The Denver Industrial Market ended the year with a total positive absorption of 3,412,339 SF and a total vacancy rate of 7.7%. This consistent positive absorption over the past 6 quarters, resulting in a 1% decrease in the vacancy rate since 2Q2009, is a strong indicator that the Denver market remains healthy and should continue its slow and steady recovery in 2011.
The majority of tenants and users continue to stay put in their existing facilities as a result of the lingering uncertainties surrounding the national economy and landlords aggressively working to retain tenants. However, we are seeing fewer downsizing companies and sublease spaces coming to market signaling improved local fundamentals.
Despite the slight uptick in commercial mortgage rates and SBA fee waivers expiring, we anticipate increased user-building sales in 2011 as property owners remain motivated to dispose of listed properties and the available for lease space continues to dwindle. In addition, the lack of new construction for the foreseeable future, condemnation of properties along rail lines for RTD projects, and pent-up demand from the past 24 months should continue to put downward pressure on the vacancy rate and in turn push lease rates and sale prices higher.
We also anticipate additional investment sales in 2011 as the capital markets continue to improve for well located and stable investment grade opportunities. Many would-be sellers and buyers of investment properties have remained on the sidelines since 2009 waiting for signs of life in the investment market and favorable access to capital.
For the full 4Q2010 Office & Industrial Market Report click here:
http://www.bitzerrep.com/pdf/BitzerNewsletter2010Q4[BW].pdf
Wednesday, January 26, 2011
Tuesday, October 26, 2010
3rd Quarter Denver Industrial and Office Market Report
With 5 consecutive quarters of positive absorption in the Denver Industrial Market, it is hard to argue that we are stabilizing and poised for further improvement in the market fundamentals. As we highlighted in our last report, the budding medical marijuana industry was the source of the spike in Q2 absorption. The continued positive absorption in Q3 is an encouraging sign that the industrial market does not require "medication" to survive the national economic downturn.
Tenants are hunkering down, making due with the space they currently occupy with short-term renewals; while a few smart owner/users are utilizing attractive SBA loan programs and making deals in a relatively stagnant market. All speculative construction remains on hold and developers are beginning to advertize “permit ready” projects and are actively pursuing the few build-to-suit projects in the market.
The sale of the Rocky Mountain Business Center by Principal set the water mark for multi-tenant industrial transactions at an 8.3% CAP Rate at $57/SF. This was one of the first concrete examples in the Denver market that, like the rest of the country, money is chasing Class A investment opportunities. By Class A we mean either Class A construction or Class A tenant mix and location.
It is still common belief that job creation is what will eventually be the engine behind a stable commercial real estate industry. A large portion our industrial market relies on the homebuilding industry and that cannot recover until people are secure in their jobs and able to obtain financing for new homes.
Click here for the full newsletter: http://www.bitzerrep.com/pdf/BitzerNewsletter2010Q3.pdf
Tenants are hunkering down, making due with the space they currently occupy with short-term renewals; while a few smart owner/users are utilizing attractive SBA loan programs and making deals in a relatively stagnant market. All speculative construction remains on hold and developers are beginning to advertize “permit ready” projects and are actively pursuing the few build-to-suit projects in the market.
The sale of the Rocky Mountain Business Center by Principal set the water mark for multi-tenant industrial transactions at an 8.3% CAP Rate at $57/SF. This was one of the first concrete examples in the Denver market that, like the rest of the country, money is chasing Class A investment opportunities. By Class A we mean either Class A construction or Class A tenant mix and location.
It is still common belief that job creation is what will eventually be the engine behind a stable commercial real estate industry. A large portion our industrial market relies on the homebuilding industry and that cannot recover until people are secure in their jobs and able to obtain financing for new homes.
Click here for the full newsletter: http://www.bitzerrep.com/pdf/BitzerNewsletter2010Q3.pdf
Friday, May 14, 2010
Denver Industrial Market Report
Bitzer Real Estate Partners
1st Quarter 2010
The first quarter of 2010 showed signs of improvement in the Denver Industrial Market with an increase of both sales and leasing activity in most submarkets. This activity is slowly translating into signs of continued decreasing vacancy rates and increasing absorption.
Lease rates declined only slightly as rent abatement is common, but we feel the bottom is near as larger landlords breathe a sigh of relief as vacant space is absorbed. In many cases however, the active tenants in the market are out shopping for ammo to strike renewals with their existing landlords. These Tenants are well aware of the opportunities that exist to strike a great deal or move to higher quality space.
