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May 15, 2013 Economic & Market Research / Land & Development Planning Landscape Architecture / Community Planning & Design Golf Feasibility Analysis Colorado.

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Presentation on theme: "May 15, 2013 Economic & Market Research / Land & Development Planning Landscape Architecture / Community Planning & Design Golf Feasibility Analysis Colorado."— Presentation transcript:

1 May 15, 2013 Economic & Market Research / Land & Development Planning Landscape Architecture / Community Planning & Design Golf Feasibility Analysis Colorado Self Storage Association’s 2013 Spring Meeting & Trade Show THK Associates, Inc.

2 Colorado’s Front Range  Approximately 4.1 Million People in 1.6 Million Households  Of Which 2.6 Million People Employed

3 Historical 10-Year Annual Totals  27,700 Jobs  58,500 People  28,000 Households  Employment growth only 7,000 employees past 5 years  25% of average 10-Year Projections Annual Totals  42,200 Jobs  66,000 People  26,700 Households Colorado’s Front Range

4 Residential Construction  19,000 Total Residential Permits Issued in 2012  10-Year Average 22,800  2012 Total 83% of 10- Year Average Colorado’s Front Range

5 Colorado vs. National Self Storage Market Colorado Self Storage Market vs. National Self Storage Market, 2013 Number ofArea SquareExisting Supply MarketFacilitiesFootage(Sq. Ft. per Person) National50,8592,999,155, Texas6,549386,194, Florida3,531208,223, Georgia1,62495,767, Washington1,57592,877, Michigan1,50288,572, Ohio1,47887,157, New York1,42984,268, Pennsylvania Arizona1,31977,781, Tennessee1,31477,486, Illinois1,28575,776, Colorado1,25774,125, Alabama1,24973,653, Missouri1,13166,695, Louisiana1,11065, Source: 2013 Self Storage Almanac and THK Associates, Inc. VS.

6 Front Range Self Storage Market Front Range Self Storage Market Overview, 2013 Denver Metro*Colorado SpringsNorthern Colorado** Front Range Total Approximate Number of Facilities Area Square Footage 20,519,9677,068,0004,112,51131,700,478 Population 2,920,000639,300567,2004,126,500 Households 1,160,000242,500215,5001,618,000 Employment 1,915,000367,000350,0002,632,000 Avg. Household Income $59,680$57,079$56,475$57,745 Sq. ft. / Population Sq. Ft./Households Sq. Ft./Employment Average Occupancy 85% - 90% 88% - 92%87% - 90% Average Facility SizeSq. Ft.60,22657,37643,83953,814 Units * Metro Denver is defined by Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, and Jefferson Counties **Northern Colorado is defined by Larimer and Weld Counties ***Data not found in the 2013 Self Storage Almanac based upon selective samples Source: Self Storage Almanac, Bureau of Labor Statistics, and THK Associates, Inc.

7 Front Range Self Storage Market Front Range Self Storage Rental Rate Overview, 2013 Market5x55x1010x1010x1510x2010x2510x3020x20 Denver/Aurora MSA*$48$75$120$140$165$180$200$250 $1.92$1.50$1.20$0.93$0.83$0.72$0.67$0.63 Colorado Springs MSA$40$60$95$120$135$155$170$200 $1.60$1.20$0.95$0.80$0.68$0.62$0.57$0.50 Northern Colorado**$35$50$75$90$105$120$135$155 $1.40$1.00$0.75$0.60$0.53$0.48$0.45$0.39 * Metro Denver is defined by Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas, and Jefferson Counties **Northern Colorado is defined by Larimer and Weld Counties ***Data based upon selective samples Source: 2013 Self Storage Almanac and THK Associates, Inc.

