Millennial entrepreneurs are flocking to Denver. According to a new study conducted by NerdWallet, the Denver is ranked as the fifth best city for entrepreneurs in the millennial age group. The study was based on the Mile High City's friendliness to new businesses.
Millennials are usually defined as individuals between the ages of 25 and 34. The study ranked a total of 83 cities based on a variety of factors, including:
Based on the study's score scale, Denver scored a total of 59.97 points. Denver has become particularly well-known for its welcoming environment toward startups. This could prove to be quite important in terms of Denver's commercial real estate market moving forward. According to a report released by the President's Council of Economic Advisers, the millennial generation comprises one-third of the total U.S. population and will be responsible for shaping the country's economy for many years to come.
The Urban Land Institute recently named Denver as the fourth best city in the country for commercial real estate investment in the coming year in their "Emerging Trends in Real Estate" report. The report is based on a survey of commercial real estate professionals conducted by Price Waterhouse Coopers. Other top cities included Houston, Austin, and San Francisco. Among the factors contributing to Denver's selection in the top five cities was city's appeal to the millennial generation. Other factors included the city's industry exposure to both the energy and technology industries.
Denver certainly does seem to hold ample appeal for both millennial entrepreneurs as well as the tech industry. Earlier this year, it was announced that a 10-story office building would break ground next year as part of the Denver Tech Center. The building will be responsible for adding 300,000 square feet of office space. Planned for the corner of Arapahoe Road and Interstate 25, the property will be located adjacent to the Westin hotel, which is also slated to break ground next year. The project is expected to be completed by summer 2016.
Meanwhile, due to the influence of the millennial generation, the historic Five Points district in Denver is already undergoing a massive renovation. Currently, there are more than a dozen projects in varying stages of development. Many of those projects include retail, restaurant, and apartment buildings, all of which are designed to appeal to the increasing millennial generation in the Mile High City.