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State of Downtown 2018 Table of Contents

01 Key Facts

02 Year in Review

05 Rankings 12 Mobility

06 Development 14 Residents

08 Office Market 16 Retail

10 Talent 18 Public Space

20

22 Benchmarking

Produced by the Partnership, a non-profit business organization dedicated to building an economically powerful center city.

downtowndenver.com Highlights 2018 State of Downtown Denver

39.3% of downtown downtown residential 74% increase in tech employees commute population has tripled employment since by transit since 2000 2010

“With the abundance of talent in Denver, we know it’s a perfect fit.”

– James Quarles, 133,500 downtown $2.3 billion of investment CEO, Strava employees, an all through developments in time high the pipeline 265 68% of downtown residents tech startups formed 3.3% retail have a bachelor’s degree over the past three vacancy rate in or higher years Downtown Denver

79% average hotel 45,000 college 4,525 residential occupancy in Downtown students in Downtown units in the Denver Denver pipeline 1

Produced by the Downtown Denver Partnership Year in Review

Downtown Denver enjoyed a record-setting year in 2017. This growth and prosperity is driven by the Downtown Denver Partnership’s vision and strategy to build an economically powerful center city.

Record-Setting Year The rise of Downtown Denver continued throughout 2017 and the first half of 2018, establishing record highs for employment, residents, hotel occupancy, and tech startup formation. City builders throughout Denver have supported investments that are providing an extraordinary return—investments in strategic planning, transit, arts and culture, technology, infrastructure, parks and recreation, conventions and visitors have all created an environment that has propelled our economically powerful center city forward.

Highlights from the 2018 State of Downtown Report include:

+ Downtown’s residential population has tripled since 2000, with nearly 23,000 people now living downtown. + Employment downtown reached a record-high of 133,478 people, which is up 2.5% from last year.

+ Over $1.35 billion in new development was completed in 2017 and early 2018, with another $2.26 billion under construction or planned. + Retail downtown experienced a solid growth year, with retail collections up 6.4% year-over-year. + Hotel performance is achieving modern day records with an average 79% occupancy rate and $186 average daily room rate for downtown hotels in 2017. + Technology employment is up 74% since 2010 with 626 technology businesses located in Downtown Denver.

2 2007 Downtown Area Plan > Mid-Point Reflection

The 2007 Downtown Area Plan set forth a 20-year vision to make Downtown Denver one of the most livable places in the world. Ten years into the plan, the next generation of downtown leaders are marking its mid-point with a determination to keep the plan relevant with focused energy for the next ten years. To achieve a vibrant, economically healthy, growing and vital downtown, Denver is showing a sustained effort in each of the plan vision elements, Prosperous, Walkable, Diverse, Distinctive, and . This continued effort reflects downtown’s commitment to planning with a purpose, building our center city, and making meaningful impact.

38TH ST

38TH AVE BOUNDARY E 37TH AVE E 36TH

LEGEND: ST MARION E 35TH AVE LAFAYETTE ST LAFAYETTE City of BRIGHTON BLVD E 34TH E BRUCE

ZUNI ST PECOS ST PECOS

Park HIGH ST VINE ST GILPIN ST RINO STRACE HIGHLAND 30TH ST FRANKLIN ST E 31ST AVE BLAKE ST LAFAYETTE ST LAFAYETTE

CURTIS PARK/ E 30TH AVEST GILPIN

2 WILLIAMS ST 0 E 29TH AVE N T FIVE POINTS SP H E ST MARION ER PLATTE ST CENTRAL VINE ST 25 PLATTE VALLEY CHAMPA ST

CommonsPark

HUMBOLDT ST HUMBOLDT HIGH ST HIGH JEFFERSON BALLPARK PARK AVE S P DENVER E 25TH AVE E UNION PARK E R STATION CENTER CITY E 24TH AVE CentennialGardens 16TH STLODO MALL Jefferson NEIGHBORHOOD Park

