As 2019 comes to a close, Q4 of Steamboat’s commercial real estate market is expected to finish strong. Several multi-million dollar deals have increased the price per sq. ft. by approximately 15% over 2018, which makes up for an almost 50% drop in overall sales. Vacancy rates on commercial space are low after a seasonal surge in long-term lease agreements. The recent trend of pop-up retail businesses in the downtown area appears to be waning. 

Construction is underway on a new Residence Inn by Marriott on Pine Grove Road. The three-story, 110-bedroom property is expected to open in 2020. On December 3rd, the Steamboat Springs City Council approved a proposed 55-room, three-story boutique hotel to be built on the corner of 10th and Yampa, as a planned unit development, with the condition that the project provides community enhancement. Scott Marr, the local business owner behind the development, promised a $100K contribution toward a lighting project on the Yampa River Core Trail and a voluntary 0.5% assessment on gross room revenue to benefit Steamboat Creates, among other benefits. 

On the mountain, a planning permit has been submitted for a mixed-use development at Ski Time Square to include retail space and four condominiums. Upgrades to the ski area and base are also underway. Steamboat Resort opened the 2019/20 ski season with a new-high speed gondola, which is now fully operational.

Downtown Steamboat is currently offering a number of opportunities in the commercial real estate market for business owners and developers. The construction on infrastructure for RiverView, a mixed-use development on five acres at 446 Yampa Street, is nearing completion. SwedWood, a high-end, multi-unit, mixed-use development at 655 Yampa Street is expected to finish construction in 2020. 

Colorado Group Realty has a number of long-standing experts in the commercial real estate market. Please contact us with any questions.