The Northern Colorado Commercial Real Estate Market

May 28, 2024

The mountainous Northern Colorado region features a collection of cities with multiple promising commercial real estate opportunities. With a thriving, diverse economy and low unemployment levels, Northern Colorado invites investors and tenants alike to invest in a hotbed of commercial properties. Regardless of their investment targets, those interested will find thousands of available properties on Crexi.

Brokers representing property in Northern Colorado cities such as Fort Collins and Loveland also use Crexi to list and navigate their listings from start to close. With Crexi, brokers can instantly connect to thousands of viable buyers and tenants who've indicated an active interest in Northern Colorado property.

As of this writing, buyers and brokers have used Crexi to close more than $615 billion in asset sales, representing an upward of $7 trillion in value.

Crexi proudly serves Northern Colorado, Loveland, Fort Collins, Greeley, and the surrounding cities as the fastest-growing online commercial real estate marketplace.

The State of Commercial Real Estate in Northern Colorado

Anchored by the major cities of Fort Collins, Greeley, and Loveland, Northern Colorado is known for its picturesque landscapes, including the Rocky Mountains and vast plains, making it an ideal location for living and investing.

Fort Collins is the largest city in the region and a hub for innovation and education, home to Colorado State University and a host of tech startups and green energy enterprises.
With its rich agricultural roots, Greeley continues expanding its economic landscape into healthcare, manufacturing, and renewable energy sectors.
Loveland is often referred to as the 'Gateway to the Rockies' and boasts a vibrant arts scene and robust retail growth, diversifying the economic makeup of Northern Colorado.

The economy is booming, and the population is growing, driving demand for residential multifamily housing and commercial properties. Key businesses, from multinational corporations to innovative startups, add to the dynamic nature of the region's economy.

Northern Colorado offers promising opportunities for anyone looking to live, move, or invest in commercial real estate. It's a community where natural beauty meets economic opportunity, with a vibrant and sustainable future.

Northern Colorado Regional Overview

Northern Colorado is experiencing robust population growth, adding over 165,000 new residents since 2010.

Within the region, Greeley and Loveland stand out. Greeley is ranked among the fastest-growing cities in the US and #1 in Colorado, while Loveland's population has surged by more than 16% over the past decade.

Conversely, Fort Collins has observed a slight population decrease of about 600 residents since the last population estimate in 2022. However, with its rich educational and cultural amenities, the city remains a pivotal part of the region.

Northern Colorado is home to nearly 720,000, with an overall growth rate of nearly 30% since 2010, based on United States Census Bureau data.
Northern Colorado comprises Larimer County, where Fort Collins and Loveland are located, while Greely is the county seat of Weld County.
The median age is 37, a little less than the figure in the US.
The average per capita income is $42,389, and the median household income is $87,039, both figures higher than those in the US.

Northern Colorado Job Market

Northern Colorado's economy is a vibrant mix of tradition and innovation, bolstered by significant venture capital investments and a diverse industrial base.

Leading the charge, Fort Collins has become a nexus for technology startups, with Colorado State University acting as a catalyst for research and development across sectors such as bio-science and clean energy.

Greeley, with its deep agricultural roots, has evolved beyond its traditional industries to become a center for renewable energy and manufacturing, drawing in new business through competitive tax incentives and a skilled workforce.

Meanwhile, Loveland is emerging as a hub for creative industries, supported by robust public-private partnerships that aim to foster an environment conducive to growth and innovation.

Major employers like Hewlett Packard Enterprise and Broadcom in Fort Collins anchor the region's tech sector, while UCHealth and Banner Health are rapidly expanding the healthcare sector.