VINE ST

GILPIN ST RACE ST RACE

WILLIAMS ST BOUNDARY

Gates ST DOWNING

Crescent LINCOLN ST 20TH AVE Park E 20TH AVE

FEDERAL BLVD FRANKLIN ST FRANKLIN E 19TH

RACE STRACE CENTRAL E 18TH AVE AURARIA BUSINESS UPTOWN Civic

Center VINE ST DISTRICT ST HUMBOLDT

Park GILPIN ST E 16TH

W COLFAX AVE ST WILLIAMS W COLFAX AVE HIGH ST Civic Center Park E 14TH AVE

E 13TH AVE ST RACE DOWNTOWN Rude

GOLDEN B

Park E SPEER BLVD

GRANT ST GRANT R

VINE ST O DENVER Lincoln TRIANGLE ST HUMBOLDT

Park A

D CAPITOL BOUNDARY W LA ALMA/ W

A E 11TH AVE

HILL LINCOLN PARK Y

SUN VALLEY SANTADR FE

All data in this report uses ST VINE W 8TH AVE E 8TH AVE the Downtown Denver

HUMBOLDT ST HUMBOLDT

RACE ST RACE A

I GILPIN ST GAYLORD ST GAYLORD

boundary, unless L

L I

E 6TH AVE FRANKLIN ST otherwise noted. W 3 HIGH ST E 6TH AVE

Produced by the Downtown Denver Partnership >

4 Photo Credit: Keri Geha Rankings

Highest increase in Top metro for small skilled labor business employment 1 - JLL, 2018 1 - Paychex, 2018 1. Denver, CO 1. Denver, CO 2. , D.C. 2. Seattle, WA 3. , PA 3. , TX 4. , MA 4. , TX 5. Portland, OR 5. Riverside, CA

Third best place to Third fastest growing live in the U.S. large city 3 - US News and World Report, 2018 3 - WalletHub, 2018 1. Austin, TX 1. Austin, TX 2. Springs, CO 2. Charlotte, NC 3. Denver, CO 3. Denver, CO 4. Des Moines, IA 4. Seattle, WA 5. Fayetteville, AR 5. Nashville, TN

Fourth best place for Fourth best city for business and careers working women 4 - Forbes, 2017 4 - MagnifyMoney, 2018 1. Portland, OR 1. Washington, D.C. 2. Raleigh, NC 2. Minneapolis, MN 3. Seattle, WA 3. Sacramento, CA 4. Denver, CO 4. Denver, CO 5. Des Moines, IA 5. , CA

Fourth most exciting food Fifth best economy city in America among large US cities 4 - Zagat, 2018 5 - Business Insider, 2018 1. Los Angeles, CA 1. San Jose, CA 2. Austin, TX 2. San Francisco, CA 3. , IL 3. Austin, TX 4. Denver, CO 4. Seattle, WA 5. Seattle, WA 5. Denver, CO 5

Produced by the Downtown Denver Partnership Development

With record setting numbers of downtown jobs, residents, and visitors, developers are finding downtown a prime location for new investment, with $2.3 billion of projects in the pipeline.

+ In 2017 and early 2018, 17 projects were completed in Downtown Denver, totaling $1,352,880,000 in investment and adding 1,711 residential units, 1,141 hotel rooms, and 1.1 million square feet of office.

+ As of mid-2018, there are 27 projects under construction and 8 planned for development in Downtown Denver, totaling $2,260,160,000 of investment and adding 4,525 residential units, 772 hotel rooms, and 2.7 million square feet of office to Downtown Denver.

+ The largest office project completed in the past year was Hines’ 1144 Fifteenth Street, a 40-story, 670,000 square foot, spec office tower that was nearly fully leased at opening in spring 2018. + The largest residential project completed in the past year was Holland Partner Group’s Union, adding 579 apartments adjacent to Denver and anchored by a flagship Whole Foods Market. + The largest hotel project completed in the past year was White Lodging’s Le Meridien/AC Hotel, featuring 495 new hotel rooms, 12,000 square feet of meeting and event space, and an outdoor rooftop bar.

$4.3$4.4 Billion Invested Over 5 Years

$1.5B $975M $742M $280M $940M

2014 2015 2016 2017 2018 (projected)

Denver continues to see strong demand from capital investors “ nationally and now globally. We see this demand continuing and look forward to Denver’s continued rise as a destination for investment capital.

6 – Mark Katz Photo Credit: Ryan Dravitz Senior Managing Director, HFF > Building for Growth 52 projects completed in 2017 & 2018, under construction, or planned

Residential Office Hotel Units Added SF Added Rooms Added

6,236 3,807,514 1,913

Leads to Leads to Leads to capacity for capacity for capacity for

7,700 13,400 680,000 NEW DOWNTOWN NEW DOWNTOWN NEW DOWNTOWN RESIDENTS EMPLOYEES VISITOR NIGHTS (Estimated) (Estimated) (Estimated, annual)

7 Photo Credit: Ryan Dravitz

Produced by the Downtown Denver Partnership Office Market

A downtown office location provides exceptional access to our regional talent pool and mobility options, driving 2.5% employment growth year- over-year and attracting a steady stream of business expansions.

