Denver was recently dubbed an “18-hour city” in a new report from the commercial real estate firm JLL.
The city basically holds the shopping opportunities, art spaces and sporting venues to keep residents entertained for up to 18 hours of their day. But unlike in New York or Los Angeles, there comes a time in the city when your best option is going to bed.
“We’re not New York, and we don’t want to be,” the Tale of Two Cities report states.
“Eighteen-hour cities are second tier real estate markets that boast above average urban population gains while offering lower costs of living and business compared to their first tier counterparts.”
Several commercial real estate reports are claiming now is the time to invest in “second tier” cities that are smaller than New York, Los Angeles, Chicago and Dallas.
But that’s not to say the city isn’t without its challenges for workers and companies. Commute times are longer and residents’ spending is lower than the U.S. averages, according to the report JLL released last week.
“Although softening in the (commercial real estate) market is on the horizon, continued positive net migration, decline in construction and low (loan) interest rates will allow Denver to remain highly desirable market,” the report states.
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