Urban Land: “Denver and Pittsburgh…stand as the two most intriguing office markets in the country.”

The Nesbitt Group finds the following article/excerpt from Urban Land very promising for the Denver commercial office real estate market.

Excerpt from Urban Land, Opinion Office, “Leaders and Laggards” by John F. Sikaitis, July/August 2010:

“Development aligned with specific tenant demand and improving sectors – particularly the energy, education, medicine, federal government, and biotechnology sectors – presents the best opportunities for office development, office-market expansion, and long-term economic growth.

“…Denver and Pittsburgh, which have components of nearly all these sectors, stand as two of the most intriguing office markets in the country.

“Denver benefits from its position as a key market in the growing natural gas and shale gas sectors. Late last year, the Rockies Express (REX) natural gas pipeline began service, for the first time allowing transportation of Rockies gas outside the region – to points as far east as Ohio. As the federal government enacts legislation regulating carbon emissions, demand for natural gas as a clean energy alternative is likely only to increase.

“This potential, as well as additional pipeline projects proposed to the west and south of Denver, has led many companies to begin expanding their offices in the market, including Newfield Energy, which as added 66,000 square feet (6,100 sq m) of space in the central business district, and Conoco Phillips, which is developing a 432-acre (171-ha) corporate learning and technology center in Denver’s northwest submarket. Energy companies are expected to continue to expand their footprints in Denver, creating a market with the greatest potential for development.”

Later in the article, Denver is listed under the Leading category of markets.

As published in Urban Land, "Leaders & Laggards", by John F. Sikaitis, July/August 2010