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Aspen/Snowmass Market Update Q1 2022

The first quarter of 2022 was another extremely strong quarter for real estate sales (both commercial and residential) and commercial leasing in the Aspen Snowmass market. By some metrics, residential real estate values have almost doubled in the past 24-months. Residential inventory is at historically low levels at less than 50% of levels common before the pandemic of 2020-2021.

Commercial retail rents in downtown Aspen are ranging from $200 – $300 per SF NNN. Commercial property investments routinely trade in the 3.0-3.5% CAP range.

Read the article from William Smalls published in the Aspen Times: The First Quarter is Over, Now What?

2021 Q12022 Q1%+-
VELOCITY (Source – MLS)
Commercial Sales Volume$544.3M$703.1M+131%
Commercial Transactions154104+29.2%
Range of NNN Rental Rates $65 per SF – $300 per SF+30%
CAP RATE3.0-3.5%
SALES TAX INDICATORS (City of Aspen)
All Sales Tax$133.2M$365.7M+175%
Lodging Taxes$30.9M$67.8M+119%

About The Author

William Small, Zenith Realty Advisors

William Small brings over 28 years of experience in all aspects of commercial real estate to Zenith Realty Advisors. Based in Aspen, Bill Small provides commercial real estate investment consulting and advisory services to major US and foreign corporations and institutions.

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