Broomfield continues to see positive economic growth

The city and county of Broomfield reported positive economic indicators through the first half of 2015, with growth in employment, consumer activity and the commercial real estate market. Total employment in Broomfield rose 1.8 percent between the fourth quarters of 2013 and 2014; the unemployment rate fell to 3.9 percent in the second quarter of 2015, recording the lowest second quarter unemployment level since the second quarter of 2007, when the rate was 3.3 percent.

Broomfield’s top business sectors are professional and business services, retail trade, financial services, IT/software, and education and health services.  The commercial real estate market reported continued improvement between the third quarters of 2014 and 2015. All four commercial property types recorded declining vacancy rates over-the-year. 

The Broomfield office market vacancy rate through the second quarter 2015 is 8.6 percent, compared with 10.8 percent for the metro Denver region.  New tenants include SCL Health corporate headquarters, Nuventra Pharma Sciences, Alteryx and aWhere.  Combined, these companies have brought more than 1,100 jobs to Broomfield.  First Choice and the University of Colorado Health broke ground on a 52-bed, 87,000-square-foot hospital in Arista that is slated to be completed in late 2016.  In June, Wiens Capital broke ground on Arista Place II, a five-story, 82,000-square-foot office and retail building at 8181 Arista Place. 

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The industrial market reported a vacancy rate of 4.3 percent during the second quarter of 2015, a 1.1 percent decline compared with the second quarter in 2014.  ProCraft Mechanical announced an expansion in Broomfield, resulting in 140 new jobs.  The city continues to work with the new owners of the former Microsemi site, Norstar Commercial, to redevelop this brownfield site in Broomfield.

The retail market vacancy rate was 11.6 percent during the second quarter of 2015, a 1.7 percentage point decline in vacancy compared with the previous year’s level.  Several new restaurants opened in Broomfield, including Scalzotto Italian Restaurant at 88 Lamar St., and Go Fish Sushi at 2055 W. 136th Ave.  Drake Real Estate Services announced several new restaurants coming to Broomfield at 4660 W. 121st Ave.  They include Dunkin Donuts, Mod Market, Blaze Pizza and Costa Vida Mexican restaurant.  Sales-tax revenue collection through the second quarter of 2015 was $24,018,428, an increase of 4.8 percent compared with the prior year. 

The apartment vacancy rate was 5.4 percent through the second quarter of 2015, an increase of 0.9 percentage points compared with the prior year. Broomfield’s vacancy rate is slightly higher than metro Denver’s rate at 4.5 percent.  Over the past 24 months, there have been more than 3,000 units that are under construction or recently completed along the U.S. 36 Creative Corridor in Broomfield.   This area is the second-hottest multi-family market, behind only lower downtown Denver.

In the summer, Broomfield launched the “Enhance Broomfield,” program designed to assist new and expanding business owners with the improvement of commercial and industrial zoned properties in the city and county of Broomfield.  Since then, the city has approved four projects totaling $100,000. 

The state of Colorado Economic Development Commission approved and designated three areas in Broomfield as part of the Enterprise Zone program.  Businesses that are located in an enterprise zone can qualify for up to 10 tax incentives through the state. The program will be active on Jan. 1, 2016.

Looking forward to 2016, Broomfield will continue to focus on business-development efforts that include driving growth and investment along Colorado Highway 7 and the Interstate 25 corridor and throughout the community; implement the Civic Center Master Plan in partnership with a selected private sector developer which calls for mixed-use development in a park type setting; work with the property owners and developers to re-tenant and reposition vacant big-box retail along the 120th Avenue corridor; and complete a citywide retail study. 

For more information on Broomfield, go to www.InvestBroomfield.com

Bo Martinez is director of economic development at the city and county of Broomfield. He can be reached at bmartinez@broomfield.org.