Commercial Real Esate Sales In Routt County See Rising Activity

Through Q1 of 2021, commercial real estate sales in Routt County are up more than 60% from just two years ago. The results are a positive sign after a marked decrease in 2020, due to the pandemic. Just like the residential market, the biggest obstacle that potential buyers face is the current lack of inventory. However, that could change with planned new construction breaking ground this summer. For the last few years, live/work units have been in high demand for both rental and purchase. Prices are at an all-time high, with the average price ranging between $700K to $1M. Construction costs are also at all-time highs, which has slowed the pace of new inventory. However, there are currently 24 live/ work warehouse units in planning with the county.

Good News For Those Looking To Buy A Business

There is good news for those looking to buy a business. Some businesses for sale are paired with real estate but many can be purchased with an existing tenant and lease in place. Available inventory includes apartment complexes, industrial multi-unit spaces, downtown offices and vacation rental properties. Average CAP rates currently range between 6 to 7.5%.

Local Businesses Able To Ride Out The COVID-19 Storm

Surprisingly higher than expected visitor numbers to Steamboat have helped the majority of local businesses ride out the COVID storm, with restaurants in particular adapting their operating model from indoor dining to take out. Many businesses have benefited from resources offered by the Steamboat Springs Chamber of Commerce, Main Street Steamboat and local banks. Colorado Group Realty is #1 in market share in the local commercial real estate market and has a number of experts to offer guidance.