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Growth in Colorado aerospace industry spurs need for more real estate on the ground

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The growth of Colorado companies operating in space has increased the need for ground space to support operations hundreds of miles above Earth.

Colorado has the second-largest aerospace industry after California, and real estate agents are working with companies looking for new buildings as it continues to expand.

“There is a lot going on in aerospace and it never stops. Procure commercial real estate.

About 23% of Harbert’s current job is in the aerospace industry, according to Raise’s analysis. Colorado has long been home to large, well-known aerospace companies, but Herbert said the “startup ecosystem” is spurring industry expansion in the state.

“We’re seeing an incredible number of startups that weren’t seen five or seven years ago. They’re either leaving here or moving out of California,” said Herbert. rice field.

At least three aerospace companies have recently moved to new spaces of more than 100,000 square feet, Harbert said.

Reported by Metro Denver Economic Development Corporation and Colorado Space Federation According to the State of Colorado, there are 290 aerospace companies and more than 500 companies that provide space-related products and services. Employment in the sector increased by 11.2% from 2019 to 2020 in the Denver area and northern Colorado in nine counties, and by 30.1% from 2015 to 2020, according to the analysis.

Colorado has the highest concentration of private aerospace personnel in the country, according to the report. In 2020, 33,460 people were directly employed in the aerospace industry. According to Metro Denver EDC analysis, her 62,270 civilian and military workers in aerospace support an additional 170,340 workers in industries statewide, contributing to 232,610 direct and indirect workers. brings employment.

The industry’s “super-growth” over the past few years began around the time the coronavirus pandemic began, said Frederic de Loizaga, first vice president of the commercial real estate services and investment firm. CBRE in Denver.

“Aerospace has been one of the bright spots throughout the Denver metropolitan area and all the way to Colorado Springs,” said de Loizaga. “From a real estate standpoint, it’s great to have the industry here. We as a state are very fortunate to have the concentration of aerospace companies that we do.”

Colorado’s aerospace sector is powered by big companies such as Ball Aerospace. Lockheed Martin Space, Northrop Grumman, Raytheon, Sierra Space, United Launch Alliance.

“With all these big companies, it also attracts smaller aerospace users who want to be close to them,” said de Loizaga, who specializes in working with the industry.

Harbert said Colorado benefits from having a strong civil and defense aerospace presence. “These companies want to engage with each other for collaborative work. They want to be around startups and the bigger names that we have.”

Colorado’s strong space economy York Space Systemsstarted in Denver in 2012. CEO and president Dirk Wallinger said the company could tap into the “tremendous amount of talent and talent” that exists in the state.

“We also brought a lot of people to the state because it’s a great place,” Wallinger said.

York Space, which manufactures small satellites for government and private clients, recently moved into a 140,000 square foot building within the Denver Tech Center. The company owns three facilities in downtown Denver totaling approximately 50,000 square feet. One is a research and development site in the Aerospace and Engineering Science Building at Metropolitan State University in Denver.

Wallinger declined to give details, but said York’s workforce has grown 300% year-over-year over the past three years, and revenue has grown 250% year-over-year. The company’s goal is to be able to produce 750 satellites annually by the end of 2023.

According to Herbert, the types of buildings needed by aerospace companies vary widely. “The unique thing about aerospace is that it usually requires both manufacturing, industrial buildings, and offices,” he said.

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