Mesa County Q1 2023 Market Update

Mesa County Q1 2023 Market Update

market update bray real estate


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 



 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


$48,734,300 -33%
Commercial Transactions


CAP RATE7.0%7.25%-3.57%
SALES TAX INDICATORS (Source –City of Grand Junction)   
All Sales Tax



Lodging Taxes






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.