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Industrial vacancy decreased to 1044 from 1152 but

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Unformatted text preview: Class A space due to tight spreads in lease rates among product classes. Industrial vacancy decreased to 10.44% from 11.52%, but rents remained flat at $6.10 psf. Demand from nontraditional users, such as churches and recreation, is helping absorption. Retail vacancy decreased to 10.94% from 11.63%, but lease rates fell to $12.90 psf from $13.06 psf, with newer centers attracting the most leasing activity. The local economy will benefit from returning military personnel, but a long-term regional focus on manufacturing, communications, and distribution will have a broader impact on the CRE markets. The Western Slope economy has weathered a tough economic downturn since 2009, primarily related to falling energy prices and the ongoing economic recession. Along with Pueblo, unemployment in Grand Junction was one of the highest in the state; however, Colorado’s oil and gas industry is percolating. Oil and gas drilling and extraction have created jobs and a demand for smaller commercial properties. Through Q3 2011, Heritage Title Company reports year-overyear real estate transactions ar...
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This note was uploaded on 02/11/2013 for the course MGMT 231 taught by Professor Yu during the Spring '13 term at Bauder.

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