quarterly commercial market overview...q 2019 jefferson county market overview $20.18 rental rate...

Q3 2019 | JEFFERSON COUNTY

QUARTERLY COMMERCIAL MARKET OVERVIEW

NavPoint Real Estate Group | 720.420.7530 | www.navpointre.com


MARKET OVERVIEW

$20.18Rental Rate

OFFICE

9.4% Vacancy Rate

$10.93Rental Rate

INDUSTRIAL

2.1% Vacancy Rate

Our team of professionals have a broad understanding of the national commercial real estate market while also providing acute local knowledge. If you are looking for specific information on the local commercial real estate market, contact anyone on our brokerage services team for assistance.

Stretched along the foothills of the Rocky Mountains, Jefferson County forms the western boundary for metro Denver and is home to a bustling population of approximately 575,000. With an unemployment rate of 3.0%, diversification continues to drive Jefferson County’s robust economy and impressive growth. Lockheed Martin, MillerCoors Brewing, National Renewable Energy Laboratory, HomeAdvisor and Ball Corporation are just a few of the major employers that call Jefferson County home.

The Bureau of Land Management recently announced their decision to relocate their headquarter employees to Grand Junction and Lakewood. Lakewood is located in Jefferson County; the announcement is exciting for growing community and highlights the balance between recreation and a thriving business community. Pilatus Business Aircraft is expanding its operations into Jefferson County with plans to build a new 118,000 SF facility at the Rocky Mountain Metropolitan Airport. The new $22M facility will replace and expand its current operations. CoorsTek, the largest engineered ceramics manufacturer in the world, has been in Jefferson County since its establishment more than a century ago. The company is expanding its business operations in Golden by building a $120 million Center for Advanced Materials to support rapid development of new materials.

Jefferson County offers companies a highly educated workforce and strategic location that has allowed for tremendous growth. The industrial market in Jefferson County remains strong and steady with current lease rates at $10.93/SF and a steady vacancy rate of 2.1%. The office market saw a slight increase in vacancy from 8.3% in Q2 to 9.4% in Q3 but lease rates continue to climb with current asking rates at $20.18/SF. The retail market in Jefferson County also saw a decrease in vacancy and remains strong at 5.0% and lease rates remain steady at $15.36/SF. The apartment market remains tight with vacancy rates at just 6.4% and lease rates at $1.67/SF. Approximately 443 properties have sold in Jefferson County in the last 12 months and the average asking price per square foot for all property types was $151/SF. Sales volume, listings and inventory continue to increase across all product types in Jefferson County.

Q3 2019 STATS

$15.36Rental Rate

RETAIL

5.0% Vacancy Rate

APARTMENT

$1.67Rental Rate

6.4% Vacancy Rate


MARKET OVERVIEW

Apartment VacancyQ1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

Jefferson County 7.1% 6.2% 5.7% 5.6% 5.8% 5.4% 6.4%Denver County 8.4% 7.3% 7.6% 7.4% 7.4% 7.4% 7.3%

Apartment Lease RatesQ1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

Jefferson County $1.56 $1.60 $1.60 $1.59 $1.62 $1.66 $1.67Denver County $1.83 $1.87 $1.87 $1.86 $1.89 $1.92 $1.91


MARKET OVERVIEW

Retail VacancyQ1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019


Retail Lease RatesQ1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019



MARKET OVERVIEW

Office VacancyQ1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019


Office Lease RatesQ1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019



MARKET OVERVIEW

Industrial VacancyQ1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019


Industrial Lease RatesQ1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019



MARKET OVERVIEW

Brent HamBrokerage Services

Chris MittonBrokerage Services

NavPoint Real Estate Group3740 Dacoro Lane | Suite 200Castle Rock, CO 80104

720.420.7530 Office720.240.0762 Fax

www.navpointre.com

NavPoint Real Estate Group is a comprehensive Commercial Real Estate Services Firm with office locations in Denver, Castle Rock and Colorado Springs, Colorado. The company specializes in acquisitions, dispositions, and leasing across all product types throughout Colorado and the Western United States. NavPoint’s team of professionals have a broad understanding of the national commercial real estate market while also providing acute local knowledge to each assignment. The firm has completed over 900 transactions and is currently involved in the exclusive brokerage of well over 2,000,000 SF of commercial real estate.

Mission StatementAt NavPoint Real Estate Group we strive to exceed the expectations of our clients by providing a clear route to success in every real estate transaction. We put people above profits and allow this philosophy to shape our success.

Vision Statement At NavPoint Real Estate Group our objective is to be known as one of the foremost experts in the business of Commercial Real Estate brokerage, property/asset management and consulting.

The information contained in this report was obtained from CoStar Realty Information Inc. This data is intended to only show trends in the area. All reported sales were not necessarily listed or sold by NavPoint Real Estate Group.

Jason MayerBrokerage Services

John WittPartner

Brokerage Services

Jeff BrandonBrokerage Services

Matt CallPrincipal

Charlie DavisBrokerage Services

Michelle Rickman Transaction Coordinator

Holly AbbottGraphic Designer

Collin TedescoInvestment Analysis

Emily Van Eps Marketing

Coordinator

Holly SigdestadMarketing & Operations

Ian ElfnerBrokerage Services

Matt KulbeBrokerage Services

Gina LissAdministrative

Assistant

quarterly commercial market overview...q 2019 jefferson county market overview $20.18 rental rate...

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