According to a new report, commercial construction in Colorado is steadily on the rise, especially hotel construction in Denver. In fact, research company STR Inc. found Denver to rank as one of the nation’s leaders for new hotel construction in the U.S. While hotel construction may be making waves in the Denver area, the commercial construction boom isn’t limited to the hotel industry or the Denver area. Commercial construction in Colorado overall is on the rise due to supply and demand. In commercial construction, Colorado Springs based iiCON Construction Group President, Greg Collier, agrees that the construction boom is supported by a stronger economy.
Commercial Construction on the Rise
Overall, commercial construction has experienced over an 8 percent increase from 2011 to 2016, largely due to the demand for office spaces since 2012. With the corporate profit increase, the private sector is now investing in new commercial space. In addition, the decrease in office vacancy has led to a positive revenue growth among new office developments based on supply and demand.
Office spaces aren’t the only sector to be driving new commercial construction. The need for new construction, additions, alterations, maintenance, and repairs of retail, hotel, agricultural, office, and entertainment buildings has helped fuel the commercial construction industry.
Commercial Construction: Colorado Springs Embraces New Construction
With cites in Colorado now ranking among the top in the nation for commercial construction, now is the time to join the demand for new commercial buildings. Whether you need commercial office buildings, retail centers, or government buildings, Colorado Spring’s general contractors are paving the way for a stronger economy.
If you have a commercial construction project in Colorado Springs, iiCON Construction Group has the solutions you need for projects of all sizes.