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Mesa County Market Update Q1 2022

market update bray real estate

Mesa County has continued to experience strong growth and a lack of real estate inventory. Industrial, retail office and land development are all still very strong.

2021 Q12022 Q1%+-
VELOCITY (Source – Mesa County Assessor)
Commercial Sales Volume$42,905,800$72,952,300+70%
Commercial Transactions6672+9%
Range of NNN Rental Rates on Commercial Properties 2021/2022$6-$35
VACANCY RATEn/an/an/a
CAP RATE7.25%7%-3.4%
SALES TAX INDICATORS (Source – City of Grand Junction)
All Sales Tax$15,050,000$17,800,000+18.3%
Lodging Taxes$203,970$334,703+64.1%

PUBLIC POLICY CHANGES

  • Grand Junction Rural Fire Protection District: Two ballot measures to be presented to increase the fire district mill levy as well as dissolving of the Redlands Subdistrict.
  • Marijuana Regulations: Grand Junction is one step closer in allowing the sale and regulation of retail marijuana within city limits. Application acceptance will start May 9th, and last through June 8th.

DEVELOPMENTS

  • Founders Colony: Residential development near G and 24 ½ Road consisting of 40 acres, bringing 46 single family lots.
  • New Luxury Apartments: 25 Road and Flat Top Lane to include six 28-unit buildings. Horizon drive near the airport to include 168 units on an 8-acre site. Both to open early 2023, with pre-leasing to begin fall of 2022.
  • Saturday, April 16 was the groundbreaking of Church of Jesus Christ of Latter-day Saints’ Grand Junction Colorado Temple. Across the roundabout from the temple will be Village Center and Highlander, two subdivisions that connect to each other, making up 67 lots. Village Center will feature 27 patio lots for single-family detached houses, 2 larger lots that will house a total of 8 units in the form of 2 fourplexes, and 3 medium-sized lots for duplexes. Highlander will be comprised of 35 single-family lots.

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.

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