Heading into 2017, Broomfield is experiencing robust growth, development and investment, with unsurpassed low unemployment, declining vacancy rates, wage growth and influx of new and expanding businesses. Judging by the number of announcements and construction activity over the past 12 to 24 months, you could have already guessed that.
Broomfield continues to see a strong response from developers and businesses looking to expand and invest in the community. In 2016, more than $866 million of commercial and residential investment was planned or under construction. This included 16-plus projects with more than 2,300 projected jobs and 1.7 million square feet of net and new absorption that will come to the market in the next 18 to 24 months. Over the past two years, 28 companies have relocated or expanded in Broomfield. The office vacancy rate is 8.9 percent, industrial vacancy rate is 2.5 percent, retail vacancy rate is 11.5 percent, and the unemployment rate is 2.7 percent.
Here are some 2016 development highlights:
• The Partners Group, a Switzerland based-global private-markets investment manager, is planning to build their Americas operations headquarters.
• Viega, a German-owned pipe manufacturer, announced that they will be relocating and building their U.S. headquarters and training center.
• SCL Health continued to expand and grow its system-services headquarters by adding new jobs and associates to Broomfield. They currently have more than 1,200 associates.
• Arista, the premier bus-rapid-transit-oriented development along the 36 Creative Corridor, welcomed a new 80,000-square-foot UCHealth Broomfield Hospital; a 91,000-square-foot Class A mixed-use office building, with SpotX signing on as the lead anchor; and several new multi-family developments, retail and restaurant concepts, including Kevin Taylor restaurant group’s “Hickory & Ash.”
• JP Morgan Chase announced plans to build a state-of-the-art operations center at North Park.
• Etkin Johnson broke ground on Atria, a 173,380-square-foot, cutting-edge Class A office development.
• Ikea announced plans to build its second store at the northwest corner of Colorado Highway 7 and Interstate 25. The addition of a second store would make Colorado one of only eight states with more than one store.
“2016 set a new high-water mark for investment and development in Broomfield. Our economy is strong proving Broomfield is a great place to live, work, start and grow a business.” said Broomfield mayor Randy Ahrens.
Retail + hospitality
In 2016, Broomfield welcomed Jax Mercantile, Modern Market, Blaze Pizza and Ikea, to name a few. Flatiron Crossing super-regional mall added two new restaurants and one entertainment concept: Tokyo Joe’s, Bad Daddy’s Burger Bar and Puzzah next to the newly refashioned main entrance. Hotels along the 36 Creative Corridor recorded an occupancy rate of 75 percent in 2016. Several new hotels are planned and under construction that will add approximately 789 rooms when complete.
Small business + entrepreneurship
Broomfield and its partners continue to offer various programs and assistance to small businesses and entrepreneurs, including; one-on-one business advising services, Enhance Broomfield, a building-improvement program, the New Energy Improvement District and Enterprise Zone programs support.
Broomfield is a world-class “surban” city that boasts tremendous assets, premier location and access to major transportation corridors. With a highly educated workforce, leading-edge major companies and the opportunity to sustain and grow the next generation employment centers in the metro north region. Consider this:
• Broomfield was Named #1 Place To Live (24/7 Wall Street USA Today).
• Broomfield Among Best Places for STEM Graduates and Among the Best Cities in Colorado for Millennial Job Seekers (NerdWallet).
• Broomfield was recognized as one of the top 50 best places to live in America by Money Magazine (#25).
• Broomfield has seen a surge in multifamily development with more than 6,500 units that are planned, under construction or recently completed along the 36 Creative Corridor.
Did you know: Broomfield and its partners have plans to develop more than 30 million square feet of commercial mixed-use development along the north I-25 and Colorado Highway 7 corridor!
Looking forward to 2017 and beyond, Broomfield will continue to focus on business-development, redevelopment and repositioning key assets throughout the community that drive growth, investments and jobs. For more information, visit InvestBroomfield.com.
Bo Martinez is director of economic development for the city and county of Broomfield. Reach him at 303-464-5579 or email@example.com.