractors, Simplified Home Office Deduction and The Small Business and Self-Employed Tax Center.