I recently participated in a panel presentation at the Colorado Real Estate Journal Commercial Real Estate Forecast & Expo.

Brendan Matthias of FirstBank of the Roaring Fork Valley moderated a 45-minute question-and-answer session that also featured John Renfrow of Renfrow Realty in Montrose, Jack Wolfe of LIV Sotheby’s International Realty in Breckenridge and Ronald Wendler of Colorado Group Realty in Steamboat Springs.

We addressed a range of topics, including market dynamics in various regions of Colorado and the effects of the COVID-19 pandemic on commercial real estate. As each panelist shared his insights, it became clear the experience in Western Colorado during this challenging period contrasted with those in other areas.

The initial shutdown was relatively short-lived compared to metro areas and ski towns. That’s not to say our workforce and hospitality industry escaped unscathed — quite the contrary. However, it doesn’t appear the pandemic exerted the same devastating influence. Consequently,  the Western Slope rebounded quickly.

One of the strengths of the Western Slope in the current market is its independence from tourism and ski season, especially compared to the markets dependent on those factors — including the Front Range, mountain towns and larger cities.

As we look ahead, the commercial market in Mesa County and Grand Junction is poised to continue its upward trajectory. With a resilient spirit, diverse economy and touch of that Western Slope charm, this region offers an example of how to endure challenges and emerge stronger.

The commercial real estate landscape on the Western Slope presents a range of investment and development opportunities, particularly in the retail sector. The pandemic exerted profound effects on consumer behavior, driving demand for services that offer convenience and safety. As a result, we’ve observed a surge in the development of coffee shops and car washes in the area. Investors and developers are encouraged to capitalize on these trends to meet the evolving needs of the community and drive economic growth in the post-pandemic era.

Such recreation-based industries such as RV storage facilities and ATV and boat retailers experienced record-high sales in 2020. While many cities watched as storefronts and shopping centers shuttered indefinitely, big box retailers Dillard’s, Dick’s Sporting Goods and Home Goods all opened in Mesa Mall in Grand Junction in 2021.

As families left Denver and Boulder, Grand Junction gained attention as a new place to call home. Technology made it realistic for employees to work remotely while also enjoying the outdoor recreation lifestyle the Western Slope provides.

The tech sector also is growing in Grand Junction with such businesses as Aspen Technologies Group, Cloudrise, GROWL Agency and Kaart.

Grand Junction experienced record high real estate sales prices. Much of the commercial inventory on the market before and during 2020 was sold in 2021 and 2022. A 2020 comprehensive plan found Grand Junction needs about 570 new residential units each year to keep up with baseline growth, and development hasn’t kept pace since the Great Recession in 2008.

To meet housing demands, the multifamily sector has been off the charts. The city processed 343 planning clearances for multifamily units in 2021 and 661 in 2022. More than 2,000 new units are scheduled to come online this year.

The Grand Valley is becoming more well known nationally. Grand Junction recently landed on the New York Times list of 52 places to go to in 2023.

With a healthy retail scene, promising office market and exciting multifamily developments, Western Slope commercial hotspots know how to keep things prosperous. Whether you’re a business owner, investor or just passing through, 2023 will be a good year for Grand Junction.