The main driver for the sales market is that banks and lending institutions are starting to open the coffers and deploy some of their dry powder. Lending parameters are still stringent but those that do get through the gauntlet are enjoying low interest rates and reasonable loan-to-value requirements. Surprisingly, the deluges of distressed industrial assets have yet to come to the market. This is largely based on the aforementioned improvement in the capital markets and the fact that banks really cannot afford to take these properties back and are pursuing workouts with their borrowers.
Also worth mentioning is the improvement that REIT stocks have made in 2010. Their underlying strong fundamentals and balance sheets, and the confidence that Wall Street is displaying in the sector, is yet another indicator that 2010 is heading in a positive direction.
For the full Market Report including commentary on the Denver office market, please visit: http://www.bitzerrep.com/pdf/BitzerNewsletter2010Q1.pdf
1st Quarter 2010
The first quarter of 2010 showed signs of improvement in the Denver Industrial Market with an increase of both sales and leasing activity in most submarkets. This activity is slowly translating into signs of continued decreasing vacancy rates and increasing absorption.
Lease rates declined only slightly as rent abatement is common, but we feel the bottom is near as larger landlords breathe a sigh of relief as vacant space is absorbed. In many cases however, the active tenants in the market are out shopping for ammo to strike renewals with their existing landlords. These Tenants are well aware of the opportunities that exist to strike a great deal or move to higher quality space.
The main driver for the sales market is that banks and lending institutions are starting to open the coffers and deploy some of their dry powder. Lending parameters are still stringent but those that do get through the gauntlet are enjoying low interest rates and reasonable loan-to-value requirements. Surprisingly, the deluges of distressed industrial assets have yet to come to the market. This is largely based on the aforementioned improvement in the capital markets and the fact that banks really cannot afford to take these properties back and are pursuing workouts with their borrowers.
Also worth mentioning is the improvement that REIT stocks have made in 2010. Their underlying strong fundamentals and balance sheets, and the confidence that Wall Street is displaying in the sector, is yet another indicator that 2010 is heading in a positive direction.
For the full Market Report including commentary on the Denver office market, please visit: http://www.bitzerrep.com/pdf/BitzerNewsletter2010Q1.pdf
Sunday, March 21, 2010
Denver Industrial Market No Longer In Free Fall
Here is an article I wrote for the March 2010 Issue of Western Real Estate Business
Denver Industrial Market No Longer In Free Fall
Western Real Estate Business
March 12, 2010
The Denver industrial real estate market stopped its 2008 free-fall and stabilized in the second half of 2009. A recipe of back-to-back quarters of positive absorption and no new speculative construction caused the vacancy rate to hold steady at 8.6 percent. Tenants are still vacating blocks of space as leases expire, and the weak economy continues to take its toll, but statistically this has been somewhat offset by the lack of new product coming to market and a handful of tenants relocating or expanding.
The renewable energy sector had a dramatic impact on the Denver industrial market in 2009 as solar-panel and wind-turbine manufacturers continued to make large investments in the Front Range. As a result, the area is experiencing a ripple effect as smaller tenants are entering the market to fulfill the raw-material requirements and installation needs of these manufacturers. In addition, the U.S. Department of Energy recently awarded more than $75 million in advanced energy manufacturing funds through the Recovery Act to six Colorado clean-tech companies. Hopefully these tax credits will be the foundation for continued job creation and reinforce the Colorado manufacturing industry in 2010-2011.
The major development projects currently underway are two buildings totaling 660,000 square feet for Vestas Wind Systems just north of Denver in Brighton, Colorado. All new speculative construction remains on hold, while the only new buildings getting the green light are build-to-suit projects for solid credit users.
The Colorado Springs industrial market is showing signs of stabilization, but it finished 2009 with a total negative absorption of 381,700 square feet and a total vacancy rate of 14.6 percent. The majority of that negative absorption came in the first and third quarters with flex space having the highest vacancy rate at 16.5 percent. Almost all new construction has come to a halt in the Colorado Springs market, and as quoted lease rates continue to decrease expect the vacancy rate to stabilize in all sectors.
Vestas Wind Systems is also making a significant investment in southern Colorado. The company is currently under construction on a wind-turbine tower manufacturing facility in Pueblo, which when completed should create a significant number of jobs.
After a challenging 2009, the latest numbers show that Colorado’s Front Range industrial market is poised for a steady recovery in 2010 and 2011.
