Mesa County Q3 2022 Market Update

Mesa County Q3 2022 Market Update

Posted on November 15, 2022 by Brian Bray, Bray Commercial Real Estate in Market Updates

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 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.