Denver Business Journal : Wal-Mart to close 269 stores, including 2 in Colorado

DAI-Walmart-US-logo 280Wal-Mart Stores Inc. — facing growing competition and pivoting to e-commerce sales — will close 269 stores worldwide, including two in Colorado.

The company — the nation’s largest retailer and Colorado’s biggest private employer — says 154 of the stores to be closed are in the United States. The company said about 10,000 of its U.S. workers will be “impacted” by the closures.

Two Colorado stores are slated to close, both in the Neighborhood Market format:

  • 8196 West Bowles Ave., Jefferson County (Littleton postal address); closing Sunday.
  • 2253 S Monaco Parkway, Denver; closing Jan. 28.

The Arkansas-based company (NYSE: WMT) — which operates the Walmart and Sam’s Cub chains — employs some 25,000 people in Colorado.

“Actively managing our portfolio of assets is essential to maintaining a healthy business,” President and CEO Doug McMillon said in Friday’s announcement. “Closing stores is never an easy decision, but it is necessary to keep the company strong and positioned for the future.”

The company said it considered “financial performance as well as strategic alignment with long-term plans” among other factors in deciding which stores to close. Almost all of the U.S. stores to be shuttered are within 10 miles of another Wal-Mart location.

About two-thirds of the U.S. locations to be closed are Walmart Express stores, the chain’s smallest format.

Wal-Mart has some 11,600 stores around the globe, with 4,500 in the U.S.

….

Nationwide, Wal-Mart still plans to open anywhere from 142 to 165 new U.S. stores in the fiscal year that begins Feb. 1, most of them in its Neighborhood Market format.

“It’s important to remember that we’ll open well more than 300 stores around the world next (fiscal) year,” McMillon said. “So we are committed to growing, but we are being disciplined about it.”

Re-posted by: Crosbie Real Estate Group
Read more: Denver Business Journal : Wal-Mart to close 269 stores, including 2 in Colorado
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Denver Business Journal | Denver remains one of the country’s hottest retail markets

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Denver Skyline

Denver remains one of the hottest retail markets in the country.

In September, only Portland, Oregon and Seattle grew larger, percentage-wise, in retail sales. Of the top 25 U.S. markets, Portland grew by 9.2 percent, Seattle grew by 6 percent and Denver grew by 4.6 percent, according to data collected by Applied Predictive Technologies (APT).

September was a strong month for retailers,” said Patrick O’Reilly, APT president and COO, in a statement.
The APT Index aggregates in-store sales data at over 100,000 retail chain stores and restaurants across the country to show how year-over-year sales performance changes.
The Denver retail market is expected to get a boost with the recent opening of RH, the rebranded Restoration Hardware, at the Cherry Creek Shopping Center.

Read more: Denver Business Journal | Denver remains one of the country’s hottest retail markets
Re-posted by: Crosbie Real Estate Group

Denver Business Journal : Denver rated America’s best place for business by Forbes

Denver is Amedenver coloradorica’s best place for business and careers, and Fort Collins is No. 10, Forbes magazine declares in its latest annual ranking.

“The Denver-Aurora-Lakewood metro area, home to 2.8 million people, is attractive for its diverse economy, highly educated labor force and outdoor recreational opportunities,” report author Kurt Badenhausen writes. “Companies are increasingly choosing Denver as the site for new operations or to relocate.”

Forbes’ report cites “Denver’s relatively central location [which] makes it a natural location as a distribution hub for the American West, while also supporting a number of growing industries in technology and telecommunications.”

Energy is “another staple of Denver’s economy,” it says. The report also lauds Denver for its arts and cultural scene, including the Denver Art Museum and Denver Performing Arts Complex, as well as “bustling neighborhoods such as LoDo, … filled with art galleries, restaurants, bars and clubs,” and its outdoor attractions.

Denver ranked No. 4 on Forbes’ list last year and Fort Collins was No. 5.

Other Colorado cities on Forbes best-places-for-business list:
Boulder, No. 26.
Greeley, No. 33.
Colorado Springs, No. 37.
Nationally, Raleigh, North Carolina, comes in at No. 2 after Denver, followed by Portland, Oregon; Provo, Utah; and Atlanta.

Read more: Denver Business Journal : Denver rated America’s best place for business by Forbes
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Business Insider I The 20 hottest real estate markets in the US

Spring is generally regarded as the most popular time of year to buy a house, but with that comes a bit of a buyer’s problem: competition.

Home prices were up and inventory was down in May from last year, according to a monthly analysis from Realtor.com.

Meanwhile, property listings turned over at a much higher rate, contributing to the high-pressure situation that is finding and purchasing the right home.

Many of the places with the hottest markets in May will come as no surprise to consumers — most are in California. Realtor.com determines “hot” markets based on two factors: the median inventory age in the market and the number of views per listing on Realtor.com, and the 20 hottest markets rank in the top 50 in both metrics.

Nationwide, a home is on the market for a median 66 days, and in the hottest markets, inventory turns over eight to 45 days more quickly than in the rest of the country.

