Denver apartments cost more to rent

Apartment vacancies were down and rents were up in the last year's fourth quarter, compared to 2006's final period, said the Metro Denver Multifamily Vacancy and Rent Survey. The report is produced under the auspices of the Colorado Division of Housing and the Apartment Association of Metro Denver.

Next grand vista may be coming right up

Denver has little reason to exist, and that may be why its inhabitants excel at superlatives. Like most American towns, it has been through booms and busts, but Denver’s big surges have been more dramatic than most — gold, war, the space race, oil and then the dot-com rise and fall.

Last year Denver was dubbed foreclosure capital of America as the backwash from the sub-prime mortgage market swept through the city’s suburbs. Denver has been a victim of its own popularity — the real estate tumble followed an extended period of growth.

Denver's downtown office buildings saw the seventh-highest increase in rents

The Colliers study didn't include downtown Denver rental rates, but a recent study by CB Richard Ellis Inc. of Denver showed the average asking office rent in the Central Business District was $26.22 per square foot, as of last year's fourth quarter. The average metrowide office rent for the same period was $20.08 per square foot.

Downtown Denver office space constitutes 22.5 percent of the entire metro-area office market, according to CBRE.

Local housing market looking up, real estate economist says

Colorado should fare better than the rest of the nation when it comes to the housing market, according to one economist.

The fallout from defaults in subprime loans continues to make national headlines almost every day, said Lawrence Yun, chief economist for the National Association of Realtors.

But he advised a group of Longmont real estate agents Wednesday to ignore the national stories and focus on what’s happening locally.

Economist's forecast sees Denver housing turnaround

The only thing that is holding back the Denver-area housing market is "irrational pessimism" from prospective buyers.

That insight comes from Lawrence Yun, chief economist and senior vice president of real estate for the National Association of Realtors.

Industry generated $24.3B in Colorado

Colorado's commercial real estate industry had less of an economic impact in 2006, but still accounted for more than 10.5 percent of the state's economic output, according to a new study.

The study, by the Colorado chapter of the National Association of Industrial and Office Properties (NAIOP), found that the sector generated $24.3 billion last year. That figure is slightly lower than the commercial real estate sector's average performance in the state, because of the current construction downturn.

Commercial Real Estate More Than 10 Percent of Colorado's Economy

The commercial real estate industry was accountable for more than 10 percent of Colorado's state economy during 2006, according to a study commissioned by the National Association of Industrial and Office Properties. The study found that commercial real estate comprises 10.5 percent of the state's economy, totaling out to a value of $23.4 billion.

The state's three major metropolitan areas -- Denver, the northern Front Range and Colorado Springs -- had nearly 85 percent of Colorado's existing commercial and multifamily properties, with metro Denver alone representing nearly 58 percent of existing income-producing square footage, the study found.

Denver real estate developer indicted

A Denver grand jury has handed down an indictment for felony theft against condo developer Erik Osborn. The indictment was released on Monday.

The developer is expected to surrender himself to be booked this week, according to Lynn Kimbrough, Denver District Attorney's Office spokeswoman.

Joe Morales, chief deputy district attorney in the office's economic crime unit, had no comment Monday about the indictment.