— Brady Welsh is in the industrial properties group at Bitzer Real Estate Parters/CORFAC International.
http://www.rebusinessonline.com/main.cfm?id=12981
Denver Industrial Market No Longer In Free Fall
Western Real Estate Business
March 12, 2010
The Denver industrial real estate market stopped its 2008 free-fall and stabilized in the second half of 2009. A recipe of back-to-back quarters of positive absorption and no new speculative construction caused the vacancy rate to hold steady at 8.6 percent. Tenants are still vacating blocks of space as leases expire, and the weak economy continues to take its toll, but statistically this has been somewhat offset by the lack of new product coming to market and a handful of tenants relocating or expanding.
The renewable energy sector had a dramatic impact on the Denver industrial market in 2009 as solar-panel and wind-turbine manufacturers continued to make large investments in the Front Range. As a result, the area is experiencing a ripple effect as smaller tenants are entering the market to fulfill the raw-material requirements and installation needs of these manufacturers. In addition, the U.S. Department of Energy recently awarded more than $75 million in advanced energy manufacturing funds through the Recovery Act to six Colorado clean-tech companies. Hopefully these tax credits will be the foundation for continued job creation and reinforce the Colorado manufacturing industry in 2010-2011.
The major development projects currently underway are two buildings totaling 660,000 square feet for Vestas Wind Systems just north of Denver in Brighton, Colorado. All new speculative construction remains on hold, while the only new buildings getting the green light are build-to-suit projects for solid credit users.
The Colorado Springs industrial market is showing signs of stabilization, but it finished 2009 with a total negative absorption of 381,700 square feet and a total vacancy rate of 14.6 percent. The majority of that negative absorption came in the first and third quarters with flex space having the highest vacancy rate at 16.5 percent. Almost all new construction has come to a halt in the Colorado Springs market, and as quoted lease rates continue to decrease expect the vacancy rate to stabilize in all sectors.
Vestas Wind Systems is also making a significant investment in southern Colorado. The company is currently under construction on a wind-turbine tower manufacturing facility in Pueblo, which when completed should create a significant number of jobs.
After a challenging 2009, the latest numbers show that Colorado’s Front Range industrial market is poised for a steady recovery in 2010 and 2011.
— Brady Welsh is in the industrial properties group at Bitzer Real Estate Parters/CORFAC International.
http://www.rebusinessonline.com/main.cfm?id=12981
Thursday, January 21, 2010
Bitzer Real Estate Partners/CORFAC International Sells Manufacturing Facility for First Industrial Realty Inc. to W. W. Reynolds Companies for over $1
Abound Solar’s 126,000-square-foot-leased facility sale is one of the largest single-tenant investment transactions in the Denver Metro Market in 2009
DENVER, January 7, 2009 – Bitzer Real Estate Partners/CORFAC International announced today that in late December 2009 the firm had completed the sale of a manufacturing facility on behalf of its client, First Industrial Realty Inc. (NYSE:FR), to W.W. Reynolds Companies.
The $10,037,500 ($79/SF) disposition was one of the largest single-tenant industrial investment transactions in the Denver Metro area in 2009. The 126,384-square-foot Class A manufacturing facility is fully leased to Abound Solar (formerly AVA Solar), a manufacturer of low-cost and thin-film photovoltaic (PV) solar modules. The property is located at 9586 East I-25 Frontage Road in Longmont, CO.
With a long-term lease in place, Bitzer Real Estate Partners sourced a local investor, W.W. Reynolds Companies, which has a strong existing presence in the Front Range and a high comfort level with the location along I-25 near Hwy 119. The purchase was also attractive to the investor because the tenant (Abound Solar) is one of the fastest growing renewable energy companies in Colorado.
“We are extremely pleased to have Abound Solar as a tenant and feel their commitment to Colorado and the significant improvements that they have already made to the property for their manufacturing lines add tremendous value to the asset,” said Rick Woodruff, CFO of W.W. Reynolds Companies.
Ron Webert, John Bitzer and Brady Welsh of Bitzer Real Estate Partners were the only brokers involved in the transaction.
To realign their portfolio on distribution and flex properties in the Metro Denver area, First Industrial listed this property with the Bitzer Industrial Brokerage Team in August of 2009. “When we analyzed our Colorado portfolio, we identified this property as an asset that we could strategically dispose of,” according to Greg Downs, Regional Director, First Industrial. “As it turns out, W.W. Reynolds Companies was the perfect buyer at the right time.”
