Mesa County Q4 2023 Market Report

market update bray real estate

 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 Q42023 Q4%+-
VELOCITY (Source – Mesa County Assessor)

 

  
Commercial Sales Volume

$282,739,400 

$210,818,479 -25.5%
Commercial Transactions

278

207-25.5%
VACANCY RATEN/AN/A 
CAP RATE7.5%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

 

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.