+ Employment in Downtown Denver is at an all-time high of 133,478, a 2.5% year-over-year increase, compared to 1.9% year-over-year increase metro-wide and a 1.2% increase nationwide. + Downtown Denver has a total of 38,000,000 square feet of office space, up over 2% year-over-year. + While vacancy rates have increased slightly over the past few years to 11.4%, average lease rates have held steady at around $33/sf. + Downtown’s largest sectors are Professional/Business Services (31% of total employment), Government (19%), Leisure/Hospitality (16%), Financial Activities (12%), and Natural Resources/Construction (7%).

Largest Downtown Denver Employers* • Accenture • • Hyatt Regency Hotel • TIAA • • ALPS Fund Services • DaVita HealthCare at the Colorado • Transamerica • • Anadarko Petroleum Partners Convention Center Investments & • Anthem Blue Cross • Deloitte LLP • KPMG LLP Retirement *list includes Blue Shield • Encana • Mortenson Company • US private, for-profit • CenturyLink • Gates Corporation • Sheraton • Vertafore employers only

Downtown Denver OfficeOffice MarketMarket TrendsTrends TotalTotal DowntownDowntown Employment Employment Direct Vacancy Rates Direct Average Lease Rates (Per Square Foot) 135K 16% $35 130K 125K $30 120K 115K 11% 110K $25 105K 100K 6% $20 ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 15 15 15 15 16 16 16 16 17 17 17 17 1Q - 2Q - 3Q - 4Q - 1Q - 2Q - 3Q - 4Q - 1Q - 2Q - 3Q - 4Q -

Denver is geographically central to our business and will be a great location for our new headquarters and employees, offering a high quality of life, “ affordability, and access to premium cultural and recreational activities. 8 – Dave Welling, CEO, Mercer Advisors Recent Relocations and Expansions Companies that have announced a headquarters relocation or new office in Downtown Denver this past year include:

• Accelo • DTT Surveillance • Mercer Advisors • Strava • Thanx • Apple • Marketo • Mindflash • Switchfly • Vertafore • ChannelAdvisor • Mavrck • RLH Corp. • Tapingo • Xactly > Technology Hub Increasing Employment in Tech Industry 12,000 74% 10,000 8,000

6,000 Increase in tech employment in Downtown 4,000 Denver since 2010 2,000

2013 2014 2015 2016 2017

+ 63% 10,000 Growth in tech People are employed by high tech companies from companies in Downtown Denver 2010 to 2017 Tech employment represents 8% of total downtown employment

Increasing Technology Business Formation

209 46 50 56 70 94 101 626 tech businesses in 2017 Downtown Denver Years in + { in 2017 business 7 6 5 4 3 2 1 384 tech businesses in 2010 Downtown Denver { in 2010 147 27 25 43 38 47 57

Definition of "technology sector" follows NAICS codes for businesses in the high tech sector as defined by the Colorado Technology Association. Data from the Quarterly Census on Workforce and Wages. 9

Produced by the Downtown Denver Partnership Talent

Downtown Denver’s highly educated and in-demand workforce is growing to support the center city as an epicenter of business and innovation.

+ A downtown office location provides access to Metro Denver’s exceptional and growing labor force of over 1.6 million, 44% of whom have a bachelor’s degree or higher. + Metro Denver’s unemployment rate stands at 2.7%, one of the lowest in the country. Strong population growth balances a tight labor market. According to the 2017 Census population estimates, the grew by 10,000 residents last year and Metro Denver grew by 36,000 residents. + Over 45,000 students attend public, not-for-profit institutions of higher education in Downtown Denver, with an additional 10,000 attending various trade and private institutions that have classroom space downtown. + The Auraria Higher Education Center is a unique higher-education community located in Downtown Denver. The 150-acre campus is home to three distinct academic institutions: Denver (19,401 students), Metropolitan State (15,008 students), and the Community College of Denver (9,013 students). + Downtown is home to many of the region’s leading coding schools and bootcamps including Galvanize, General Assembly, SecureSet, Skill Distillery, and Turing School of Software and Design.

Denver has so many things going for it — an “ existing top-level talent pool, a burgeoning tech scene, and an overall environment conducive to helping us grow both our business and the business of our customers.”

– Amy Zupon CEO, Vertafore 10 Denver has proven “ to be an incredibly dynamic hub for talent.

