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James Real Estate - AP 2002 4th Qtr
Things are not getting any better for Denver's economy or for the local apartment mar-
ket. Job losses remain high and the unemployment rate is steady, with little sign of immi-
nent recovery. Apartment vacancy rates keep rising, rental rates are falling and demand
is stagnant. At best, recovery in the Denver economy won't occur until mid-2003. With
job growth will come demand for housing. In the meanwhile, it's a time of anticipation
Charts and Graphs:
Distribution of apar t-
ment units by county
page 2
Vacancy, net absorption
and development trends
page 3
Monthly Average rent
page 4
Apartment Units Under
page 5
Apartment Units Pro-
page 6
Addenda Tables
page 9
The American economy right now is acting like a four-cylinder car running on only two
cylinders. Stagnation is the best definition; no job growth, no increase in business ex-
penditures, weakness in retail sales and the potential for dislocations caused by a war in
Iraq. The for-sale housing market is the only bright spot, and the long-term viability of
that sector is also open to question if the economic malaise doesn't soon begin to de-

Denver's economy has suffered along with the rest of the nation. Compared to the same
period in 2001, not exactly a boom year in any case, the total number of jobs in metro
Denver is down almost 27,000. The metro unemployment rate in September was 5.2%,
slightly above the Colorado rate of 5.0% but also slightly under the national 5.4% level.
However, during the twelve months ending in September Denver's job losses are the
equivalent of a 2% decline while the national employment base lost only 0.7%.

The metro economy may be bouncing along at the bottom of the recession but no seri-
ous signs of recovery are yet evident. Retail sales remain stagnant, actually down
slightly during the last twelve months. Without a significant recovery in the Denver econ-
omy the apartment market will continue to suffer. Quite simply stated, jobs equal hous-
ing demand.

Some of the major Denver economic events during the 3rd quarter of 2002 included:
The number of residential foreclosures in metro Denver rose by 54% during the
first half of 2002.
Time Warner cut 230 jobs at its northern Douglas County offices and will move
200 jobs from Denver to Charlotte.
Exabyte Corporation eliminated 170 jobs in Boulder.
Renaissance Mark, a maker of labels, selected Denver as its new headquarters,
(Continued on page 2)
Fourth Quarter 2002
Volume 1, 4
The Metro Denver Econ-
The Metro Denver
Apartment Market
Apartment Develop-
ment Activity in Metro
Apartment Sales During
1st Qtr. 2002
Forecast 2002
Inside this issue:
The Apartment Perspective
News and Analysis about the
Denver Metropolitan Apartment Market
Fourth Quarter 2002
The Metro Denver Economy
James Real Estate Services, Inc.

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