The combined GDP of Northern Colorado is $53.2 billion, growing by more than 43% over the past ten years.
Average unemployment rate is 3.8%, according to data from the US Bureau of Labor Statistics (March 2024).
Major industries in Northern Colorado include advanced manufacturing, aerospace and aviation, bioscience, energy, food and agriculture, health and wellness, and information technology.
The largest employers in Larimer and Weld counties are the University of Colorado, Hewlett Packard, Banner Health: McKee Medical Center, Avago Technologies, JBS Swift & Company, Vestas, State Farm Insurance Companies, and Halliburton Energy Services.
Northern Colorado witnessed significant expansion of tech firms into the Fort Collins area, with Apple and Tesla capitalizing on the region’s burgeoning tech ecosystem.
Loveland saw the start of The Brands, a major mixed-use development project blending commercial, residential, and entertainment spaces.
The Northern Colorado region is home to prominent educational institutions, including Colorado State University in Fort Collins and the University of Northern Colorado in Greeley.
Nearly 53% of Fort Collins residents hold a bachelor’s degree or a postgraduate degree, about 1.5 times the rate in the US, based on data from CensusReporter.org.
Northern Colorado's transportation infrastructure is anchored by major arteries such as Interstate 25, connecting the region to Denver and Wyoming, alongside US Highway 34 and 287.
Denver International Airport (DEN) is the primary air travel hub for domestic and international flights.

Northern Colorado Real Estate Market Report

Northern Colorado is a premier market for commercial real estate investments, with solid job growth and a resilient population projected to reach one million by 2039. It also offers world-class outdoor activities, superb cultural offerings, and an unmatched work-life balance. These factors combine to make it an attractive option for investors from around the globe.

CRE submarkets in Northern Colorado are Ft. Collins, Greeley/Evans, I-25 North, I-25 South, Loveland/Berthoud, Weld County South, and Windsor.

Northern Colorado Industrial Market

The industrial market in Northern Colorado is seeing significant positive net absorption, with activity particularly robust from build-to-suit projects and major tenant move-ins. The uptick in the average asking rent suggests a growing confidence among landlords and developers in the market's strength.

Considerable construction activity, such as the development of Amazon's large-scale facility, highlights the region's strategic importance as an industrial hub, even as the overall sales volume has faced challenges from broader economic uncertainties.

Market overview (CBRE Northern Colorado Industrial Figures H2 2023)

Inventory: 36,439,793 SF
Vacancy rate: 7.0%
Net absorption: 584,652 SF (YTD)
Deliveries: 545,000 SF
Under construction: 4,291,901 SF
Key projects under construction: Amazon Logistics Facility (3,870,000 SF), 7051 Eagle Blvd (198,000 SF), 4076 Salazar Way (40,321 SF)
Largest submarkets: Fort Collins, Greeley/Evans, I-25 North, Loveland/Berthoud

Crexi Insights – Fort Collins

For Lease (active)

Asking rate/SqFt (median): $14 per year
Median SqFt/listing: 2,551
Days on market: 105
Total listings on Crexi: 68 spaces

For Sale (active)

Median asking price: $980,000
Price/SqFt: $350
Asking cap rate: 6.1%
Days on market: 178
Total listings on Crexi: 22

Sales Comps (past 12 months)

Median sold price: $1.05 million
Sold price/SqFt: $226
Total sales volume: $22.8 million
Sold cap rate: 6.0%
Median SqFt sold/transaction: 4,800
Total SqFt sold: 133,000
Days on market (median): 259

Crexi Insights – Greeley

For Lease (active)

Asking rate/SqFt (median): $14 per year
Median SqFt/listing: 6,800
Days on market: 183
Total listings on Crexi: 28 spaces

For Sale (active)

Median asking price: $1.76 million
Price/SqFt: $142
Asking cap rate: 7.0%
Days on market: 285
Total listings on Crexi: 10

Sales Comps (past 12 months)

Median sold price: $1.3 million
Sold price/SqFt: $119
Total sales volume: $5.71 million
Sold cap rate: 6.3%
Median SqFt sold/transaction: 6,353
Total SqFt sold: 66,600
Days on market (median): 80

Crexi Insights – Loveland

For Lease (active)

Asking rate/SqFt (median): $13 per year
Median SqFt/listing: 7,056
Days on market: 154
Total listings on Crexi: 71 spaces

For Sale (active)

Median asking price: $1.45 million
Price/SqFt: $216
Days on market: 192
Total listings on Crexi: 18

Sales Comps (past 12 months)

Median sold price: $782,000
Sold price/SqFt: $189
Total sales volume: $29.1 million
Median SqFt sold/transaction: 6,055
Total SqFt sold: 216,000
Days on market (median): 107

Find Northern Colorado industrial space for rent.