“In one of the toughest years for industrial real estate in Denver, this is definitely a highlight for our market and demonstrates that significant investment deals can still close in today’s climate. Hopefully this will be a sign of things to come for 2010,” said Ron Webert. “The renewable energy sector continues to be a source of economic activity in Colorado and this sale is a good indicator that investors remain bullish on the industry,” according to Brady Welsh.
About Bitzer Real Estate Partners
Bitzer Real Estate Partners/CORFAC International is a Denver based full service commercial real estate company founded in 1995. Bitzer offers expertise, experience and exceptional performance in Landlord/Seller Representation, Tenant/Buyer Representation, Corporate Services, and Commercial Real Estate Advisory Services for Office, Industrial and Land properties. Bitzer is also a proud member of CORFAC International (www.CORFAC.com). This relationship provides Bitzer Real Estate Partners with the national presence of over 50 offices in North America and over 20 offices internationally; and the capabilities for multi-market acquisition, disposition, and tenant representation assignments. For more information visit: www.BitzerREP.com.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) provides industrial real estate solutions for every stage of a customer’s supply chain, no matter how large or complex. Across major markets in North America, our local market experts manage, lease, buy, (re)develop, and sell industrial properties, including all of the major facility types – bulk and regional distribution centers, light industrial, manufacturing, and R&D/flex. We have a track record of industry leading customer service, and in total, we own, manage and have under development 94 million square feet of industrial space. For additional information, visit: www.FirstIndustrial.com.
About W.W. Reynolds Companies
The W.W. Reynolds Companies, Inc. is a real estate development and professional property management firm committed to growth through responsible development and conscientious acquisition of productive properties. They currently own and manage over 3 million square feet of office, retail, and industrial properties along the front range of Colorado. For more than 40 years, the W.W. Reynolds Companies has provided Colorado businesses with premium quality facilities in which to grow and prosper. For additional information, visit: www.WWReynolds.com.
DENVER, January 7, 2009 – Bitzer Real Estate Partners/CORFAC International announced today that in late December 2009 the firm had completed the sale of a manufacturing facility on behalf of its client, First Industrial Realty Inc. (NYSE:FR), to W.W. Reynolds Companies.
The $10,037,500 ($79/SF) disposition was one of the largest single-tenant industrial investment transactions in the Denver Metro area in 2009. The 126,384-square-foot Class A manufacturing facility is fully leased to Abound Solar (formerly AVA Solar), a manufacturer of low-cost and thin-film photovoltaic (PV) solar modules. The property is located at 9586 East I-25 Frontage Road in Longmont, CO.
With a long-term lease in place, Bitzer Real Estate Partners sourced a local investor, W.W. Reynolds Companies, which has a strong existing presence in the Front Range and a high comfort level with the location along I-25 near Hwy 119. The purchase was also attractive to the investor because the tenant (Abound Solar) is one of the fastest growing renewable energy companies in Colorado.
“We are extremely pleased to have Abound Solar as a tenant and feel their commitment to Colorado and the significant improvements that they have already made to the property for their manufacturing lines add tremendous value to the asset,” said Rick Woodruff, CFO of W.W. Reynolds Companies.
Ron Webert, John Bitzer and Brady Welsh of Bitzer Real Estate Partners were the only brokers involved in the transaction.
To realign their portfolio on distribution and flex properties in the Metro Denver area, First Industrial listed this property with the Bitzer Industrial Brokerage Team in August of 2009. “When we analyzed our Colorado portfolio, we identified this property as an asset that we could strategically dispose of,” according to Greg Downs, Regional Director, First Industrial. “As it turns out, W.W. Reynolds Companies was the perfect buyer at the right time.”
“In one of the toughest years for industrial real estate in Denver, this is definitely a highlight for our market and demonstrates that significant investment deals can still close in today’s climate. Hopefully this will be a sign of things to come for 2010,” said Ron Webert. “The renewable energy sector continues to be a source of economic activity in Colorado and this sale is a good indicator that investors remain bullish on the industry,” according to Brady Welsh.
About Bitzer Real Estate Partners
Bitzer Real Estate Partners/CORFAC International is a Denver based full service commercial real estate company founded in 1995. Bitzer offers expertise, experience and exceptional performance in Landlord/Seller Representation, Tenant/Buyer Representation, Corporate Services, and Commercial Real Estate Advisory Services for Office, Industrial and Land properties. Bitzer is also a proud member of CORFAC International (www.CORFAC.com). This relationship provides Bitzer Real Estate Partners with the national presence of over 50 offices in North America and over 20 offices internationally; and the capabilities for multi-market acquisition, disposition, and tenant representation assignments. For more information visit: www.BitzerREP.com.
