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
VELOCITY (Source – Mesa County Assessor)
MESA COUNTY SALES TAX INDICATORS:
CAP RATE
CAP RATE
MESA COUNTY RESIDENTIAL REAL ESTATE
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.
