Hitting the news wires this morning is the announcement that VF Corp, the parent of brands such as The North Face, Vans, Smart Wool (founded in Steamboat), and others, will be moving their headquarters to Denver. VF Corp employs 70,000 people worldwide and has revenues of $11.7 billion.
The move will bring roughly 800 positions to the Denver Metro area, many of which are high-paying positions. The move also elevates Denver as a viable destination for global corporate headquarters locations, and further cements Denver’s position as the premier business center for the outdoor industry.
The move was likely facilitated by $27 million in job-growth incentive tax credits over the next eight years, which is the second largest such award in Colorado history. The move could also be seen as a likely benefit derived from Denver’s securing of the Outdoor Retailer and SIA industry shows, which raised Denver’s already elevated profile in this industry.
From a purely residential real estate/housing perspective, this move will be welcomed by apartment developers who continue to build luxury apartments in vicinity of Downtown at a rapid pace. Upper market home sellers in the inner ring of Denver and extending southward and westward should also find this news welcoming as it brings continued buyer supply.
Stay tuned for additional blog posts which will highlight opportunities and challenges which will arise as a result of this announcement, both for existing Denver residents and for those VF employees relocating to Denver.