Northern Colorado Office Market

The Northern Colorado office market is witnessing a positive trajectory in net absorption and a substantial reduction in direct vacancy rates, with a robust demand and a tightening supply of office space. Despite a slight dip in average asking rents, there is a notable uptick in investment sales volume, while development activity has paused.

Market overview (CBRE Northern Colorado Office Figures H2 2023)

Inventory: 10,422,960 SF
Vacancy rate: 11.8%
Net absorption: 42,626 SF (YTD)
Under construction: 0 SF
Notable completions: 650 W. Eisenhower Blvd (Loveland Downtown submarket)
Largest submarkets: Fort Collins Southeast, Greeley West, Fort Collins Downtown, Fort Collins Midtown

Crexi Insights – Fort Collins

For the latest updates on the Fort Collins office market, turn to Crexi Insights. Here is the detailed information on recent sales and leasing trends as of May 2024.

For Lease (active)

Asking rate/SqFt (median): $18 per year
Median SqFt/listing: 2,130 SF
Days on market: 298
Total listings on Crexi: 176 spaces

For Sale (active)

Median asking price: $1.1 million
Price/SqFt: $226
Asking cap rate: 6.7%
Days on market: 316
Total listings on Crexi: 42

Sales Comps (past 12 months)

Median sold price: $1.76 million
Sold price/SqFt: $218
Total sales volume: $19.7 million
Sold cap rate: 6.0%
Median SqFt sold/transaction: 7,060 SF
Days on market (median): 259

Crexi Insights – Greeley

For Lease (active)

Asking rate/SqFt (median): $15 per year
Median SqFt/listing: 2,234 SF
Days on market: 192
Total listings on Crexi: 56 spaces

For Sale (active)

Median asking price: $1.18 million
Price/SqFt: $157
Asking cap rate: 6.4%
Days on market: 203
Total listings on Crexi: 21

Sales Comps (past 12 months)

Median sold price: $293,000
Sold price/SqFt: $123
Total sales volume: $7.07 million
Sold cap rate: 6.3%
Median SqFt sold/transaction: 2,156 SF
Days on market (median): 491

Crexi Insights – Loveland

For Lease (active)

Asking rate/SqFt (median): $17 per year
Median SqFt/listing: 2,902 SF
Days on market: 266
Total listings on Crexi: 97 spaces

For Sale (active)

Median asking price: $995,000
Price/SqFt: $222
Asking cap rate: 7.6%
Days on market: 153
Total listings on Crexi: 23

Sales Comps (past 12 months)

Median sold price: $443,000
Sold price/SqFt: $228
Total sales volume: $6.17 million
Sold cap rate: 7.0%
Median SqFt sold/transaction: 2,086 SF
Days on market (median): 325

Find Northern Colorado office space for rent.

Northern Colorado Retail Market

Market overview (CBRE Northern Colorado Office Figures H2 2023)

Inventory: 10,422,960 SF
Vacancy rate: 11.8%
Net absorption: 42,626 SF (YTD)
Under construction: 0 SF
Notable completions: 650 W. Eisenhower Blvd (Loveland Downtown submarket)
Largest submarkets: Fort Collins Southeast, Greeley West, Fort Collins Downtown, Fort Collins Midtown

Crexi Insights – Fort Collins

For the latest updates on the Fort Collins office market, turn to Crexi Insights. Here is the detailed information on recent sales and leasing trends as of May 2024.

