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Mesa County Market Update Q2 2022

market update bray real estate

PUBLIC POLICY CHANGES

• Marijuana Regulations: City adopted ordinance No 5070 May 6th for standards, and all applications
were due by June 8th. 26 of those applicants were selected to move forward to public hearings. We
should have final results of the 10 final licenses in 30-60 days.
• City is adopting a 2022 Annual AcLon Plan- $421,451 focused on Housing and Urban Development.
• Mayor Chick McDaniel has stepped down and Anna Stout is the new GJ Mayor.


DEVELOPMENTS


• CDOT has begun the North Avenue resurface & safety project. Adding medians and repaving North
Avenue from 30 Road to 1st Street.
• Fire Station #3 is now open.

2021 Q22022 Q2%+-
VELOCITY (Source – Mesa County Assessor (6/2/2022))
Commercial Sales Volume$105,868,750$62,427,000-25.66%
Commercial Transactions15183-45.03%
VACANCY RATEn/an/a
CAP RATE7.5%7.25%+3.45%
SALES TAX INDICATORS (Source – – City of Grand Junction)
All Sales Tax (through May 31st)$27.05M$30.56M+12.98%
Lodging Taxes$567,096$717,41126.51%

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.