Mesa County Q4 2023 Market Report
Posted on February 13, 2024
by Brian Bray, Bray Commercial Real Estate in Market Updates

PUBLIC POLICY CHANGES
- Mesa County Measure 1A, 1B, 1C, 1D: A measure to allow elected candidates for Assessor, Clerk and Recorder, Surveyor, and Treasurer to expand term limits for that office by one additional year (for a max. three terms): 34.21-39.5% yes/60.5-65.8% no
- City of Grand Junction Measure 2A: A measure to allow members of City Counsel to participate in the City health insurance plan, along with salary increases: 43% yes/57% no
- City of Grand Junction Measure 2A: A measure to allow an increase in the authorized lease term for City property, now owned or after-acquired, from 25 years to a term not to exceed 99 years when the property is to be used for affordable housing and/or workforce housing projects: 50.3% yes/49.7% no
DEVELOPMENTS
- Community Hospital (project completed): Additional 130,000 sq.ft. James Pulsipher Regional Cancer Center and Monument View Medical Plaza was completed in December 2023 after two years of construction and opened to new patients on January 15, 2024. The construction cost $53 million, with a total cost of $78 million including equipment. In addition to oncology, the center will house cardiology, pulmonary, and more.
- Community Hospital (project completed): 7,500 sq.ft. Adventure Academy offers childcare services for Community Hospital employees and the public for up to 113 children 6 months old to 6 years old. It was funded from $2 million in congressionally directed spending, a $1 million private donation, $800,000 from the Colorado Employer Based Child Care Grant Program, and other local fundraising activities, including golf tournaments and galas, raising a total of $4.7 million.
- Clifton Community Campus (under construction): 27-acre site will be home to an early childhood education center, training center, community center, and the Clifton Library. Construction is projected to cost $31 million, which is anticipated to come from various funding sources, including the American Rescue Plan and additional state, federal, and private funding. The campus is scheduled to be completed and open to the public in 2024. It will be located at 3270 D½ Road.
- Orchard Mesa Starbucks (under construction): 2,184 sq. ft. coffee shop has broken ground at 2779 Acrin Avenue.
| 2022 Q4 | 2023 Q4 | %+- | |
| VELOCITY (Source – Mesa County Assessor) |
| ||
| Commercial Sales Volume | $282,739,400 | $210,818,479 | -25.5% |
| Commercial Transactions | 278 | 207 | -25.5% |
| VACANCY RATE | N/A | N/A | |
| CAP RATE | 7.5% | 7.5% | 0% |
| SALES TAX INDICATORS (Source –City of Grand Junction) | |||
| All Sales Tax | $48,735,375 | $49,164,426 | +0.88% |
| Lodging Taxes | N/A | N/A | N/A |