Mesa County Q1 2023 Market Update

grand junction/mesa county market update – august, marketupdate bray

PUBLIC POLICY CHANGES 

Retail marijuana licenses: Voters approved a measure allowing recreational marijuana stores in the city in April 2021. City Council approved the process by which licenses would be chosen in May 2022. During the application period, which closed June 8, 2022, the city received 47 applications, 29 of which were approved for the lottery. On March 30, 2023, a double-blind lottery process was held at City Hall, and the 10 retail marijuana licenses available in Grand Junction have been selected, including several local applicants. 

School closures: District 51 The Mesa County Valley District 51 Board of Education voted 3-2 close East Middle School. East Middle School’s closure was among Western Demographics Inc. President and D51 Demographer Shannon Bingham’s suggestions for how the district can adjust to declining enrollment and not lose a substantial amount of state funding. 

Grand Junction Measure 1A: A measure to increase City Sales and Use tax from 3.25% to 3.39% for 30 years for the purpose of generating revenue for the construction, furnishing, and operation of an indoor community recreation center. Cannabis tax revenue devoted to parks and recreation was approved by voters in April 2021. While substantial, this funding source alone will not cover the cost to build a CRC in Grand Junction and a second funding source is needed: 60.4% yes/39.6% no 

Grand Junction Measure 1B: A measure to increase the authorized lease term for 1.1169 acres of property to Colorado Discover Ability, a non-profit organization offering adaptive outdoor recreation for people with disabilities, from 25 years to a term not to exceed a total of 99 years: 77.9% yes/22.1% no 

 

DEVELOPMENTS

 Former Downtown City Market: The store closed in 2019 and the building had stood empty since. Demolition has been completed and crews are working on pouring the foundations for the two apartment buildings. The 256-unit apartment complex has been dubbed “The Junction.” 

Bonsai Design Zipline: Bonsai Aerial Adventures has officially started construction on a zipline across the Colorado River from Eagle Rim Park to Las Colonias Park. The plan is for it to be ready for use this summer. 

Grand Junction High School: Brand new building under construction and on track to open in the fall of 2024. 

 

 2022 Q12023 Q1%+-
VELOCITY (Source – Mesa County Assessor)

 

  
Commercial Sales Volume

$72,952,300 

$48,734,300 -33%
Commercial Transactions

72

44-39%
VACANCY RATEN/AN/A 
CAP RATE7.0%7.25%-3.57%
SALES TAX INDICATORS (Source –City of Grand Junction)   
All Sales Tax

$17.8M

N/A

 
Lodging Taxes

$334,703 

N/A

 

 

 

About The Author

Brian Bray, commercial real estate broker at Bray Real Estate, smiling in a professional suit with glasses, representing his expertise and long-standing family legacy in Western Colorado real estate.

Born and raised in Western Colorado, Brian Bray is a fourth-generation Bray working in his family’s real estate brokerage, which was founded by his great-grandfather, Sherman Bray, in 1946. Brian brings to the table a vast working knowledge of real estate and the trusted name that has become the premier real estate firm of Western Colorado. Working for Bray Real Estate since 2004, Brian began his real estate career selling residential homes, farm/ranch properties, and development ground. He became managing broker of the commercial division in 2016. Previous to working in the family business, Brian owned and managed his own businesses and worked in the construction industry. He is educated in construction management and graduated from Mesa State College with a Bachelor of Science in Business Administration. Over the years, Brian has had the opportunity to assist his clients in asset disposition/acquisition and represent tenants of large national retailers and small main street businesses. Brian also maintains a large volume of real estate listings for his sales and leasing clients. Through continued education through CCIM and industry forums, Brian is able to stay on the pulse of the existing and emerging industries. Brian also manages Bray Business Brokerage, where he oversees a team of merger and acquisition specialists. He enjoys educating business owners in making strategic decisions to maximize the profitability of their company before selling it. He is also able to assist buyers in mitigating the risks involved in a business transaction. Brian resides in Grand Junction with his wife and five children. When he is not working, he enjoys recreating in the high country of the Rocky Mountains. Whether it is sitting at 13,000 feet watching some bighorn sheep or calling in a large bull elk during the rut, Brian won’t miss an opportunity to be hunting the vast expanse of the Rocky Mountain country. Achievements Top Commercial Producer – Bray Real Estate, 2016-2021 Broker of the Year – Rocky Mountain Commercial Brokers, 2018 Affiliations Member – Rocky Mountain Commercial Brokers Member – Grand Junction Rotary Club Member – Grand Junction Chamber of Commerce Member - The Society of Industrial & Office Realtors (SIOR) *The Society of Industrial & Office Realtors (SIOR) designation is a professional achievement for highly qualified commercial real estate practitioners with a strong transactional history in brokerage, fee-based services, or executive management.