The market for Western Slope office space is on the uptick. We’re seeing large holes in the market starting to fill and rents stabilize. The situation is much the same in the Grand Valley with such segments as health care, professional services and nonprofits dominating the market.
Home to a growing baby boom population and one of the best retirement playgrounds, it’s no surprise the health care industry remains a driving force in the Grand Valley.
Construction is under way on a new Community Hospital near G and 24 roads, with completion scheduled for March 2016. The new hospital will serve as both a catalyst for new activity as well as an anchor for the 24 Road corridor and continued investment in that area.
The ongoing presence and expansion of the St. Mary’s regional hospital and medical center continues to shore up confidence for developers and investors in this medical core. Around the corner from St. Mary’s on Patterson Road, construction soon will begin on a new 50-bed transitional rehabilitation facility.
Many growing home health care providers are also taking up large office space in response to the aging baby boom population.
We’ve also noticed a surge in non-profit activity. They’re very active in the market this year with a multitude of expansion needs. Some of these needs will be facilitated in new construction. You’ll see evidence of this over the next couple quarters as their plans come to fruition.
Whether from education, social services or mental health facilities, there’s strong demand. All this activity has primed the market for investment.
We also have large projects taking place in the form of a new City Market store near 12th Street and Patterson Road, a new Wal-Mart community store and continued expansion at Colorado Mesa University.
CMU has promoted job growth through the expansion of not only its facilities, but also its educational programs. As graduates become professionals, they’ll need office space, too.
Grand Junction is becoming Colorado’s third university town. There’s even discussion of changing the name of North Avenue to University Boulevard.
Meanwhile, renovations in downtown Grand Junction in recent years have 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 summer just around the corner, tenants are out looking to secure their downtown presence as spaces fill.
These positive indicators show the Grand Valley has diversified its economic contributors, making the area less reliant on any one industry. With a strong long-term outlook, investment opportunities are improving every day.