Exponential growth in office-using employment could lead to increased occupancy
- Denver’s job market remains supercharged: this past decade, we’ve added 248,900 nonfarm employees to payroll—a level not achieved since February 1993 to 2003. In 29 years of economic history, 24 of those years have seen positive job growth, and Denver is growing at a rate 1.6 times higher than the national average.
- In mid-2018, employment in Metro Denver broke 1.5 million for the first time, however unemployment has climbed to 3.3 percent from an all-time low of 2.1 percent in April 2017. Still, Denver remains in the top 10 large metros for lowest unemployment and continues to outpace both the state of Colorado and the U.S. in 12-month job growth.
- Looking at only office-using employment, Metro Denver has seen 21.7 percent growth in office-using employment in the last 10 years. Through 2020, an additional 10,000 jobs are forecasted. So, how does that translate to demand? Assuming 175 square feet per person on average, this growth in jobs could spur 1.75 million square feet of new occupancy.
Source: JLL Research