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Grand Junction/Mesa County Market Update – December 2020

Commercial Real Estate sales volume of $100.7M with 141 transactions through September 2020 is down 20.5% compared to sales for the same period in 2019 with 172 transactions worth $121.3M. Residential Real Estate sales for Mesa County in the first 9 months of 2020 of $911M are up 8.3% compared to sales in the first 9 months of 2019 of $841M. Sales Taxes in the first 9 months of 2020 were down 3.4% compared to taxes collected in the first 9 months of 2019. New commercial real estate projects include 734 Main Street – Construction almost completed for 4 story, 36,000 square foot Class A office building. 18,000 sq. ft. available for lease. Timberline Bank at 649 Market St. – Construction completed for 4 story, 40,000 sq. ft. modern financial center. Riverfront at Dos Rios – under contract to be purchased by RM Construciton. 58 acre mixed-use neighborhood consisting of parks and open space, residential, restaurants, retail, hotel, office and light commercial. Rivertown Center at 2566 Patterson Rd. – Construction has begun for 15,000 sq. ft. professional/medical office building.

GRAND JUNCTION/MESA COUNTY MARKET UPDATE

Item
Q3 2019
Q3 2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Mesa County Assessor)
Item :
Q3 2019
Q3 2020
% +/- :
Commercial Sales Volume
$121.3M
$100.7M
-20.5%
Item :
Q3 2019
Q3 2020
% +/- :
Commercial Transactions
172
141
-18%
MESA COUNTY SALES TAX INDICATORS:
Item :
Q3 2019
Q3 2020
% +/- :
Total Sales Taxes
$43.6M
$42.1M
-3.4%
Item :
Q3 2019
Q3 2020
% +/- :
Lodging Taxes
$1.2M
$734K
-39%
CAP RATE
Q3 2019
Q3 2020
% +/- :
CAP RATE
7.5%
7.8%
.3%
MESA COUNTY RESIDENTIAL REAL ESTATE
Item:
Q3 2019
Q3 2020
% +/- :
Residential Total Sales
$841M
$911M
8.3%
Item:
Q3 2019:
Q3 2020
% +/- :
Residential Average Price
$254,000
$285,000
12%
Item:
Q3 2019:
Q3 2020
% +/- :
Residential Days On Market
58
57
0%
Item:
Q3 2019:
Q3 2020
% +/- :
Residential Listed for Sale
781
405
-48%
PUBLIC POLICY CHANGES
  • Rural Jumpstart Program Revitalization & Bill HB20-1003.
  • No local upcoming ballot measures – all are state specific.
  • Covid-19: “Protect Our Neighbors” phase of reopening – face coverings are required indoors; groups of 300 or less or 50% maximum capacity; alcohol consumption must end by 12:30am.
DEVELOPMENTS
  • 734 Main Street – Construction almost completed for 4 story, 36,000 square foot Class A office building. 18,000 sq. ft. available for lease.
  • Timberline Bank at 649 Market St. – Construction completed for 4 story, 40,000 sq. ft. modern financial center.
  • Riverfront at Dos Rios – under contract to be purchased by RM Construciton. 58 acre mixed-use neighborhood consisting of parks and open space, residential, restaurants, retail, hotel, office and light commercial.
  • Rivertown Center at 2566 Patterson Rd. – Construction has begun for 15,000 sq. ft. professional/medical office building.

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About The Author

Brian Bray, Bray Commercial Real Estate

Born and raised in western Colorado, Brian Bray is a fourth-generation member of Bray Commercial Real Estate, which was founded in 1946 by his great-grandfather, Sherman Bray. With over 13 years of commercial real estate experience, Brian Bray serves clients in the Grand Junction area.