8 Colorado Springs/El Paso County  Approximately 639,300 People in 242,500 Households  Of Which 367,000 Million People Employed

9 Employment  10-Year Average 3,260 Jobs  5-Year Average 340 Jobs  2012 Added 1,500 Jobs  2011 Added 6,300 Jobs 10-Year Projections Annual Totals  5,500 Jobs  9,500 People  4,000 Households Colorado Springs/El Paso County

10 Residential Construction  2,620 Total Residential Permits Issued in 2012  2,020 or 78% for Single Family Homes  10-Year Residential Permit Average 3,880 Colorado Springs/El Paso County 10-Year Residential Demand  4,420 Units Annually  3,100 Single Family (70%)  380 Townhome (8.5%)  940 Multi Family (21.5%)

11 Colorado Springs/El Paso County Projected Commercial Space Demand Industry10-Year Annual Average Office415,000 Sq. Ft. Industrial471,750 Sq. Ft. Retail310,000 Sq. Ft. Hot Spots/Opportunities  In-fill, Downtown and Key I-25 Interchanges  Student Housing  Multi Family Rental  Affordable Single Family

12  Average Annual Demand for 1.7 New Facilities  Total Demand for 19.1 New Facilities by the End of 2023 Based on Average Facility Size of 57,376 Sq. Ft. Projected Colorado Springs Self Storage Demand, CumulativeAnnualCumulative AnnualSq. Ft.Additional Sq. Ft.New Sq. Ft. YearPopulationChangeDemanded ,3245,7207,121,88153, ,1605,8367,177,41655,535109, ,2508,0907,255,93678,520187, ,6609,4107,349,09493,158281, ,3409,6807,446,84297,748378, ,2909,9507,549,326102,484481, ,00010,7107,661,844112,518593, ,04011,0407,780,148118,305712, ,41011,3707,904,426124,278836, ,14011,7308,035,203130,777967, ,68011,5408,166,435131,2321,098,435 Average Annual Demand ( )9,936 99,858 1\ Based on estimated existing supply of rentable square feet per person in \ Assumes an average occupancy demand growth rate of 2.0% annually and a stablized occupancy rate of 85% Source: THK Associates, Inc.

13 Metro Denver 7-County Region  Approximately 2.92 Million People in 1.16 Million Households  Of Which 1.92 Million People Employed

14 Employment  10-Year Average 20,138 Jobs  5-Year Average 8,862 Jobs  2012 Estimates  24,000 – 37,000 Jobs 10-Year Projections Annual Totals  29,000 Jobs  45,000 People  18,000 Households Metro Denver 7-County Region

15 Residential Construction  14,300 Total Residential Permits Issued in 2012  6,200 or 43% for Single Family Homes  10-Year Residential Permit Average 14,500 Metro Denver 7-County Region 10-Year Residential Demand  18,500 Units Annually  10,800 Single Family (58%)  2,700 Townhome (15%)  5,000 Multi Family (27%)

16 Denver Metro Area Overview Projected Commercial Space Demand Industry10-Year Annual Average Office3,570,000 Sq. Ft. Industrial3,340,000 Sq. Ft. Retail1,500,000 Sq. Ft. Leading Sectors  Finance & Insurance  Health Care  Government  Professional & Technical Services Major Announcements  Charles Schwab  Redwood Trust  Hitachi Data Systems  Tri Zetto  On Deck Capital  Cool Planet Energy Systems

17 Proposed FasTracks Lines  94 Total Stops  46 Completed  48 Planned LineEstimated Completion # of New Stops US 36 BRT20156 Central20162 East20166 Gold20167 I North Metro20208 Northwest20207 Southeast20203 Southwest20201 Total48

18 Denver FasTracks TOD Development Totals as of Dec Housing Units24,439 Hotel Rooms6,336 Retail Space (SF)5.37 Million Office Space (SF)6.02 Million Civic Space (SF)2.3 Million Education Space (SF) 1.94 Million Medical Space (SF) 7.02 Million Convention Space (SF) 2.62 Million  Projects That Are Complete or Currently Under Construction Source: RTD FasTracks

19 Denver In-Fill Downtown  Downtown Denver Partnership  72 Public & Private Sector Developments in the Past 5 Years  6,061 Residential Units Added/Under Construction  2.36 Million Sq. Ft. Office Space Added/Under Construction  2,190 Hotel Rooms Added/Under Construction  42% of Projects Residential

20 New Denver Area Hospitals  Sky Ridge – Highlands Ranch  Parker Adventist – Parker  Fitzsimons Campus – Aurora  University Hospital  Children’s Hospital  Veteran’s Hospital  St. Anthony Hospital at the Federal Center – Denver  Castle Rock Hospital at the Meadows – Castle Rock  Northern Hospital Cluster along Hwy 7 & I-25 – Broomfield  Rocky Vista Hospital – Parker  Platte Valley Medical Center – Brighton  Longmont United Hospital – Longmont  Children’s Hospital at Highland’s Ranch  University North/Poudre