About First Industrial Realty Trust, Inc.
First Industrial Realty Trust, Inc. (NYSE: FR) provides industrial real estate solutions for every stage of a customer’s supply chain, no matter how large or complex. Across major markets in North America, our local market experts manage, lease, buy, (re)develop, and sell industrial properties, including all of the major facility types – bulk and regional distribution centers, light industrial, manufacturing, and R&D/flex. We have a track record of industry leading customer service, and in total, we own, manage and have under development 94 million square feet of industrial space. For additional information, visit: www.FirstIndustrial.com.
About W.W. Reynolds Companies
The W.W. Reynolds Companies, Inc. is a real estate development and professional property management firm committed to growth through responsible development and conscientious acquisition of productive properties. They currently own and manage over 3 million square feet of office, retail, and industrial properties along the front range of Colorado. For more than 40 years, the W.W. Reynolds Companies has provided Colorado businesses with premium quality facilities in which to grow and prosper. For additional information, visit: www.WWReynolds.com.
Friday, November 13, 2009
Tips on Using a Tenant Representative
Your primary business is running your company. How often do you lease office or industrial space? Hopefully, you don’t have to do so more than every 3 to 5 years or so; the same with lease renewals.
The bottom line is that you rent commercial space only a few times in your business life. Landlords on the other hand rent space over and over again. In most cases, they even hire a listing agent to help market the property and advise them. Do they have an unfair advantage? You bet they do. How do you balance this unfair advantage? Engage the services of your own qualified tenant representative.
Many tenants have a fear that by engaging the services of a tenant representative they will end up having to pay more in rent so that the landlord can pay the tenant representative. I am sure you have heard the sales pitch from an agent that engaging a tenant representative doesn’t cost you anything. The response I hear to this is “the landlord tacks on the fee on top of the lease rate.” So, who is right?
When it comes to negotiating for office space, there is no question that a good tenant rep will not only save you money, but will also make sure you don’t make any critical mistakes.
Not to mention, there is usually already a real estate fee built into the asking price. This is paid whether or not you have representation. Typically, what happens is that the fee, usually 4% to 6% of the gross lease amount, is split between the tenant representative (leasing agent) and the listing agent. There really is no additional fee tacked onto the lease rate and you won’t save anything by not having representation. The listing agent, who represents the Landlord – no matter what they tell you – will get the whole thing.
What about lease renewals? Should you also engage the services of a tenant rep? Absolutely! How a tenant representative gets paid on a renewal is negotiable. Should they be paid a full fee on a renewal negotiation? The answer depends on how much work is involved. If is just a matter of going out and doing a market survey then negotiating the deal, they probably don’t deserved a full fee. Most tenant reps will work as consultants either hourly or for a predetermined flat fee. On the other hand, if you want to consider other alternative locations, request proposals and do some preliminary negotiations on other properties, it is justified. It is a comparable amount of work that would have to be completed if you were moving. Or at least a half of a fee is justified, the leasing side of a commission.
How will a tenant rep save you money?
1. The leasing process is generally complex. After labor costs, your investment in office space may be your most expensive line item and decisions you make will have an impact on your company’s profitability. The tenant representative is your guide through the process.
2. Market knowledge is a key ingredient in which a qualified tenant representative can make a big difference. Having a grasp on asking rates versus deal rates and incentives available is important to make sure you get the best terms available.
3. A qualified tenant representative understands the numbers and is able translate data into implications for your business – advice on growth strategy within a particular building or market, for example. Tenant representatives are also able to perform financial analysis to help you select the most cost effective location.
4. Expert negotiation skills are critical for a favorable outcome. Representation gives you subtle leverage during negotiations, informing the landlord that you are professionally represented and undoubtedly advised of alternative sites and comparable lease rates. As an added benefit, a tenant representative may know the temperament of a particular landlord and/or landlord’s representative, and recognize how far to push the negotiations without jeopardizing the transaction. This is a definite advantage when it comes to lease renewals, too.
5. Familiarity with the documents is a must. Tenant representative have a working knowledge of the documents necessary to conduct the transaction. These documents include requests for proposal, letters of intent, lease agreements and workletters and vary from market to market. A tenant representative knows how to customize the documents to meet your needs.