For Lease (active)

Asking rate/SqFt (median): $18 per year
Median SqFt/listing: 2,130 SF
Days on market: 298
Total listings on Crexi: 176 spaces

For Sale (active)

Median asking price: $1.1 million
Price/SqFt: $226
Asking cap rate: 6.7%
Days on market: 316
Total listings on Crexi: 42

Sales Comps (past 12 months)

Median sold price: $1.76 million
Sold price/SqFt: $218
Total sales volume: $19.7 million
Sold cap rate: 6.0%
Median SqFt sold/transaction: 7,060 SF
Days on market (median): 259

Crexi Insights – Greeley

For Lease (active)

Asking rate/SqFt (median): $15 per year
Median SqFt/listing: 2,234 SF
Days on market: 192
Total listings on Crexi: 56 spaces

For Sale (active)

Median asking price: $1.18 million
Price/SqFt: $157
Asking cap rate: 6.4%
Days on market: 203
Total listings on Crexi: 21

Sales Comps (past 12 months)

Median sold price: $293,000
Sold price/SqFt: $123
Total sales volume: $7.07 million
Sold cap rate: 6.3%
Median SqFt sold/transaction: 2,156 SF
Days on market (median): 491

Crexi Insights – Loveland

For Lease (active)

Asking rate/SqFt (median): $17 per year
Median SqFt/listing: 2,902 SF
Days on market: 266
Total listings on Crexi: 97 spaces

For Sale (active)

Median asking price: $995,000
Price/SqFt: $222
Asking cap rate: 7.6%
Days on market: 153
Total listings on Crexi: 23

Sales Comps (past 12 months)

Median sold price: $443,000
Sold price/SqFt: $228
Total sales volume: $6.17 million
Sold cap rate: 7.0%
Median SqFt sold/transaction: 2,086 SF
Days on market (median): 325

Find Northern Colorado retail space for rent.

Northern Colorado Multifamily Market

The multifamily market in Northern Colorado is reporting a decrease in transaction volumes as investors remain cautious. Despite these challenges, the market's fundamentals remain strong, with consistent population growth and a vibrant job market.

These factors, coupled with the rising interest in build-to-rent communities as an alternative to traditional homeownership due to affordability issues, suggest the apartment market in Northern Colorado is positioned for future growth opportunities.

Here are the most recent multifamily trends for the three largest metros in Northern Colorado, based on data from Census Reporter, Zumper, and Crexi Insights (May 2024):

Ft. Collins

Total housing units: 164,525
Renter occupied: 45%
Median rent: $1,975
Rent change (year-over-year): 3%
Median age: 37
Median household income: $88,403

Crexi Insights – Fort Collins

For Sale (active)

Median asking price: $1.39 million
Price/SqFt: $338
Price/Unit: $154,000
Asking cap rate: 5.0%
Days on market: 749
Total listings on Crexi: 5

Sales Comps (past 12 months)

Median sold price: $690,000
Sold price/SqFt: $267
Sold price/unit: $305,000
Total sales volume: $33.2 million
Sold cap rate: x6.0%
Total SqFt sold: 147,000

Greeley

Total housing units: 128,978
Renter occupied: 39%
Median rent: $1,450
Rent change (year-over-year): -3%
Median age: 35.3
Median household income: $91,565

Crexi Insights – Greeley

For Sale (active)

Median asking price: $637,000
Price/SqFt: $133
Price/Unit: $240,000
Asking cap rate: 6.9%
Days on market: 109
Total listings on Crexi: 5

Sales Comps (past 12 months)

Median sold price: $372,000
Sold price/SqFt: $164
Sold price/unit: $367,000
Total sales volume: $20 million
Sold cap rate: 6.3%
Total SqFt sold: 113,000
Days on market (median): 159

Loveland

Total housing units: 33,634
Renter occupied: 39%
Median rent: $1,726
Rent change (year-over-year): -4%
Median age: 38.7
Median household income: $81,149

Crexi Insights – Loveland

For Sale (active)

Median asking price: $1.4 million
Price/SqFt: $290
Price/Unit: $233,000
Asking cap rate: 5.2%
Days on market: 77
Total listings on Crexi: 3

Sales Comps (past 12 months)

Median sold price: $550,000
Sold price/SqFt: $177
Sold price/unit: $225,000
Total sales volume: $94.8 million
Sold cap rate: 6.8%
Total SqFt sold: 177,000

Find Northern Colorado multifamily apartments for sale.

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