Office Properties

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Page 10 — Office Properties Quarterly — July 2015
Market Update
T he market for Western Slope
office space is on the uptick.
We are seeing some of the
larger holes in the market
fill and rents are starting to
stabilize. In 2015, the office market
in the Grand Valley is showing some
signs of life as well. The health care,
professional services and nonprofit
segments seem to dominate the
office market activity.
Home to an ever-growing baby
boomer population and one of the
best retirement playgrounds, it is no
surprise that the health care indus-
try continues to be a driving force in
the Grand Valley.
Recently, the Community Hospi-
tal broke ground on its new facility
near G Road and 24 Road. Comple-
tion is scheduled for March. The
hospital will serve as a catalyst for
new activity as well as an anchor for
the 24 Road cor-
ridor, and promises
continued invest-
ment.
Additionally, St.
Mary’s Regional
Hospital’s defined
presence and
expansion con-
tinues to shore
up confidence
for developers
and investors in
the medical core.
Around the corner
from St. Mary’s
on Patterson Road is a 50-bed tran-
sitional rehab facility breaking
ground.
In addition to the office space
located within the hospitals, many
growing home health care providers
are eating up large office space in
response to the aging baby boomer
population.
Most recently, we have noticed a
surge in nonprofit activity. These
companies are active in the market
this year with a multitude of expan-
sion needs. Some of these needs
will be facilitated in new construc-
tion, which will be evident over the
next couple quarters as plans come
to fruition. Whether from education,
social services or mental health
facilities, there is strong demand for
growth. All this activity has primed
the market, and made it ripe for
investment.
We also have large projects such
as the new City Market on 12th and
Patterson Road, Walmart’s new com-
munity store and Colorado Mesa
University’s expansion.
Colorado Mesa University is grow-
ing through multiple expansion
projects. The university is creating
jobs for the area through its depart-
ments and the continued construc-
tion to its facilities. The expansion
to the higher-education sector of the
Grand Valley continues to release
more professionals to the local
market with needs for office. Grand
Junction is becoming Colorado’s
third-largest university town. (There
are even discussions about changing
the name of one of our prominent
streets to University Boulevard.)
The downtown district of Grand
Junction renovations over the past
few years created an appealing
image and functionality to the area.
We receive multiple inquiries from
organizations wanting to open up
shop in the downtown area to be
within walking distance to all the
venues available during and after
business hours. With the summer
swing here, tenants are looking to
secure their downtown presence as
spaces fill up.
All these positive indicators show
that the Grand Valley is diversifying
its economic contributors and mak-
ing the valley less reliant on any
one industry. With a strong long-
term outlook, investment opportu-
nities are ripening. s
Brian Bray
Managing broker,
Bray Commercial
LLC, Grand
Junction
Courtesy Citadel Architectural Products
St. Mary’s Hospital and Regional Medical Center in Grand Junction
Home to an ever-
growing baby boomer
population and one
of the best retirement
playgrounds, it is no
surprise that the health
care industry continues
to be a driving force in
the Grand Valley.