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 Q1 | 2022 Q1 | %+- | |
| VELOCITY (Source – MLS) | |||
| Commercial Sales Volume | $544.3M | $703.1M | +131% |
| Commercial Transactions | 154 | 104 | +29.2% |
| Range of NNN Rental Rates | $65 per SF – $300 per SF | +30% | |
| CAP RATE | 3.0-3.5% | ||
| SALES TAX INDICATORS (City of Aspen) | |||
| All Sales Tax | $133.2M | $365.7M | +175% |
| Lodging Taxes | $30.9M | $67.8M | +119% |
