NoCo Newsletter | March 7, 2024

NAI Affinity
• 
March 7, 2024

NoCo Newsletter | March 7, 2024

Discover our newest listings, recent happenings in the NoCo CRE community & other industry news. This edition brings news of regional focuses, drought, rising inflation, and more.

REAL ESTATE & BUSINESS NEWS

  • What is Fort Collins Government Celebrating, Working On? Here's a List From State of City
    • A critical success for the City: "Got the final environmental impact statement for the Halligan Reservoir expansion project to provide more water storage for Fort Collins Utilities customers." (Coloradoan)
    • A key focus the City is working on: "Addressing housing availability and affordability. DiMartino said only 20% of residents making the area median income ($114,000 for a family four) can afford a home. The goal is 66%. Arndt said providing housing for the people who work in Fort Collins is a focus." (Coloradoan)
  • A Top Colorado Farming Region is Running Out of Water, Must Retire Land to Avoid Well Shutdown
    • "Flows in the Republican River system are shrinking as the aquifer depletes, making it harder for Colorado to send enough water downstream to the east to fulfill its agreements with Kansas and Nebraska. To meet its obligations, Colorado is legally required to stop irrigating 25,000 acres in the southern part of the basin by the end of 2029 — more than a quarter of all irrigated acreage in that area. If the mandate is not met, state water officials say they will turn off wells for all 540,000 irrigated acres in the broader swath of the state that’s in the river basin, a move that would devastate the region’s economy and way of life." (The Denver Post)
  • New Real Estate Opportunity Brewing as Some Americans Opt to Rent
    • "The biggest issue, especially in large established metro areas, is a lack of product. There's no such thing as a starter home in large [Metropolitan Statistical Areas] anymore. There's no land available to build housing within commutable distances of jobs," explained Post Brothers CEO and co-founder Michael Pestronk. (Fox Business)
  • Home Prices Hit All-Time High - A Positive for CRE?
    • "Cost-saving benefits of renting continue to bolster the appeal of apartments. While the sector is finding balance amid historic supply pressure, net absorption from October through December of last year was positive 43,000 units. As the fourth quarter is typically a soft period for apartment demand, this increase in occupied rentals reflects recent momentum." (Marcus & Millichap)
  • Macy’s to Close 150 Stores
    • "The retailer said Tuesday that it would close about 150 underperforming Macy’s stores, or about 30% of its fleet, over the next three years. It will focus on upgrading its remaining 350 Macy’s locations, while also opening smaller versions of its namesake chain and adding Bloomingdale’s and Bluemercury locations." (WSJ)
  • Self-Storage Development Boom Set To Peak In 2025
    • "...new projections from Yardi Matrix (are) showing the number of completions trending down after 2025....The company cites sagging rents and high interest rates as factors in developers' loss of appetite for the property type. Demand is also down from pandemic-era peaks, though not depressed." (Bisnow)

ECONOMIC & EMPLOYMENT NEWS

COMMUNITY & OTHER INDUSTRY NEWS

FEATURED LISTING

NAI Affinity is pleased to present this infill commercial land development site. The site offers a highly desirable location, as it is situated on a hard corner, providing excellent visibility along Broadway. Its close proximity to Downtown Denver ensures convenient access to the city's vibrant cultural scene, shopping, and employment opportunities. In addition to its prime location, the site benefits from being surrounded by numerous amenities, several new multi-family projects in the immediate area, and is approximately a 10 minute drive to Downtown Denver, Empower Field, Ball Arena, Colorado Convention Center, Union Station and countless restaurants, attractions and amenities. Future building could include a patio, rooftop area with approximately 7 dedicated parking spaces on the Property. The zoning allows for the construction of up to 3 stories high. This provides flexibility for developers to create multi-level structures that can accommodate a variety of uses, such restaurant, retail, office or mixed-use. Seller financing available. Click here to learn more about this opportunity.

image - NoCo Newsletter | March 7, 2024 - NAI Affinity

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