– David Collier VP of Sales, Thanx

Access to Metro Denver’s > Robust Workforce

1,817,000 +260,000 100 PEOPLE total Metro Denver Metro Denver Metro Denver's labor force population growth approximate daily 2012-2017 population growth

150K+ 44% 68% percentage of Downtown percentage of Metro Denver students enrolled at Denver population with population with bachelor’s Metro Denver colleges bachelor's degree or higher degree or higher and universities

11

Produced by the Downtown Denver Partnership Mobility

Downtown Denver’s extensive network of mobility options is central to its strength and attractiveness as the economic hub of the region.

+ Downtown Denver has 9 rail lines, 19.4 of bike lanes and trails, 60 RTD routes including RTD Free MallRide and Free MetroRide, an extensive bike sharing network, and 4 carshare companies with 21 dedicated parking spaces.

+ Almost 60% of the Downtown Denver workforce uses transit, bikes, walks or shares the ride for its commute to work. The greatest increase in commuter mode share over the past five years is among bicycle use, which has almost doubled. + Transportation infrastructure continues to expand in Downtown Denver. Over the past year, Civic Center Station reopened after a $31 million renovation; portions of 19th and 20th Avenues and Grant and Logan Streets were converted to two-way complete streets with bicycle facilities; and the 14th Street bike lane was upgraded to a parking protected facility from Market Street to Court Place.

How 133,500 employees commute to downtown:

Transit Drive Alone Bike Walk Carpool Telework Motorbike /Taxi/ Vanpool 39.3% 39.0% 8.3% 5.4% 4.0% 2.2% 0.9% 0.9% 0.1%

In the process of relocating our regional headquarters to Downtown “ Denver, our employees ranked access to transit as one of the top two criteria for a new office. Denver’s investment in a strong mobility network is increasingly important as we grow our footprint here.

– Heather Larrabee 12 Executive Director of Marketing, Photo Credit: RTD Whole Foods Market Mobility Options in > Downtown Denver

Denver International Airport

Downtown 20 Denver TH S T B N

PARK AVE

N B DENVER B B B UNION STATION B B

25 B B B B B

B B B 16TH ST MALL CHAMPA ST B

B B 20TH AVE B B B

B B

B B B B B CIVIC B CENTER B STATION W COLFAX AVE

B B

RTD Free MetroRide B R O

RTD Free MallRide A D

E SPEER BLVD W

Bicycle FacilityLincoln A Protected BicyclePark Facility Y B Rail B B B-Cycle Stations

LEGEND Transit Center

13

Produced by the Downtown Denver Partnership Residents

Attracted to vibrant walkable districts and high-quality residential amenities, more people than ever before are choosing to live in Downtown Denver and its center city neighborhoods.

+ 80,271 people live in the center city boundary and 22,801 live in the Downtown Denver boundary. + The City of Denver has experienced rapid growth in recent years, adding over 100,000 residents since 2010. While annual population growth has slowed slightly from its peak in 2015, the city continues to add close to 30 people each day. + 4,525 residential units are under construction or planned for development in Downtown Denver. + The average rent for a one-bedroom apartment in Downtown Denver is $1,734 and the average rent for a one-bedroom apartment in the center city is $1,462. + The average price of the 537 homes sold in Downtown Denver in 2017 was $583,000, and homes sold for an average of $458/sf. In the center city neighborhoods, 1,535 homes sold in 2017 for an average sales price of $495,000 at an average of $411/sf. + The recent wave of apartment construction in Downtown Denver has brought the ratio of jobs to apartment units to a healthy 5.9 jobs per unit. According to a CBRE study, that ratio remains higher than many other peer markets, showing additional potential demand for apartment homes.

Downtown Denver Denver 199% population Residential Growth Growth growth 25,000 20,000 15,000 10,000 5,000

2000 2010 2018 census census estimate

Center City City 43% population Residential Growth Growth growth 90k 80k 70k 60k 50k 40k 30k 20k 10k 2000 2010 2018 14 census census estimate Downtown Denver demographics Center City Neighborhood demographics

Educational Attainment 42% 39% bachelor’s degree or higher: 2% 2% bachelor’s degree 18% 16% doctorate degree master’s degree 6% 4% professional % school degree 68 61%

Age & Gender Race / Ethnicity F 44% F 45% 76% 8% 4% 5% 6% 64% 16% 7% 3% 10% M 56% M 55% *34.3 *33.8 years years ASIAN ASIAN

*median age WHITE WHITE BLACK BLACK OTHER OTHER HISPANIC

Households Household Types

81% 78% 14,226 4% 9% Non-family Family Household (with child/children) 47,849

13% 10% 2% 3% $120,099 Family Family (Married, No Child) (Other, No Children) average household income Average Household Size

$92,595 1.4 1.6 household members household members 15 Produced by the Downtown Denver Partnership Retail

New jobs, residents and visitors attracted to a thriving downtown have generated extraordinary demand for new goods, services, and entertainment options, with retail sales up 6.4% year-over-year.

