Colorado is widely recognized as one of the best states to do business in. For many years running now, the Centennial State has ranked in the top 10 of Forbes’ annual analysis of business costs, labor supply, regulatory environment, economic climate, growth prospects, quality of life, and population. One essential point of clarification for Colorado as an ideal state to do business in is that the state ranks in the top three for labor supply and economic climate, while 80 percent of other states beat out Colorado in the analysis of the cost of doing business. What does this mean for small business owners in Colorado? The cost of doing business is particularly high in the Denver Metro area which leads many a business owner to consider moving outside of the city limits so they can thrive with lower overhead costs.
As this course of action becomes more common, our commercial real estate expert at Fountainhead Commercial has worked with countless business owners to navigate the local market and find a location in the rapidly growing hub of Denver Metro that makes sense for their operation and budget. One Denver suburb is becoming especially popular for small businesses - Wheat Ridge. With a plethora of incentives and the thriving economy, let’s discuss what you as a small business owner need to know about commercial real estate in Wheat Ridge.
Is Colorado The Place For You To Do Business?
The recent bids for the new Amazon Headquarters opened the country’s eyes to the various economies across the United States that lend themselves to successful small business ownership. While Denver did lose out on the Amazon HQ2 race, the publicity for the city and surrounding areas was unparalleled. Additionally, the city experienced some wins from an economic development perspective through the race, including VF Corporation bringing their headquarters to the city and a number of major tech players creating additional jobs in Metro Area offices.
When it comes to starting or bringing a business to the Denver Metro area, there are a few things you’ll want to consider. The city skews particularly heavy toward information technology and financial services but has a number of other advanced industries. The Amazon race acted as third-party validation for many companies, regardless of industry, that were considering Denver as a home base. With that in mind, many business owners are considering a move to the Mile High City, but have concerns about the likelihood of success in such an expensive and competitive market.
Small Business Success In Denver Metro
The cost of doing business in Denver Metro pushes many companies to the outskirts, which in today’s economic climate is far from desolate. If you’re a small or mid-sized business looking at the Denver area and are overwhelmed by the overhead costs, it may be time to look at a suburb like Wheat Ridge. Let’s dive into the benefits of renting or purchasing commercial real estate in Wheat Ridge or another Denver suburb.
Recent Improvements In Access And Exposure
The RTD G-Line has been a long-awaited benefit to business owners in the Northwest corridor of the Greater Denver area. After two and a half years of delays, the “Gold” Line finally opened in April. This addition to RTD is expected to see more than 9,000 people per day on their daily commutes to and from downtown Denver. This line decreases the need to fight traffic for the hundreds of thousands of residents living in Wheat Ridge, Arvada, Berkley, and other western suburbs. That means that residents are much more likely to frequent local businesses on their way to and from work.
Service-based companies like restaurants and coffee shops are expected to thrive with this new development, despite the ongoing frustrations that construction and testing caused over the last few years. The G-Line is now open and increased access means increased exposure for local businesses along the track.
Now, available commercial real estate in Wheat Ridge runs the gamut and is not exclusive to service-based organizations. Corporate and industrial organizations can also benefit from the G-Line because it decreases the barrier to entry for many potential employees. This can be an essential game-changer for businesses in the Greater Denver area that are looking to grow without paying the overhead fees for the coveted downtown location.
Commercial Real Estate In A City Dedicated To Your Success
Some other key differentiators for business owners considering commercial real estate in Wheat Ridge are the business incentives from the city itself. Wheat Ridge has rallied around the small businesses in their community and features a robust support network of business associations and chambers dedicated to helping local businesses thrive.
Additionally, there are a few economic development programs in place that make commercial real estate in Wheat Ridge that much more enticing.
- The Business Development Zone (BDZ) Program encourages the designation of “business development zones” across the city that will provide for the abatement of certain categories of fees, taxes, and other development-related charges for the development or redevelopment of commercial real estate in Wheat Ridge.
- The Enhanced Sales Tax Incentive Program provides the opportunity for reimbursement for capital projects that meet specified criteria that are established as public or public related improvement.
- Another incentive for business looking at the Wheat Ridge area is the Localworks Business Loan program which is a low-interest loan program that is available to businesses who want to make a dramatic change within the city.
There’s plenty of reasons to consider Wheat Ridge as the home base for your small or mid-sized business. With the right partner, you can successfully make the move to Denver.
Your Partner For Commercial Real Estate In Wheat Ridge
If you’re a business owner who wants to expand and grow in a thriving economy like Denver, you’re not alone. This has led to a surge in prices for commercial real estate and made the downtown area unreachable for many small and mid-sized businesses. Fret not, because surrounding suburbs are also booming, some more than others, making them the ideal location for your business to mark its Mile High territory. Wheat Ridge is one of those suburbs that makes sense for many business owners.
Learn more about the advantages of planting your roots in commercial real estate in Wheat Ridge from the local CRE expert at Fountainhead Commercial.
