Denver-based developer Broe Real Estate Group (BREG) recently announced that it had begun work on the second phase of its redevelopment in the East Denver submarket of Cherry Creek.

The first phase of Broe’s Cherry Creek North redevelopment project is reportedly on track for its expected delivery in early 2023. The property at 200 Clayton incorporates roughly 76,000 square feet of premium Denver office and retail space across eight stories and is already fully leased.

Designed by The Beck Group, phase two of the project will add 175,000 square feet of mixed-use commercial space and bring large floorplate availability to the Cherry Creek submarket. Featuring premier retail space and institutional-quality East Denver office space complemented by high-standard amenities, 250 Clayton seeks to attract new businesses to the area. The design allows for the introduction of floorplates as large as 27,000 square feet.

“Cherry Creek North’s unsurpassed location and vibrant atmosphere continue to drive strong market demand for commercial office space, and 250 Clayton’s large floorplates open the market to new tenants,” said BREG CEO, Douglas Wells. “250 Clayton’s design has been directly shaped by market demand and the needs of larger tenants that have previously sought space within Cherry Creek North.”

The second phase of Cherry Creek North is expected to be well underway by Q4 2023. Notably, it will also accommodate the expansion of BREG itself in the same submarket that the company has called home for 40 years.

Mile-High Growth: Commercial Real Estate Thriving in Denver

Denver recently ranked among the top 20 markets for data center development in the U.S. Specifically, during the decade following 2012, the local digital infrastructure market expanded by 11% to surpass 4 million total square feet of data center space. At the close of 2021, Denver was the 11th-largest data center market in the country.

Investor appetite during that same 10-year timeframe has also boosted Denver among the top 10 data center markets for investment: More than 1 million square feet of data center space traded hands here since 2012 for a total of roughly $274 million. That ranked the market ninth-best of the decade by data center sales volume.

Office space in Denver has also been a strong segment of the local economy. According to the national office report published by CommercialEdge this November, Denver stood out as the third-most attractive West Coast market year-to-date. Deals closed here since the start of the current year amounted to the third-largest office sales volume in the Western U.S. (roughly $3 billion), behind only Los Angeles ($3.1 billion) and the Bay Area ($4.2 billion).

The local industrial real estate market is also looking up, with nearly 13 million square feet of new industrial space in Denver under construction as of October 2022 — an expansion of 5% of stock. Including planned projects, CommercialEdge reported that this added up to an expansion of a little more than 8% of stock.

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