+ Downtown Denver has over 4,000,000 square feet of retail space with a 3.3% vacancy rate (down 31% year-over-year) and a direct average lease rate of $24.90 (up 5% year-over-year). + Retail sales tax collections in Downtown Denver have increased over 60% since 2010. Retail sales in Downtown Denver are increasing at a faster rate than retail sales in the City and of Denver overall.

+ Over two-thirds of Downtown Denver residents fit the “Metro Renters” Tapestry Segment. This demographic group is characterized by educated young-professionals who tend to rent vs. own, have higher than average incomes, prefer travelling without a car, and tend to live alone or with a roommate. The second most segment is “Laptops and Lattes,” who represent 20% of downtown residents. This segment has very high labor force participation rates, high salaries, and are health-conscious, environmentally-conscious, and image-conscious consumers.

Key Retail Sephora FlyWheel Free Market Announcements & Openings Target Whole Foods Warby Parker

Increasing Retail Sales Retail Distribution 12% 3% other manufacturing Total Retail Sales Tax $60M 6% bus. admin., $50M waste/remediation

$40M 5% information + $30M distributors $20M 7% clothing + $10M accessory stores

43% 24% ’10 ’11 ’12 ’13 ’14 ’15 ’16 ’17 restaurants hotel + other accommodation services

Target is thrilled to bring our first small-format store to Colorado and be part of a thriving community in Downtown Denver. 16 “ – Mark Schindele, Senior Vice President, Properties, Target >

17

Produced by the Downtown Denver Partnership Public Space

Downtown Denver’s public spaces function as the city’s front yard, connecting and engaging tens of millions of people each year.

+ Downtown Denver has 152 acres of parks and open spaces, including Commons Park (20 acres), Civic Center Park (12.5 acres), and Skyline Park (3.2 acres).

+ Shoemaker Plaza renovations were completed in 2017 and now offer greater and safer access to the with wider pedestrian and bike access. + Since 2014, the urban tree canopy has grown by over 18% in the Downtown Denver Business Improvement District. Due to a 2012 streetscaping project that increased the available soil volume for each tree, the tree canopy increased by 54% on 14th Street.

Denver is an outdoor city where our parks and public spaces are exceptional places that are a daily part of our urban lifestyle. The Outdoor Downtown master plan, completed “ in 2017, builds on our outdoor spirit and outlines key implementation strategies to realize the full potential of our great parks and public spaces.

– Wendy Williams, Director of Property Management, Vector Property Services, Co-Chair Outdoor Downtown Plan Executive Committee

5280 Loop - A New Public Space The Downtown Denver Partnership is nearing completion of the conceptual design for the 5280 Loop, a new and distinctly Denver amenity that will connect many vibrant and diverse center city neighborhoods through the great urban outdoors, creating a powerful sense of place. The 5.280-mile trail will transform underutilized streets to better link neighborhoods and connect people. Based on input from over a thousand downtown stakeholders, the 5280 Loop design repurposes our shared public spaces to create new green space and an intuitive and a safe route for the center city’s rapidly growing population of residents, employees and visitors to use active modes of transportation while engaging 18 in downtown’s unique neighborhoods, cultural landmarks, civic facilities and more. >

19

Produced by the Downtown Denver Partnership Tourism

Premier hotels, award-winning restaurants, and a world-class convention center, all connected by rail to the fifth busiest airport in the country, make Downtown Denver a global destination.

+ Denver International Airport (DEN) Average DailyDaily Room Room Rate Rate is the fifth-busiest airport in the $200 U.S., serving more than 61 million travelers annually. DEN serves over $180 190 nonstop destinations, including $160

26 international destinations in 11 $140 countries.

