Q2 Mesa County Market Update – Rocky Mountain Commercial Real Estate

Q2 Mesa County Market Update

Posted on September 27, 2023 by Brian Bray, Bray Commercial Real Estate in Market Updates

DEVELOPMENTS

Clifton Mesa County Sheriff’s Office (project completed): The new 3,500 sq.ft. substation at 126 2nd Street will provide quicker response times and more frequent patrolling.
Clifton Branch Library (under construction): The new library will be built next to Rocky Mountain Elementary School at 3270 D½ Road. The 17,800 sq.ft. library will be about three times bigger than the current Clifton Branch.
Expansion of U-Haul Moving & Storage (under construction): New 17,710 sq.ft. warehouse with loading dock at 2809 North Avenue to be used for indoor storage.
Les Schwab Tire Shop (project approved): New 11,421 sq.ft. tire center with 8 tie bays at 492 Sparn Street.
Dutch Brothers Coffee (project approved): New 950 sq.ft. drive-thru coffee shop at 498 Sparn Street.
Expansion of River City Sports Plex (project approved): Indoor ice arena additions include an outdoor ice rink and indoor baseball training facility.
Car washes: Under construction and planned sites include Champion Xpress Car Wash at 3145 E½ Road, Champion Xpress Car Wash at 600 28¼ Road, Quick N Clean Car Wash at 691 24 Road, Quick N Clean Car Wash at 2122 North Avenue and Take 5 Car Wash at 2670 Tracy Ann Road.
Multifamily development projects: From January 2019 to June 2023, 1,510 multifamily planning clearances were issued in the Grand Junction city limits — roughly four times the number of clearances issued between 2014 and 2019.

	2022 Q2	2023 Q2	%+-
VELOCITY (Source – Mesa County Assessor)
Commercial Sales Volume	$157,973,100	$109,256,175	-30.84%
Commercial Transactions	164	90	-45.12%
VACANCY RATE	N/A	N/A
CAP RATE	7.25%	7.25%	-0.25%
SALES TAX INDICATORS (Source –City of Grand Junction)
All Sales Tax	$27.8M	$28.3M	+1.6%
Lodging Taxes	$717,411	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.