Mesa County Q3 2022 Market Update

Mesa County Q3 2022 Market Update

market update bray real estate

PUBLIC POLICY CHANGES

  • Mesa County – Measure 1A: A measure to allow for the expansion of the county’s capital fund for the purposes of using it to help refund revenues that exceed the TABOR limit to Mesa County residents.
  • Grand Junction Measure 2A: A measure to increase lodging taxes by 1% with the funds going to support affordable housing.
  • Grand Junction Measure 2B: A measure to increase lodging taxes on short-term rentals by 8% with the funds going to support affordable housing.
  • Grand Junction Measure 2C: A measure that would expand from 25 years to 99 years the authorized lease term the city of Grand Junction could offer to projects intended for affordable housing. • Palisade Measure 2D: A measure to increase lodging taxes from $2 to $6 with the funds going to support emergency services and town marketing.

DEVELOPMENTS

  • Grand Junction Pedestrian & Bicycle Plan: A plan that will envision the future pedestrian and bicycle network, prioritizing effective investments that will establish Grand Junction as a comfortable and welcoming place for people walking, rolling, and biking. The plan will guide the city on how and where to strategically make improvements and address gaps in the places people walk and bike, incorporating national best practices in bicycle and pedestrian planning and design.
  • Colorado Mesa University: A new running track bridges the Maverick Pavillion and Mav Center (which contains the Hamilton Recreation Center) was supposed to be completed in October of 2022 but has been delayed.

 

2021 Q3 2022 Q3 %+-
VELOCITY (Source – Mesa County Assessor)
Commercial Sales Volume $201,356,725 $200,124,300 -0.61%
Commercial Transactions 255 210 -17.65%
VACANCY RATE n/a n/a
CAP RATE 7.5% 7% -.5%
SALES TAX INDICATORS (Source – City of Grand Junction)
All Sales Tax $43.2M $47.7M +9.4%
Lodging Taxes $1,284,723 $1,706,174 +32.8%

Click here to download the full market update for Q3 2022.

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.