21  Average Annual Demand for 5.5 New Facilities  Total Demand for 82.0 New Facilities by the End of 2023 Based on Average Facility Size of 60,226 Sq. Ft. Projected Metro Denver Self Storage Demand, AnnualCumulative AnnualAdditional Sq. Ft.New Sq. Ft. YearPopulationChangeDemanded 20132,918,91437,481245,3441,535, ,957,16038,246255,3581,790, ,997,14039,980272,2762,063, ,039,38042,240293,4212,356, ,083,57044,190313,1062,669, ,129,78046,210333,9663,003, ,177,19047,410349,4923,353, ,226,31049,120369,3393,722, ,276,73050,420386,6974,109, ,328,49051,760404,9134,514, ,381,65053,160424,1824,938,254 Average Annual Demand ( )46, ,645 1\ Based on estimated existing supply of rentable square feet per person in \ Assumes an average occupancy demand growth rate of 2.0% annually and a stabilized occupancy rate of 85% Source: THK Associates, Inc.

22 Larimer/Weld County Region  Approximately 567,200 People in 215,500 Households  Of Which 350,000 People Employed

23 Employment  10-Year Average 4,330 Jobs  5-Year Average (2,600) Jobs  2012 Added 3,200 Jobs  2011 Added 3,000 Jobs 10-Year Projections Annual Totals  7,700 Jobs  11,500 People  4,730 Households Larimer/Weld County Region

24 Opportunities in the Niobrara Formation  Colorado Produced a 50-Year High in Oil Production in 2012  Major Oil Company Corridor Follows Highway 85 North of Brighton  Major Companies Involved  Anadarko, Noble, EOG, Chesapeake, Halliburton, Schlumberger, Baker Hughes, etc.  Estimates Call for Approximately 1,000 Wells to be Drilled Each Year for the Next 10 – 30 Years Larimer/Weld County Region

25 Residential Construction  2,100 Total Residential Permits Issued in 2012  1,560 or 75% for Single Family Homes  10-Year Residential Permit Average 4,515 Larimer/Weld County Region 10-Year Residential Demand  5,000 Units Annually  3,600 Single Family (70%)  200 Townhome (5%)  1,200 Multi Family (25%)

26 Larimer/Weld County Region Projected Commercial Space Demand Industry10-Year Annual Average Office607,000 Sq. Ft. Industrial768,000 Sq. Ft. Retail500,000 Sq. Ft. Hot Spots/Opportunities  Highway 85 Corridor  Brighton, Fort Lupton, Greeley  Harmony Medical Corridor  Windsor  Frederick, Firestone, Dacono  Fort Collins, Rental & In-Fill  Timnath

27  Average Annual Demand for 2.0 New Facilities  Total Demand for 25.7 New Facilities by the End of 2023 Based on Average Facility Size of 43,839 Sq. Ft. Projected Northern Colorado Self Storage Demand, CumulativeAnnualCumulative AnnualSq. Ft.Additional Sq. Ft.New Sq. Ft. YearPopulationChangeDemanded ,2437,6774,308,25553,933249, ,92010,3904,382,70874,452270, ,31010,6704,460,69577,988348, ,98010,9804,542,55481,859430, ,96011,2704,628,25585,701515, ,23011,5804,718,07589,820605, ,81011,9104,812,30194,227699, ,72012,2404,911,07698,774798, ,96012,6005,014,789103,713902, ,56012,9505,123,515108,7261,011, ,51013,2505,236,985113,4701,124,473 Average Annual Demand ( )11,227 89,333 1\ Based on estimated existing supply of rentable square feet per person in \ Assumes an average occupancy demand growth rate of 2.0% annually and a stabilized occupancy rate of 85% Source: THK Associates, Inc.

28 Front Range Self Storage Hot Spots  Denver CBD  Union Station  Highlands/Jefferson Park  RidgeGate, Parker & Castle Rock  South Aurora  Hwy 85 Corridor  Brighton to Greeley  Harmony Medical Corridor  Central Boulder  Colorado Springs CBD  Woodmen Rd/Falcon Corridor  Powers Blvd (Hospital Corridor)  Central Pueblo  Pueblo West

29 Daniel M. Conway President


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