NoCo Newsletter | November 9, 2023

NoCo Newsletter | November 9, 2023

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of election results, environmental planning, economic indicators, and more.

REAL ESTATE & BUSINESS NEWS

• Northern Colorado Class A Multifamily Market Holding Steady
  • Jake Hallauer, CCIM (NAI Affinity President) shared with the Colorado Real Estate Journal, “I anticipate that the market will remain strong, as long as demand for new housing continues, and there is a high likelihood, we’ll see high rent growth in the coming years unless a major microeconomic dynamic changes in the market.”
• Fort Collins Voters Split Approval of 2 Tax Increases
  • “They said no to a property tax increase to fund affordable housing, but they were willing to pass a sales tax increase to fund parks and recreation, transit and climate initiatives.” (Coloradoan)
• Fort Collins Voters Pick 1 New Council Member, Support Others Who Voted for Land Use Code
  • “Incumbents who have been vocal supporters of changes to Fort Collins’ land use code also won victories. Mayor Jeni Arndt, District 2 council member Julie Pignataro and District 6 council member and Mayor pro-tem Emily Francis. Their opponents all ran, at least partly, on opposing the land use code changes passed in late 2021 and then again last month after the first code was repealed.” (Coloradoan)
  • “School psychologist Melanie Potyondy will replace retired educator Shirley Peel in District 4, putting Potyondy back on council after Peel surpassed her in a five-way race in 2021.” (Coloradoan)
• Loveland Voters Claim Final Say Over Future Urban Renewal Projects, Pass Question 301
  • “Any development projects that are proposed or changed under Loveland’s Urban Renewal Authority will now have to win public support after voters overwhelmingly supported city Ballot Question 301 in Tuesday’s election.” (Coloradoan)
• Colorado Voters Pass Proposition II
  • “The passage of Proposition II allows the state government to spend surplus tax revenue from nicotine products to fund universal pre-K.” (9News)
• Voters Reject Colorado’s Proposition HH
  • “A “no” vote on Prop HH makes no changes to the current property tax structure and does not allow the state to keep and spend more money than is currently allowed.” (9News)
• How Should We Manage the Drying Colorado River? Here’s What’s at Stake in Negotiations for its Long-Term Future
  • “The river, which begins in Colorado and ends near the Gulf of California in Mexico, provides water for 40 million people, irrigates 5.5 million acres of agricultural lands that feed the country, generates electric power, fuels recreation-based economies across the West and provides important habitat for several endangered species.” (The Denver Post)
• Natural Grocers Opens in Downtown Loveland
  • “The new store is a redevelopment of a blighted site in the downtown area, and it came with an incentive package negotiated by the Downtown Development Authority. The deal provided the grocer with a sales-tax rebate of up to $500,000 that can be collected over 10 years.” (BizWest)
• As Northern Colorado Airport Prepares to Widen Runway, Here’s How Stakeholders Can Chime In
  • “…the capital improvement plan designed to satisfy related airfield design requirements for the larger Airbus A320 and Boeing 737 aircraft.” (Coloradoan)
• Platte River Power Gets OK for Plan to Move Beyond 88% Carbon-Free Sources
  • “The board of directors for Platte River Power Authority unanimously signed off Thursday on a plan to help it reach its goal of being carbon-free by 2030.” (Coloradoan)
• The Latest New Home Lot Supply Index
  • The latest New Home Lot Supply Index (LSI) climbed for the fifth consecutive quarter. “Despite the increase, the third quarter data still reflects a “significantly undersupplied” market nationally.” (Zonda)

ECONOMIC & EMPLOYMENT NEWS

• Jerome Powell Outlines Cautious Approach to Raising Rates or Declaring End to Hikes
  • “Fed Chair Jerome Powell said it was premature for the central bank to declare a conclusive end to its historic interest-rate increases of the past two years even though he didn’t make an argument for raising rates further right now.” (WSJ)
• Sharp U.S. Hiring Slowdown Signals Cooling Economy Ahead
  • “Easing hiring and wage growth could be a sign that the economy is starting to slow after a red-hot summer. On Wednesday, Federal Reserve Chair Jerome Powell pointed to the cooling labor market as one reason the central bank might not need to raise rates further.” (WSJ)
• Fed Extends Pause on Rate Hikes but Keeps Door Open to Moving Higher
  • “Wednesday’s decision comes at a delicate time for financial markets because the 10-year Treasury yield has risen swiftly—by nearly 1 percentage point—since officials last raised rates. Officials most recently increased their benchmark federal-funds rate in July to a range between 5.25% and 5.5%.” (WSJ)

COMMUNITY & OTHER INDUSTRY NEWS

• Client Testimonials
• 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 outstanding end-cap retail space for lease with high visibility along Crossroads Boulevard. Just south of the 7,200 seat Budweiser Event Center, 263 key Embassy Suites Hotel and Conference Center, and in close proximity to many large residential neighborhoods, employment, other retail, and entertainment. The unit is currently built out as a liquor store with an open floor plan, kitchenette area, private restroom, and building signage available to tenant. Located next to QDOBA Mexican Eats. Click here to learn more about this opportunity.

See previous newsletters here.

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