Information about new commercial projects in Northern Colorado.
Fort Collins and Northern Colorado Real Estate
Information about new commercial projects in Northern Colorado.
What’s Going On is a serialization of the commercial development planned, in progress, and now open around Fort Collins. This month we will be focusing on the North Fort Collins area.
What’s Going On is a monthly overview of the commercial development planned or in progress in Fort Collins.
This month we are focusing on the rapidly changing Downtown Fort Collins area. It’s worthwhile to note that retail leasing has recently showed an extremely low 3% vacancy rate. As we’ve seen in the residential rental market in recent years, the commercial market also has very limited retail lease space available. Older and less desirable centers that have been difficult to lease in the past have recently shown increased activity. Demand for in-line shop space, defined as space in a strip mall, or space that is side by side fronting a parking lot or street is extremely high! On the other hand, “Big Box” activity is stagnant due to increased consumer shopping online. Desirable locations with high street visibility are in demand, especially for companies looking from outside of the area.
Commercial rental rates remain high due to the high costs of construction. For example, spaces at the Foothill Mall are leasing for $7,000-$8,000 per month. Rather than secure new locations, some retailers are opting to renew their current leases at their current location, or close their business when the current lease ends.
Research provided to RE/MAX Advanced by Michelle Hickey Crawford