We asked a few of our RMCB brokers what trends they noticed in their areas for commercial real estate last year.
William Small from Aspen shared his observations:
- What types of commercial real estate transactions did you see most? In the Aspen Snowmass market its primarily commercial retail and office full buildings and commercial condos. Every year we see 1-2 land i.e. redevelopment deals get done.
- Where were the buyers/investors from? Mostly local buyers who have been active in the market for several years, a few from Denver and the others are buyers from other areas of the country that own homes in Aspen and have watch the local market and have decided to buy into it.
- How quickly did property move? Currently, if the properties make sense and aren’t ridiculously overpriced, they go under contract within a few days to a few weeks. Many are never publicly listed for sale.
- Any commercial leasing trends? The Aspen market commercial rents have almost doubled in price in the past 24-months with more and more national-international luxury brands wanting to be in Aspen. Perhaps the most interesting trend in the past 18-months is the number of out-of-the-area (Las Vegas, Miami, New York, LA) boutique restaurant groups that have bought up local restaurant operators to open new restaurants in Aspen.
Reach out to William Small if you are interested in exploring commercial real estate opportunities around Aspen.