NoCo Newsletter | January 11, 2024

NoCo Newsletter | January 11, 2024

Happy 2024! Thank you to everyone who trusted us to complete their commercial real estate transactions and investments over the past 20 years. We are honored to have had the opportunity and look forward to continuing excellent service for years to come. May the New Year bring you peace, love, and endless possibilities ✨⁠

Updates to our team in the New Year include Lauren Larsen being promoted to Managing Broker and Ashley Hergenreder being promoted to Director of Marketing and Transaction Management. Congratulations are in order for these powerhouse women!

Now, discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of proposed statewide land use bills, market indicators, ‘zombie buildings’, and more.

REAL ESTATE & BUSINESS NEWS

• Here’s When to Expect Your Property Tax Statement After Colorado Legislature Changes
  • “Property tax changes made at the Colorado legislature’s special session in November are delaying the certification of the county tax rolls by two weeks, according to Josey. They delay gives taxing authorities more time to certify their mill levies and gives county assessors more time to gather data.” (Coloradoan)
• TGI Fridays Abruptly Closes Colorado Locations: The Restaurant’s Locations in Denver and Longmont Closed This Week, Leaving None Left in the State
  • “TGI Fridays confirmed Wednesday that it was closing 36 “underperforming locations” as “part of the brand’s ongoing growth strategy.” The company also announced it was selling eight previously corporate-owned restaurants in the northeast to its former CEO Ray Blanchette… (and) offered more than 1,000 transfer opportunities as part of the store closures, representing more than 80% of impacted employees.” (9News)
• ‘Zombie Buildings’ A Key Challenge For Denver’s Economy
  • “The share of available office space in downtown Denver crossed 30% in the third quarter, marking the highest vacancy levels since 1990 when the state was coping with a severe energy bust.” (Greeley Tribune)
• Colorado Property Management Firm to Pay $1 Million After State Probe Finds Renters Were Illegally Billed for Services
  • “Boulder-based Four Star Realty reached the settlement with Attorney General Phil Weiser after an investigation by the Colorado Department of Law exposed multiple instances of the company charging renters for unnecessary work, unrelated damages and other fees not outlined in their leases. The settlement marks the first time the Department of Law has taken action since a state law took effect in May 2022 that gave the attorney general power to investigate potential violations of housing laws and to utilize civil and criminal enforcement actions. The law also created a fair housing unit within the agency.” (The Denver Post)
• Colorado Lawmakers, Ready for Another Stab at Land-Use Reform, Say They’ve Learned From Last Year’s Failure
  • “The land-use measures set to be introduced soon include:
    • A transit-oriented development bill that would allow higher density to be built near transit stops in cities.
    • An accessory dwelling units (ADU) bill that would bar cities from banning or overly limiting property owners from building the structures, which are commonly constructed over garages or in backyards.
    • A bill to prohibit occupancy limits in housing, except for reasons of health or safety.
    • A bill to block minimum parking requirements in cities that add to construction costs.
    • A bill to improve housing and growth planning across the state.” (The Denver Post)

ECONOMIC & EMPLOYMENT NEWS

• Inflation Picked Up to 3.4% in December After Rapid Cooling Most of 2023
  • “Inflation’s cool down from historic highs keeps the Federal Reserve on track to hold rates steady later this month and contemplate cutting them later this year. But Americans aren’t in the clear yet. The consumer-price index increased 3.4% from a year earlier in December, the Labor Department said Thursday. The acceleration from November’s 3.1% advance shows inflation isn’t fully beaten.” (WSJ)
• December PMI Down
  • “In December, the Services PMI^® registered 50.6 percent, 2.1 percentage points lower than November’s reading of 52.7 percent.” (ISM Research, Institute for Supply Management)
• Job Gains Picked Up in December, Capping Year of Healthy Hiring
  • “Unemployment held at 3.7% last month…(since) The U.S. economy added 216,000 jobs last month with most industries increasing employment, the Labor Department reported Friday. That was larger than November’s gain of 173,000, and better than forecasters were expecting.” (WSJ)
• Holiday Sales Rose in U.S. Despite Some Financial Anxiety and Higher Costs
  • “Holiday sales from the beginning of November through Christmas Eve climbed 3.1 percent, a slower pace than the 7.6 percent increase from a year earlier, according to Mastercard SpendingPulse, which tracks all kinds of payments including cash and debit cards.” (PBS)

COMMUNITY & OTHER INDUSTRY NEWS

• Client Testimonials
• Most Peaceful Place to Live? Fort Collins Tops the List With Outdoor Recreation, Low Noise
• Here Are 15 Road Projects at the Top of Fort Collins’ List for the Next 10 Years.
• North I-25 Express Lanes Project Nears Completion
• Fort Collins Area Chamber of Commerce: Northern Colorado Economic Overview
• Northern Colorado Boasts Nine of Top 20 Fastest-Growing Communities in State
• 2 Colorado Cities in Top 4 ‘Best Places to Live Rankings
• Denver International Airport Ranked No. 3 Busiest in the World
• Support Your Local Bold Voice of Business by Contributing to the 13th Annual Moving Fort Collins Forward! Campaign

FEATURED LISTING

NAI Affinity is pleased to present this prime residential development site for sale located near the NEC of the intersection 10th Street (U.S. Highway 34) and 71st Avenue in west Greeley. This opportunity is part of a 135 acre mixed-use community which includes: single family, townhomes, multifamily, as well as many retail and commercial uses. The site is surrounded by nearby amenities, recreation, services, health care and is within approximately 1/2 mile to the King Soopers grocery anchored retail center to the south on 10th Street (Highway 34 Business Route). Click here to learn more about this opportunity.

See previous newsletters here.

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