Source: James Osgood – OfficeFinder
The bottom line is that you rent commercial space only a few times in your business life. Landlords on the other hand rent space over and over again. In most cases, they even hire a listing agent to help market the property and advise them. Do they have an unfair advantage? You bet they do. How do you balance this unfair advantage? Engage the services of your own qualified tenant representative.
Many tenants have a fear that by engaging the services of a tenant representative they will end up having to pay more in rent so that the landlord can pay the tenant representative. I am sure you have heard the sales pitch from an agent that engaging a tenant representative doesn’t cost you anything. The response I hear to this is “the landlord tacks on the fee on top of the lease rate.” So, who is right?
When it comes to negotiating for office space, there is no question that a good tenant rep will not only save you money, but will also make sure you don’t make any critical mistakes.
Not to mention, there is usually already a real estate fee built into the asking price. This is paid whether or not you have representation. Typically, what happens is that the fee, usually 4% to 6% of the gross lease amount, is split between the tenant representative (leasing agent) and the listing agent. There really is no additional fee tacked onto the lease rate and you won’t save anything by not having representation. The listing agent, who represents the Landlord – no matter what they tell you – will get the whole thing.
What about lease renewals? Should you also engage the services of a tenant rep? Absolutely! How a tenant representative gets paid on a renewal is negotiable. Should they be paid a full fee on a renewal negotiation? The answer depends on how much work is involved. If is just a matter of going out and doing a market survey then negotiating the deal, they probably don’t deserved a full fee. Most tenant reps will work as consultants either hourly or for a predetermined flat fee. On the other hand, if you want to consider other alternative locations, request proposals and do some preliminary negotiations on other properties, it is justified. It is a comparable amount of work that would have to be completed if you were moving. Or at least a half of a fee is justified, the leasing side of a commission.
How will a tenant rep save you money?
1. The leasing process is generally complex. After labor costs, your investment in office space may be your most expensive line item and decisions you make will have an impact on your company’s profitability. The tenant representative is your guide through the process.
2. Market knowledge is a key ingredient in which a qualified tenant representative can make a big difference. Having a grasp on asking rates versus deal rates and incentives available is important to make sure you get the best terms available.
3. A qualified tenant representative understands the numbers and is able translate data into implications for your business – advice on growth strategy within a particular building or market, for example. Tenant representatives are also able to perform financial analysis to help you select the most cost effective location.
4. Expert negotiation skills are critical for a favorable outcome. Representation gives you subtle leverage during negotiations, informing the landlord that you are professionally represented and undoubtedly advised of alternative sites and comparable lease rates. As an added benefit, a tenant representative may know the temperament of a particular landlord and/or landlord’s representative, and recognize how far to push the negotiations without jeopardizing the transaction. This is a definite advantage when it comes to lease renewals, too.
5. Familiarity with the documents is a must. Tenant representative have a working knowledge of the documents necessary to conduct the transaction. These documents include requests for proposal, letters of intent, lease agreements and workletters and vary from market to market. A tenant representative knows how to customize the documents to meet your needs.
Source: James Osgood – OfficeFinder
Sunday, October 18, 2009
Colorado solar-panel makers labor to lead the pack when demand rises
By Mark Jaffe The Denver Post
10/18/2009 01:00:00 AM MDT
Even as the solar-cell industry struggles through its first decline in demand in more than a decade, flatbed trucks are hauling about $100 million in equipment to Ascent Solar Technologies Inc.'s new plant in Thornton.
Even as solar-panel prices dropped 40 percent in 2009 to about $2.25 a watt on average, abound Solar Inc.'s Longmont plant is rolling out its first photovoltaic panels. While it may seem the two Colorado companies are sailing into a head wind, they are just ahead of a spate of others. Plans for 15 new domestic solar-panel factories have been announced this year.
For the full article: http://www.denverpost.com/business/ci_13582493
10/18/2009 01:00:00 AM MDT
Even as the solar-cell industry struggles through its first decline in demand in more than a decade, flatbed trucks are hauling about $100 million in equipment to Ascent Solar Technologies Inc.'s new plant in Thornton.
Even as solar-panel prices dropped 40 percent in 2009 to about $2.25 a watt on average, abound Solar Inc.'s Longmont plant is rolling out its first photovoltaic panels. While it may seem the two Colorado companies are sailing into a head wind, they are just ahead of a spate of others. Plans for 15 new domestic solar-panel factories have been announced this year.
For the full article: http://www.denverpost.com/business/ci_13582493
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