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Denver Commercial Real Estate Getting High From Legalization Of Marijuana
Some view this change as a positive impact to the local tourism industry, as people may be coming to Denver to smoke pot. Others suggest that the legal marijuana boom might be scaring away some tourists who don't like the idea-or smell of it.
Despite the opposing views, there is one area of the economy that has been boosted by legal weed: Denver's Commercial Real Estate.
Exactly how much real estate is unclear, but some estimates are eye-popping. This year 3 million square feet or more purchased and probably another 2 million leased in nondescript warehouse spaces turned into massive marijuana growing operations.
Even conservative estimates acknowledge the fundamental impact on Denver's mainstream real estate market. Estimates predict the impact of growing operations at merely 1.5 million square feet. This contribution to the local economy got Denver through the recession.
It helped keep the vacancy rate in check during the downturn. The rate was 8.6% at it's worst and is now very tight around 5%.
It's an interesting perspective to keep in mind on an ongoing controversial subject. The up and down sides may seem to balance things out.
As a Full Time real estate agent for the past 23 years, Sheryll has helped hundreds of home owners in Colorado buy and sell their homes. Sheryll's easy going, no pressure style and her in depth knowl....
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