+ Denver tourism has been setting ’12 ’13 ’14 ’15 ’16 ’17 visitor records for 11 consecutive years, according to VISIT DENVER’s Revenue Per Per Available Available Room Room annual visitor profile study. Denver $150 welcomed 17.3 million overnight $140 visitors in 2016, driven by an $130 increase in leisure travelers, who $120 spent $5.3 billion. $110 $100 + The Colorado Convention Center, which hosts nearly 1 million ’12 ’13 ’14 ’15 ’16 ’17 attendees in the heart of Downtown Denver each year, will be undergoing a major renovation and expansion HotelHotel OccupancyOccupancy beginning in 2019. The fully-funded 80% expansion will make the Center the 78%

most high-tech, user-friendly meeting 76% and event space in the nation by 74% adding 80,000 square feet of flexible meeting space, 60,000 square feet 72% of pre-function space and a 50,000 square foot outdoor rooftop terrace, ’12 ’13 ’14 ’15 ’16 ’17 all of which will have views of the as well as the HotelHotel OccupancyOccupancy by by Month Month Downtown Denver skyline. 100%

+ Outdoor Retailer, the largest outdoor 90%

recreation expo and conference 80% in the country, chose Downtown 70% Denver as its new home beginning in 2018. Outdoor Retailer attracts over 60% 85,000 attendees annually across 50%

three shows (January, June/July, and 40% 20 November) with an economic impact Jul Apr Jun Jan Oct Feb Aug Nov Sep Dec Mar

of $110 million. May Downtown Denver > Hotel Scene

38 hotels and 10,300 hotel rooms

Over 500,000 sf of hotel meeting space

2,436 hotel rooms added over the past five years

$186 average daily room rate

79% hotel occupancy

$147 Revenue Per Available Room

21 Photo Credit: City of Denver

Produced by the Downtown Denver Partnership Benchmarking

With our rapid rise in recent years, Denver has moved up in weight class and now compares favorably with the best of the best cities across the country.

Peer-to-Peer Review Each year the State of Downtown Denver provides the development community a comprehensive, year-over-year analysis of the economic performance of Downtown Denver. This year, we are adding a benchmarking analysis, showing how Denver compares with 14 other peer and aspirational markets. This exercise is intended to help provide context to the growth and development of the . Compared to our past, Denver has experienced extraordinary growth; compared to our peers, we see opportunities to get even better.

Key Performance Indicators Among 15 Selected Metro Areas

Population Growth Educated Millennials Office Rent Pop. increase 2010-2017 % college grads age 25-34 Avg. asking rent/sf, direct (Source: US Census data) (Source: Brookings) (Source: JLL)

1. Austin 22.5% 1. San Francisco 54.8% 1. City $74.34 2. Dallas 14.7% 2. Washington DC 53.6% 2. San Francisco $73.44 3. Nashville 13.6% 3. New York City 47.5% 3. Los Angeles $39.75 4. Denver 13.1% 4. Minneapolis 46.9% 4. Austin $37.61 5. Phoenix 12.7% 5. Denver 46.0% 5. Washington DC $37.26 6. Seattle 12.2% 6. Austin 45.1% 6. Seattle $35.13 7. 11.0% 7. Seattle 44.8% 7. Chicago $31.26 8. 10.2% 8. Chicago 43.7% 8. Portland $28.04 9. Portland 9.9% 9. Nashville 41.9% 9. Denver $27.02 10. Washington DC 9.7% 10. Portland 40.7% 10. Dallas $26.64 11. San Francisco 8.8% 11. Atlanta 39.0% 11. Minneapolis $25.79 12. Minneapolis 7.3% 12. Los Angeles 34.8% 12. Nashville $25.78 13. Los Angeles 4.0% 13. Dallas 34.8% 13. Phoenix $24.91 14. New York City 3.7% 14. Salt Lake City 34.2% 14. Atlanta $24.17 22 15. Chicago 0.7% 15. Phoenix 29.2% 15. Salt Lake City $20.70 Startup Density Gross Metro Product Hours in traffic during peak # of startups per 1,000 firms GMP increase 2011-2016 (Source: INRIX) (Source: Kauffman Foundation) (Source: Brookings)

1. Salt Lake City 17 1. Austin 104.54 1. Austin 28.5% 2. Nashville 33 2. Dallas 94.17 2. San Francisco 25.9% 3. Phoenix 34 3. Denver 92.31 3. Nashville 23.5% 4. Denver 36 4. Los Angeles 92.26 4. Dallas 20.4% 5. Minneapolis 41 5. Phoenix 92.12 5. Denver 19.5% 6. Austin 43 6. Atlanta 89.93 6. Seattle 18.9% 7. Portland 50 7. San Francisco 86.50 7. Salt Lake City 15.6% 8. Dallas 54 8. New York City 86.48 8. Atlanta 14.9% 9. Seattle 55 9. Seattle 84.97 9. Los Angeles 14.5% 10. Chicago 57 10. Portland 82.82 10. Phoenix 11.8% 11. Washington DC 63 11. Nashville 82.22 11. Minneapolis 10.5% 12. Atlanta 70 12. Washington DC 78.05 12. New York City 8.2% 13. San Francisco 79 13. Chicago 74.68 13. Chicago 7.5% 14. New York City 91 14. Minneapolis 72.52 14. Washington DC 4.5% 15. Los Angeles 102 15. Salt Lake City n/a 15. Portland 2.5%

