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Boulder County Office Activity Led the Regional CRE Market Headlines

Industrial & Flex:

  • The largest area industrial leases were both in the 12,000 SF range.  Slager Trucking leased space along US Highway 34 between Greeley and Loveland, at the former Yellow Freight depot facility.  Nugent Movers leased 6,300 SF at the intersection of Harmony Rd. and I-25, and a light industrial user leased 12,000 SF at 1341 Sherman in Longmont.
  • 1812 Boxelder in Louisville sold right before foreclosure auction to an entity related to Etkin Companies.  The property in the Colorado Technology Park had more industrial qualities to it than most in the area, as it had been used for welding operations in the past.  $1.85 million, at $54 PSF.
  • 4745 Walnut sold as a flex building, for $1.725 million, $83 PSF in Boulder.

 Office:

  • Boulder was very active on the leasing front.  Vacancy levels fell 100 basis points to 10%.
  • During November, six major leases accounted for over 140,000 SF of new rented space.  This included 38,000 SF at 4780 Pearl East, 21,000 SF at 363 Centennial, 19,000 SF at 1100 McCaslin, and 18,000 SF at 6328 Monarch Place.
  • Lease rates for the new activity ranged from $9.75 – $13.50 PSF, plus triple nets.
  • Major office sales were highlighted by the $32 million Coal Creek Business Park portfolio sale to Founders Properties LLC, at an average price of $157 PSF.
  • Loveland featured another investment sale of a Class A property, as 6125 SkyPond sold for a 7.7% CAP rate, for a total price of $8.35 million.  A local entrepreneurial investor purchased this property that had three professional services tenants.
  • A medical office/clinic providing cancer care services sold for $2.4 million to Poudre Valley Health Care systems, on the grounds of the south campus of the large medical provider in Fort Collins.  Sales price was just over $300 PSF.
  • Boulder and Fort Collins’ metro areas have both absorbed about 160,000 SF of office space this year to lead the region.

Retail:

  • The region is enjoying sub 10% retail vacancy (with Greeley slightly higher at 11%).  During November, the metro areas were stable with little new activity of note.

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