Greetings, it’s Renee Cohen, your reliable real estate specialist in Colorado. Today, I want to delve into an intriguing evolution that’s sweeping over Greenwood Village and the surrounding Denver Tech Center (DTC) – the rise of technology, its impact on luxury real estate, and the fast-paced growth of the tech industry in the area.
With the population of the DTC and Greenwood Village area surging by over 10% between 2010 and 2020, this region is one of the most rapidly developing in Colorado. The area has become a major technological hub, attracting some of the biggest names in the industry, including Arrow Electronics, Comcast, and Fidelity Investments.
The Denver Tech Center Boom
Since 2011, the DTC region has added nearly 12 million square feet of combined office, industrial, flex, and retail space, according to the latest data from the Denver South Economic Development Partnership. This substantial growth is a clear testament to the economic potential of the area.
One of the most noteworthy recent expansions in the region is the opening of a new office by software developer Dynatrace. Headquartered on the East Coast, Dynatrace has chosen to extend its national footprint with an office in Denver. The company, renowned for providing organizations with AI-powered observability technology, has made a substantial commitment to the Denver area. Over the next two years, its new office in LoDo is expected to accommodate 400 employees across sales and customer service roles. As of now, it’s already on pace to fill 100 local roles by the end of the month.
Major projects currently in progress include the Westray Tower 1, set to add over 351,000 square feet of office space, and the BlueScope Logistics Center II, which will offer nearly 305,000 square feet of industrial space. The arrival of Dynatrace and the ongoing development of such substantial projects demonstrate the rapid technological and industrial growth occurring in the Denver Tech Center.
Tech Industry Growth and Luxury Real Estate
The rapid development of the tech industry in the DTC has had a profound impact on Greenwood Village’s luxury real estate market. Many high-net-worth individuals and affluent families, attracted by the growing tech sector, are seeking high-end homes in the vicinity. This increased demand is driving up property values and stimulating further development of luxury properties, offering smart home technologies and top-tier amenities.
To put this into perspective, over the past three years, Greenwood Village and the DTC area have seen remarkable real estate growth. According to local market reports, the median sale price of homes in Greenwood Village has increased by over 15% during this period, reflecting the high demand for luxury homes. Furthermore, new construction in the DTC area has risen significantly, with an increase of over 20% in building permits for new residential properties, particularly in the luxury segment.
Meanwhile, the luxury real estate market in Greenwood Village is demonstrating strong resilience, with average days on market decreasing by 10% over the past three years. This suggests that luxury homes are selling faster, further indicating the strength of the market.
The robust growth of the tech industry, coupled with the strong performance of the luxury real estate market, makes Greenwood Village and the DTC extremely attractive for both real estate investment and upscale living.
Greenwood Village: An Emerging Entertainment District
In 2019, Greenwood Village established an entertainment district to invigorate the area. Building owners were offered sales tax incentives to fund renovations and repurpose their retail spaces. This initiative has been successful, with retail vacancy rates reaching historic lows. The district has attracted a variety of restaurants and bars, including the upscale Rouge Wine Bar & Patio, Pindustry, and popular fast-casual chain Shake Shack.
In the words of Greenwood Village Mayor George Lantz, “There’s a lot of companies leaving downtown Denver right now based on issues that are taking place there — and so we’re the beneficiary of that.”
In conclusion, the intersection of technological growth, real estate development, and local initiatives in Greenwood Village and the DTC is creating a dynamic, thriving community. As your local real estate expert, I’m here to help you navigate these changes and seize the opportunities they present.
Stay tuned for more insights into the Greenwood Village and DTC markets. As always, feel free to reach out to me, Renee Cohen, for any of your real estate needs.
Until next time!