Job Growth Apartment Rent Young Firm Growth Non-farm job growth 2010-2017 Median rent for 1-bedroom Increase in jobs 2011-2016 (Source: BLS) (Source: aparmentlist.com) (Source: Brookings)

1. Nashville 39% 1. San Francisco $2,440 1. Austin 34.4% 2. Austin 37% 2. New York City $2,070 2. Salt Lake City 26.0% 3. Dallas 26% 3. Los Angeles $1,350 3. San Francisco 24.1% 4. San Francisco 26% 4. Washington DC $1,320 4. Nashville 24.1% 5. Denver 26% 5. Seattle $1,320 5. Denver 20.5% 6. Salt Lake City 25% 6. Portland $1,130 6. Atlanta 15.6% 7. Seattle 23% 7. Austin $1,120 7. New York City 12.8% 8. Phoenix 23% 8. Chicago $1,070 8. Portland 12.3% 9. Portland 22% 9. Denver $1,040 9. Dallas 11.8% 10. Atlanta 22% 10. Atlanta $1,010 10. Los Angeles 8.5% 11. Los Angeles 16% 11. Minneapolis $910 11. Chicago 7.1% 12. Minneapolis 15% 12. Nashville $910 12. Seattle 6.1% 13. New York City 15% 13. Dallas $880 13. Washington DC 4.8% 14. Washington DC 13% 14. Salt Lake City $850 14. Minneapolis 3.6% 15. Chicago 12% 15. Phoenix $830 15. Phoenix -0.7% 23

