Cheyenne Commercial Real Estate Trends for 2021
The COVID 19 pandemic has brought every aspect of the Cheyenne commercial real estate market into uncertainty, but it’s not all bad. As we start into 2021 here are our thoughts on 3 trends that have the potential to drastically impact our local market and the role of commercial real estate within it.
Cheyenne Is Open For Business
Cheyenne has always been a great place to do business and now the rest of the country/world is starting to take notice. COVID 19 accelerated the need for large companies and organizations to refocus on cost efficiency and savings. Cheyenne will be able to capitalize on this trend in 2021 by having one of the lowest cost business environments in the United States and access to a large diverse workforce in Southwest Wyoming and Northern Colorado. These along with political factors, driving business out of other states, top ranked broadband connectivity and relatively low barriers of entry, have put Cheyenne in the cross hairs for large manufacturing, distribution, and tech companies. Several large manufacturing and distribution companies are excited about Cheyenne and exploring making a move into our market. Many companies already in our community are looking to grow and expand. We are seeing a tech boom and have even heard Cheyenne referred to as a potential “Mini Silicon Valley”. FE Warren Air Force Base is replacing all its land-based missiles, this project alone is expected to bring over 1,000 jobs to Cheyenne and will kick off starting 2023. We have seen large defense companies starting to look around town and prepare for the project, needing both warehouse and office space. These new industries exploring our area along with existing business expansions have created a simmering commercial real estate market which we expect to heat even more in the coming months and years.
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