Denver, CO
Office properties to see ‘a spreading of value’ this cycle, Denver assessor says
Denver Assessor Keith Erffmeyer speaks at BusinessDen’s “The Future of Office Event” on Sept. 10, 2024. (Matt Geiger/BusinessDen)
The Denver official tasked with valuing the city’s real estate said Tuesday that office building valuations will likely bifurcate this cycle, with top-tier properties holding steady while less-desirable properties see significant declines.
“I think we’ll see a spreading of value unlike I’ve ever seen in Denver, going all the way from downtown to the Tech Center — Cherry Creek seems to be immune to anything, so that might not happen here — but that’s kind of what we’re looking at, is really a two- if not three-tier market,” Assessor Keith Erffmeyer said.
Erffmeyer made the comment at BusinessDen’s “The Future of Office” event, where he and five real estate executives discussed the office sector’s status and outlook. The event was held at the Clayton Hotel & Members Club in Cherry Creek.
County assessors in Colorado value real estate every two years, and the figure directly translates to what an owner pays in property taxes. New valuations go out in May of odd years, and are based on the two-year period ending the previous June. The next notices of valuation will go out in May 2025.
This is the third valuation cycle since the pandemic hit in 2020. But Erffmeyer noted the previous two cycles had few data points to go off when valuing office properties.
“In 2021, our data value was June of 2020, so we were barely three months into the pandemic at that time,” he said. “And frankly, we didn’t know what the world was going to look like, what offices were going to look like, what schools were going to look like, what anything was going to look like. We did our best, quite frankly, to take the sales that preceded Covid and adjust them down for the uncertainty, the risk.”
The 24-story Denver Club building at 17th and Glenarm sold in late 2022 for $52.80 a square foot. (BusinessDen file)
The next cycle didn’t offer much more, as continued uncertainty around the sector resulted in few building transactions.
That’s changed somewhat in the last couple years. Buildings such as downtown’s Denver Club and The 410 have sold for cheap, while structures at 1401 Lawrence and Platte Street’s Riverview have fetched more respectable sums. The Denver Tech Center is also seeing transactions.
Erffmeyer joined the Denver assessor’s office as an intern in 1994 and assumed the top job in 2014. He noted he’s worked to value properties through the Great Recession and the dot-com bust.
“And this revaluation might be the toughest of all of them, just because there’s so many almost conflicting and just dissonance in terms of what we see in terms of sale prices — just in downtown, much less throughout, in my case, Denver, and, speaking for the other assessors, throughout the metro area,” he said.
“Prime” buildings — which tend to be newer and have top-tier locations — will “probably be just fine in terms of value, maybe even see some increases in terms of value,” Erffmeyer said. But as buildings age, “there comes a tipping point somewhere in there where it’s not a prime building anymore.”
“And that’s when we start seeing this kind of bifurcation,” he said. “I’ve heard falling off a cliff, things like that in terms of value. And we read about sales transactions at less than $100 a foot, which just blows my mind when we have warehouses selling for more than $100 a foot.”
Denver, CO
Denver rally shows divided feelings over U.S.-Israel action against Iran
DENVER — More than 24 hours after the United States and Israel attacked Iran, Coloradans are continuing to express their feelings about what the attack means not only for the world, but here in our state.
For the second straight day, Coloradans expressed their opinions on the steps of the state Capitol about the attack by the US and Israel on Iran.
But instead of anger, as was the case on Saturday, the tone on Sunday was more cheerful.
“Today it’s a celebration about like getting our freedom back, and we would love to have people to be happy with us,” said Forzun Yalme, who helped organize the event with Free Iran Colorado.
For some Iranian-Americans, the news of the attack brings a new sense of hope that freedom is near.
“For me to be Iranian-American, in 47 years here, I learned about democracy and human rights and what I like,” detailed Amir Tosh, another member of Free Iran Colorado. “I want to transfer what your values are for democracy, human rights, freedom to my country, my motherland.”
Denver rally shows divided feelings over U.S.-Israel action against Iran
“My uncle and grandma, grandparents, they were all so happy about what happened, because we can, like, now feel the freedom,” explained Yalme.
But some Iranian-Americans are more cautious.
Colorado’s only Iranian-American state representative, Yara Zokaie, doubts the operation will have a significant impact to Iran’s leadership.
“I’m sympathetic to people who want regime change by any means necessary, but I think we also need to stop and realize what this actually means,” said Zokaie. “Regime change is not something that can happen in one airstrike.”
Zokaie admits she herself was elated to hear Iran’s supreme leader and other top officials were killed in the attack.
But she hopes Coloradans remember the innocent people who have already been killed and those who are more likely to come.
“I ask that we remember the humanity of people in the Middle East as this news unfolds. I ask that we call for a peaceful resolution that we empower Iranian people who will bring change from within, and that we call for no war with Iran,” said Zokaie.
Several people at today’s event at the Capitol approached our Denver7 team. They shared their gratitude for President Donald Trump, the US military, and the Israelis for their action in helping bring freedom to Iran.
They hope others will see that as well. They plan on being here for the next hour and a half or so.
Denver, CO
Police searching for information after fatal assault in Denver
Denver police are looking for information that could help them identify the suspect in a fatal assault overnight.
Officers were called to the scene in the 9700 block of E. Hampden Avenue around 2:08 a.m. They said an injured man at the scene was taken to a hospital for treatment, but he has been pronounced deceased.
DPD says they’re investigating the case as a homicide. They did not provide the identity of the man who was killed or further details on the case.
Police encouraged anyone with information about the attack or the possible suspect(s) involved to contact Metro Denver Crime Stoppers.
Denver, CO
Richard Jackson Obituary | The Denver Post
Richard Jackson
OBITUARY
Richard E. Jackson, affectionately called “Jackson”, was beloved by his family, friends and colleagues. He passed peacefully surrounded by his wife and children. He was receiving exceptional medical care at City Park Healthcare and Rehabilitation Center at the time of his death. A devout Catholic, he received his Last Rights from Fr. John Ludanha of Blessed Sacrament Church and School.
He earned a Bachelor’s degree in Economics from Gannon University and a Master’s degree in Education from the George Washington University. For over 30 years, he was employed by the federal government, mostly as an analyst for the Social Security Administration (SSA). Other positions he held were: Beneficiary Services Specialist, Division of Medicare, Health Care Financing Administration; Public Affairs Specialist for SSA; and Management Analyst SSA Office of Management and Budget. After he retired, he was a consultant to the State of Colorado Center for Medicare and Medicaid Services.
Jackson was a devoted father, step-father and foster father. He would take over the kitchen and cook spaghetti and meatballs, a family favorite, and then transport children to gymnastics practice and friends’ houses. He had a remarkable sense of humor, bringing joy and laughter to his home. He adored his wife and would leave her weekly love notes in drawers around the house. Exercising at the Denver Athletic Club, taking walks with his wife, and reading the New York Times were three of his favorite activities. He was born in Westfield, New York. His parents were Canadian immigrants. He was the youngest of eight children.
He is survived by his wife, Joycee Kennedy; his children – Kimberly Jackson (Mike Estes), Dawn Jennings (Ed Jennings) and Kevin Jackson; his stepchildren – Cary Kennedy (Saurabh Mangalik) and Jody Kennedy (Christopher Thompson); his grandchildren – Elizabeth, Chase and Drew; his step grandchildren – Kadin, Kyra, Bryce and Sena; and his first wife Madonna Smyth.
Services will be held at Blessed Sacrament Church – the time and day to be announced.
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