Overview of the Residential and Commercial
Real Estate Market in Colorado
With more than 300 wildlife areas, 13 national parks, and 42 state parks, Coloradans value the crisp mountain air that comes from having 75 percent of the land area in the United States with an altitude above 10,000 feet. The Centennial State turned down the 1976 Winter Olympics due to cost and the pollution that the millions of visitors would bring to the area. Denver has the largest city park system in the country. It covers more than 20,000 acres and includes 205 parks. According to the U.S. Census, Denver is Colorado's largest city and has a population of 649,495. The median household income of $49,091 is lower than the state's median household income of $58,244, but the median value of a single family home for Denver ($246,300) is higher than the median home value for the state of Colorado ($236,000). With approximately 3,922 people per square mile in the city compared to 49 per square mile across the state, 45.8 percent of Denver residents live in multi-unit structures. The homeownership rate for the city is 50.4 percent, and 65.9 percent across the state. State-wide unemployment was 5.3 percent for July of 2014 and most industry experts expect Colorado's real estate market to remain steady.
For the third quarter of 2014, retail vacancy in the Colorado Boulevard-Midtown area of Denver was at 2.8 percent, according to the Denver Business Journal. The average lease rate for retail space in that same area was $20.35 per square foot. Across the metro area of Denver, the asking rate for office space was $22.71 per square foot and the average asking lease rate for industrial space was $6.72 per square foot. These record high rates have spurred new construction and growth is expected to continue.
Office Rental and Executive Suites in Denver, CO
How to Become a Realtor in Colorado
Real estate agents in Colorado are under the governance of the real estate division of the Colorado Department of Regulatory Agencies. The agency promotes a balanced and sensible approach to regulations. For anyone with a real estate license in one of the other 49 states, Colorado will accept their application for a Colorado real estate license with limited education and exam requirements. Colorado has three levels of license for real estate agents: Associate Broker, Independent Broker, and Employing Broker. To obtain an Associate Broker license applicants must complete 168 hours of pre-license courses. Applicants then must pass the broker exam and submit a set of fingerprints to the Colorado Bureau of Investigation. Applicants also have to pay a fingerprint processing fee and investigation fee. To upgrade to the level of employing broker, independent level brokers must complete a 24 hours of training on broker administration. Real estate licenses renew every three years on the anniversary date of their original issue. To remain active, licensees must complete 24 hours of continuing education training during each three-year license renewal period.