Based on data from the first three weeks of May, Realtor.com determined the 20 metropolitan statistical areas (MSAs, as determined by the U.S. Census Bureau) with the hottest markets this spring.

20. Stockton/Lodi, California
April 2015 rank: 38

19. Columbus, Ohio
April 2015 rank: 22

18. Manchester/Nashua, New Hampshire
April 2015 rank: 31

17. Oxnard/Thousand Oaks/Ventura, California
April 2015 rank: 13

16. Austin/Round Rock, Texas
April 2015 rank: 14

15. Los Angeles/Long Beach/Anaheim, California
April 2015 rank: 15

14. Fargo, North Dakota/Minnesota
April 2015 rank: 12

13. Boulder, Colorado
April 2015 rank: 17

12. Sacramento/Roseville/Arden-Arcade, California
April 2015 rank: 21

11. San Diego/Carlsbad, California
April 2015 rank: 10

10. Detroit/Warren/Dearborn, Michigan
April 2015 rank: 11

9. Ann Arbor, Michigan
April 2015 rank: 9

8. Santa Rosa, California
April 2015 rank: 7

7. Santa Cruz/Watsonville, California
April 2015 rank: 8

6. Boston/Cambridge/Newton, Massachusetts
April 2015 rank: 6

5. Vallejo/Fairfield, California
April 2015 rank: 5

4. Dallas/Fort Worth/Arlington, Texas
April 2015 rank: 4

3. San Jose/Sunnyvale/Santa Clara, California
April 2015 rank: 3

2. San Francisco/Oakland/Hayward, California
April 2015 rank: 2

1. Denver/Aurora/Lakewood, Colorado
April 2015 rank: 1

Downtown Denver

These markets have seen tremendous demand and turnover for a variety of reasons. In many of the California locales, economic growth, combined with limited supply and high demand, make homebuying a bit of a mad dash. For places like Detroit and Ann Arbor, the hot market is driven mostly by affordability, in conjunction with economic recovery.

No matter where you’re looking for a home, it’s good to know what you’ll face in terms of competition, so you can better prepare yourself to make an offer when you find a desirable property. Before any of that, it’s crucial you work to improve your credit to the best of your ability and make sure it’s in good shape before house-hunting or applying for a mortgage. The better your credit, the more options you’re likely to have, even in a competitive market. You can check your credit scores for free on Credit.com.

Read more: http://www.businessinsider.com/the-20-hottest-real-estate-markets-in-the-us-2015-6
Re-posted by: Crosbie Real Estate Group

Denver Business Journal I Colorado’s retail real estate picks up; office and industrial steady

image_galleryRetail space in metro Denver lagged behind its office and industrial counterparts in terms of growth in the last parts of 2014, but the first quarter of 2015 brought a drop in vacancy rate and a corresponding increase in lease rates.

On average in metro Denver, retail vacancy rates dropped to 6.2 percent in the quarter, the lowest recorded figure since 2006, and the lease rate increased to $16.73 per square foot, triple-net, the highest rate recorded rate since 2009, according to the latest data from CBRE Group Inc.

Triple-net leases require the tenant to pay all operating costs such as taxes and utilities, as opposed to full-service leases, which require the building’s owner to pay these costs.

Improvements were led by Class A shopping centers, grocery stores and restaurants, said Jon Weisiger, senior vice president at CBRE. Continued demand in the housing market, particularly in the suburbs, also pushed the growth of retail in the first quarter, he said.

Market-wide, metro Denver’s retail segment experienced 234,355 square feet of positive absorption in the first quarter, a substantial improvement from 720 square feet of positive absorption in the fourth quarter of 2014.
Absorption rate refers to the amount of space purchased or leased in a given segment of the market.

Only two submarkets experienced negative absorption, with Aurora and west Denver giving back 39,127 square feet and 7,906 square feet, respectively.

The negative absorption in west Denver is fairly nominal, Weisiger said, and Aurora is heavy in Class C retail space and has recovered from the recession more slowly than some other parts of the metro area.

The remainder of 2015 should see continued increases in lease rates and decreasing vacancy, though the merger between Office Max and Office Depot could result in some big-box space being vacated, but it’s unclear how much space that might be.

Retail construction stayed strong in the first quarter, with 378,000 square feet of space developed, up from 75,000 square feet in the first quarter of 2014.

Investors also displayed more confidence in Denver retail, spending a total of $158.4 million on retail properties in the quarter, an increase of 54 percent from the same quarter last year.

Denver’s industrial market was also attractive for investors during the quarter, with 2.4 million square feet of industrial space trading hands, twice the 1.2 million square feet that sold in the first quarter of 2014. The 2015 number was given a substantial boost by Denver-based real estate investment trust DCT Industrial’s purchase of the Airport Distribution Center in Aurora, a 689,557-square-foot buy.

Purchasing activity was spurred in the quarter by record-low capitalization rates driven by continued low interest rates, said Todd Witty, first vice president at CBRE. High lease rates on industrial properties also helped drive purchaser demand.

