Mountain West Real Estate Investment Market Report: November 2020
Can you guess the volume of construction waste generated annually by construction projects worldwide? What about the U.S. alone? According to a report from Construction and Demolition Recycling in 2018, the world’s yearly volume of solid waste will nearly double to 2.2 billion tons by the end of 2025. Construction waste makes up more than half of overall waste generated annually. This includes materials such as wood, shingles, asphalt, concrete, and metal.
Keep readingMarket Activity
Many analysts forecasted a collapse in rent collections as a result of the pandemic and unemployment. While they have not been quite as robust as in the past, they are outperforming expectations. The average rental rate in Denver is back above $1,500, which reflects pre-pandemic levels. Also, more than 1,250 units were absorbed in the third quarter – a 25 percent increase from the second quarter.
Market Activity
According to Cushman and Wakefield, Salt Lake City has established itself as a top tech market in the U.S. 9.6 percent of the state’s employment is in the technology sector. The growing, tech-savvy millennial population (23 percent of total residents) and an increase in venture capital investments are positively affecting demand for office space in the city. Tech employment in Salt Lake City is expected to grow by 13 percent in the next five years.
Market Activity
With construction deemed an essential business in the Dallas/Fort Worth region, 728,448 square feet of new office space was delivered in the third quarter. Two projects in Cypress Waters Office Park in the Las Colinas submarket accounted for 55.2 percent of completed construction in the quarter. Currently, there are 4.2 million square feet in the pipeline to be completed over the next 24 months.