Produced by the Downtown Denver Partnership > DENVER CIVIC VENTURES DOWNTOWN DENVER INC. BOARD OF DIRECTORS 2017-2018 BOARD OF DIRECTORS 2017-2018 FOR MORE INFORMATION Downtown Denver Management Board Officers CONTACT Group Chair 2017-2018 Rob Cohen, IMA Financial Group, Inc., Chairman* Maja Rosenquist, Mortenson Construction, Secretary* Randy Thelen Bill Mosher, Trammell Crow Company* Mike Zoellner, ZF Capital, Vice-Chairman* Vice President, Economic Development Cullin Barry, Wells Fargo 303.825.6791 Board Officers Jim Basey [email protected] Trinidad Rodriguez, D.A. Davidson & Co., Chairman* Mike Bearup, KPMG LLP Emily Brett Amy Hansen, Polsinelli, Secretary* Scott Booker Senior Manager, Economic Development Sarah Rockwell, Kaplan Kirsch Rockwell LLP, Vice-Chairman* , 303.571.8216 Laura Aldrete, DEN Real Estate Steve Carter, 9News [email protected] Bruce Alexander, Vectra Bank Colorado Stephen Clark, S.B. Clark Companies John Beeble, Beeble Company Dana Crawford, Urban Neighborhoods, Inc. Raymond Bellucci, TIAA Lori Davis, Grant Thornton LLP* Ferd Belz, L.C. Fulenwinder David Eves, Public Service Company, an Xcel Energy Company INFORMATION Brianna Borin, Snooze, an AM Eatery Andy Feinstein, EXDO Management SOURCES Brent Bowman, Kaiser Permanente Cole Finegan, Hogan Lovells US LLP Sarah Semple Brown, Semple Brown Design Dorit Fischer, NAI Shames Makovsky 2007 Downtown Area Plan, Airports Frank Cannon, Continuum Partners/Union Station Neighborhood Co. Bob Flynn, Crestone Partners, LLC Council International, Auraria Higher Gene Commander, Gene Commander, Inc. John Freyer, Jr., Land Title Gurantee Company Education Campus, B-Cycle, City and Chris Crosby, The Nichols Partnership* Tom Grimshaw, Spencer Fane Britt & Browne, LLP County of Denver, Colorado Comps, Greg Feasel, Club Todd Hartman, Callahan Capital Properties Colorado Convention Center, Colorado Patty Fontneau, Cigna Scott Heimes Department of Labor and Employment, Chris Frampton, East West Partners Michael Hobbs, Guaranty Bank and Trust Company Quarterly Census of Employment and Dr. Everette Freeman, Community College of Denver Jim Holder, Holmes Murphy Wages, CBRE, Community College of Jon Gambrill, Gensler Kathy Holmes, Holmes Consulting Group Denver, CoStar, Denver Business Journal, Jerry Glick, Columbia Group LLP Dorothy Horrell, CU Denver Denver Infill, Denver International Airport, Tom Gougeon, Gates Family Foundation* Rick Hosley, Davita, Inc. Denver Metro Apartment Vacancy and Beth Gruitch, Rioja Vernon Irvin, CenturyLink Rent Survey, Denver Post, Development Ismael Guerrero, Denver Housing Authority* Walter Isenberg, Sage Hospitality* Research Partners, Downtown Denver Rus Heise Bruce James, Brownstein Hyatt Farber Schrek LLP* Partnership, Emily Griffith Technical Doug Hock, Encana Chris Jensen, JP Morgan | Chase* College, Headlight Data, Metro Denver Jennifer Johnson, NestBuilders Steve Katich, J.E. Dunn Construction Company Economic Development Council, Metro Jim Johnson, Johnson Nathan Strohe Kevin Kelley, Husch Blackwell LLP* State University of Denver, Nielsen Chris King, DPC Companies David Kenney, The Kenney Group Segmentation and Market Solutions, Katie Kramer, Boettcher Foundation Dick Kirk, Richard A. Kirk & Associates Rocky Mountain Lodging Report, RTD, Greg Leonard, Hyatt Regency Denver at Colorado Convention Center Gail Klapper, Colorado Forum U.S. BLS Current Employment Statistics, Adam Lerner, Museum of Contemporary Art Kim Koehn, K2 Ventures, LLC U.S. Census Bureau, University of Traci Lounsbury, Workplace ELEMENTS Tom Lee, Newmark Knight Frank Colorado Denver, VISIT DENVER Evan Makovsky, NAI Shames Makovsky* Laura Love, Groundfloor Media Scott Martinez, Snell & Willmer Lee Mayer, Havenly Pat McHenry, City Street Investors Chad McWhinney, McWhinney Bill Mosher, Trammell Crow Company* John Moye, Moye White GRAPHIC DESIGN Cindy Parsons, Comcast Katherine Ott, SlimGenics Derek Berardi | www.derekberardi.com Adam Sands, FirstBank Kevin Quinn, Citywide Gloria Schoch, MillerCoors Gary Reiff, Black Creek Group Mark Sidell, Gart Properties Jon Robinson, UMB David Sternberg, Brookfield Properties Marc Spritzer, MGMA Mark Stiebeling, Grand Hyatt Denver George Thorn, Mile High Development Frank Terrasi, CDM Smith Ellen Valde, PwC Rick Tucker, Hensel Phelps Paul Washington, JLL Joe Vostrejs, City Street Investors* Tracy Winchester, Five Points Business District Elbra Wedgeworth, Denver Health Robin Wittenstein, Denver Health David Wollard Gary Yamashita, DOWNTOWN DENVER BUSINESS IMPROVEMENT DISTRICT BOARD OF DIRECTORS 2017 * Downtown Denver Partnership Jon Buerge, Urban Villages Inc., Treasurer Management Group Dorit Fischer, NAI Shames Makovsky Gina Guarascio, Jones Lang LaSalle Austin Kane, Unico Properties LLC, Vice Chair David Kaufman, 910 Associates, Inc., Chair Rick Kron, Spencer Fane Britt and Browne, Legal Advisor Sandrena B. Robinson, Jones Lang LaSalle Bahman Shafa, Focus Property Group, Secretary 24

Photo Credit: Ryan Dravitz Photo Credit: Ryan Dravitz Photography

ABOUT THE DOWNTOWN DENVER PARTNERSHIP

For more than 60 years, the Downtown Denver Partnership has convened, collaborated and led a bold vision to build an economically powerful center city. With a bias for action, we invest for tomorrow and execute for today, converging the right people at the right time to make an IMPACT.

Guided by the 2007 Downtown Area Plan, we are a fast-moving, forward thinking, non-profit business organization with the foundational belief that every day is our chance to make the city a better place. Together with our more than 700 Member organizations, we are the leading voice for private sector businesses in the center city.

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Learn more: Published May 2018 by:

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