According to the Denver Business Journal, commercial construction is expected to increase in 2008, due to a strong commercial real estate market in the Denver area. Commercial builders expect a 10% increase in spending in 2008, completely opposite of what residential builders are seeing.
With 2007 being a very strong year for office space absorption, many new speculative office buildings are planned to be built, both in Downtown Denver and the DTC. A few of the large projects coming in 2008: a new state prison in Canon City, relocating St. Anthony's hospital from Denver to the Federal Center in Lakewood, and a new VA hospital at Fitzsimons. The energy boom is also driving new construction, particularly in the mountains and western slope. The bad news? National economists say they expect prices for materials such as steel and copper to continue to rise in 2008.
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