The industrial market maintained the low vacancy rates that characterized the sector during 2014, with average vacancy in the metro area reaching 4.8 percent on the quarter. Lease rates on average reached $6.89 per square foot, triple-net, representing prices seen at historical market peaks, said Doug Viseur, first vice president at CBRE.

Tenants who last signed leases in 2010 when lease rates were depressed are now experiencing some sticker shock as they consider re-signing leases in 2015, he said, and often these companies had not budgeted for the rent increases, but they are well-capitalized enough to withstand the jump in rental rate, Witty said.

Rents are expected to continue on their upward trajectory, with potential double-digit increases across all types of industrial properties for the remainder of the year, in spite of the 2.7 million square feet of industrial space currently under construction in metro Denver. These elevated lease rates are expected to entice more developers to the industrial pipeline, according to CBRE’s report.

Lease rates hit a record high in the office market in the first quarter at $23.69 per square foot, for a full-service lease, an increase of 5.9 percent over the previous year. The vacancy rate metro-wide was 12.9 percent.

Concerns about the drops in oil prices and layoffs at oil and gas companies continue to plague conversations about the downtown Denver office market, which took a large hit in the oil bust of the 1980s. But the impact is not expected to be so great this time, said Tim Swan, executive vice president and managing director at CBRE.

Denver’s job market is much more diversified now, he said, and those companies that have vacated space are smaller, or were holding onto space they were expecting to grow into and have now changed those plans. About 200,000 square feet of sublease space came onto the market in the Central Business District in the first quarter, a “blip” in a market with a total of 26 million square feet, Swan said.

Swan points to recent announcements by companies like financial services provider Transamerica and international cable provider Liberty Global that they would move their offices downtown as a sign of the diversity of downtown Denver’s office market.

Read more: Denver Business Journal I Colorado’s retail real estate picks up; office and industrial steady
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9News I Denver’s population boom changing neighborhoods

OLYMPUS DIGITAL CAMERATravel a couple of blocks from your home and you’ll see it. Construction projects are popping up everywhere in our city and in the suburbs. Whether we like it not, Denver is becoming a popular place to live.
Long-time residents remember a city without the Stapleton and Lowry neighborhoods. Many of those folks also remember a time when the Highlands neighborhood was a quiet area of mostly older homes.
Gail Wheeler remembers when her neighborhood was quiet too. We met her in July when her neighborhood in Jefferson Park was just beginning to change.
“They start early. They work late, and most of my neighbors say this is only the tip of iceberg, wait until the power tools start up,” Wheeler said, describing the sound of non-stop construction.
Wheeler lives near West 21st Avenue and Decatur Street in northwest Denver. She is living at the crossroads of modern and tradition. Modern is the word used to describe the 27 new townhomes going in on either side of Wheeler’s home. Her home would fall under the traditional category.

Read more: 9News I Denver’s population boom changing neighborhoods
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USA TODAY I The 10 richest cities in America

Downtown Denver

Downtown Denver

When you think of a rich city, do you think of a place with a ton of million dollar homes? Maybe a place with a lot of culture, job opportunities, or beauty? Many of the richest cities are in high-demand for these very reasons.

But, while some cities may be rich –that is, they have a lot of high earners — the cost of living in these places is really high as well. Your geographic location plays a large role in your cost of living — housing costs, utilities, food prices, and even how much you pay the sitter. So, things kind of balance out in a way.

Using information from FindtheBest, we created a list of the 10 richest cities in America. The list includes cities with a population greater than 500,000 that have the highest percentage of households earning at least $150,000 per year.

We’ve also included information on the corresponding salary a person needs to live comfortably in each of these cities. The salary a person needs to be comfortable in each city is based on studies finding the magic salary number — $75,000 — as the salary amount at which comfort is achieved.

We’ve adjusted this $75,000 upwards or downwards based on living costs in each city, using a cost of living calculator and comparing each city to Phoenix, Ariz. — a city with a moderate cost of living and a median income that’s close to the nationwide benchmark.

The richest cities

These are the 10 richest cities, and the salary a person would need to live comfortably in each of them:

1. San Francisco — You’d need $124,561 to live comfortably in SF.
2. San Jose — You’d need around $115,515 here.
3. Washington, D.C. — $108,092 would be a comfortable salary in the nation’s capital.
4. Seattle — $93,634 would be ideal here.
5. San Diego — You could be comfortable with a salary of $101,984.
6. Boston — $106,082 is what you’d need to be financially comfortable in this northern city.
7. New York City — To live comfortably, you’d need $131,365 in Brooklyn, $169,639 in Manhattan, and $116,907 in Queens.
8. Los Angeles — $102,061 would have you sitting pretty in LA.
9. Denver — $82,036 would be an ideal salary here.
10. Austin — Surprisingly, in spite of the high percentage of people earning over $150,000, you’d only need $72,912 to be comfortable in this Texas city.

Read more: USA TODAY – The 10 richest cities in America
Re-posted by: Crosbie Real Estate Group