FORT COLLINS Q4 2020 - Unique Properties
FORT COLLINSQ4 2020MARKET REPORTRETAILFULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONSPrivately-Owned and Operated for Over 40 Years303.321.5888UNIQUEPROP.COM
Fort Collins RetailRETAIL MARKET REPORTMarket Key Statistics2Leasing3Rent7Construction9Under Construction Properties10Sales11Sales Past 12 Months12Economy14Market Submarkets16Supply & Demand Trends18Rent & Vacancy21Sale Trends24Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021
OverviewFort Collins Retail12 Mo Deliveries in SF12 Mo Net Absorption in SFVacancy Rate12 Mo Rent Growth101 K73.2 K4.7%-0.3%Despite recent headwinds brought on by the pandemic,the Fort Collins retail market is driven by a diverse labormarket that includes more than 20 Fortune 500companies. Moreover, Fort Collins boasts aboveaverage economic and demographic trends. Medianincomes have increased at a rate twice the nationalaverage over the past five years. Net migration haspropelled population growth to an average of about 2%over the past five years, more than twice the nationalaverage.recent uptick in national store closings. In recent years,Sports Authority closed a 45,000 SF location at the FrontRange Village shopping center, and Toys "R" Us closeda 65,000 SF location.Several move-outs in the second quarter put someupward pressure on the vacancy rate. With supplypressure remaining minimal in the near term, the retailmarket largely depends on the leasing appetite oftenants.With exceptional demographic trends and rapid growthalong the Northern Colorado I-25 corridor, Fort Collinshas been one of the few metros in the country to seeoutsized retail development this past decade. Currently,the metro is home to the only mall-style developmentunderway in the State of Colorado (various componentsof the Brands at the Ranch development in Loveland).While Sports Authority and Toys "R" Us closed all of theirstores nationally, retailers that are selectively closinglocations would ostensibly be unlikely to first target ametro like Fort Collins, which boasts some of thestrongest demographic momentum in the country.Before the pandemic, Fort Collins was not immune to theKEY INDICATORSRBAVacancy RateMarket RentAvailability RateNet AbsorptionSFDeliveries SFUnderConstructionMalls2,188,76610.1% 24.128.8%(1,314)00Power Center2,891,4472.3% 23.572.7%000Neighborhood Center5,136,8986.3% 18.486.3%(3,758)00928,8303.0% 15.434.1%0009,389,5283.4% 16.664.3%(27,225)066,0320---00020,535,4694.7% 18.825.1%(32,297)066,03212 hWhenCurrent QuarterStrip CenterGeneral RetailOtherMarketAnnual TrendsVacancy Change (YOY)0.1%5.5%4.7%7.9%2009 Q13.1%2017 Q4Net Absorption SF73.2 K282,18171,6731,020,9922008 Q3(22,577)2019 Q4Deliveries SF101 K293,703115,6671,141,3072008 Q325,5952010 Q1Rent Growth-0.3%1.0%1.2%3.4%2007 Q1-2.8%2009 Q4Sales Volume 144 M 111.2MN/A 191.5M2012 Q4 23.8M2009 Q4Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 2
LeasingFort Collins RetailVacancies remain near the market's historical average,despite the fact that Fort Collins economy has beendisrupted by the coronavirus and shutdowns.The tech sector and innovative manufacturing base grewsignificantly this past decade, supported by the presenceof more than 20 Fortune 500 companies. Additionally,Colorado State University provides a steady source ofdemand for goods, with 7,000 employees and more than30,000 students.Grocers have driven some of the larger single demandgains over the last few years, from King Soopers takingmore than 100,000 SF in Fort Collins at a former K-Martlocation, to Sprouts and Wild Zora Foods moving intospace in Loveland. Scheels opened up a new location asthe largest tenant at a major new development inJohnstown, near the intersection of I-25 and US 34.Johnstown is one of several cities that grew substantiallyin the past decade along the I-25 corridor in NorthernColorado. Six out of the 10 fastest growing cities in thestate of Colorado (with a population of at least 2,500) arelocated in Northern Colorado right off of I-25. Thepopulation in the city of Johnstown soared by almost60% during one five-year period from 2012-17, anincrease of just over 5,000 residents.NET ABSORPTION, NET DELIVERIES & VACANCYCopyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 3
LeasingFort Collins RetailVACANCY RATEAVAILABILITY RATECopyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 4
LeasingFort Collins Retail12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGSNet Absorption SFBuilding Name/AddressSubmarketBldg SFVacant SF1st Qtr2nd Qtr3rd Qtr4th Qtr12 MonthKmart PlazaFort Collins Ret105,2670000091,231Johnstown Plaza (1)Fort Collins Ret87,0000000075,399Johnstown Plaza (2)Fort Collins Ret55,0000000055,000Johnstown Plaza (3)Fort Collins Ret102,50010,000000050,000Johnstown Plaza (4)Fort Collins Ret14,2000000014,200Loveland MarketplaceFort Collins Ret39,48810,508000010,050The SquareFort Collins Ret104,79520,43000009,937University PlazaFort Collins Ret13,142000007,880Ironwood Shops at 2534Fort Collins Ret18,14411,12500007,0198155 6th StOuter Larimer Count 6,500000006,500The Colorado BuildingFort Collins Ret21,9403,65900006,200Harmony School ShopsFort Collins Ret77,3405,00000005,7911336 N Washington AveFort Collins Ret6,504000005,6361825-1845 N College AveFort Collins Ret11,717000005,3584860 Larimer PkyFort Collins Ret6,116000005,300The FoundryFort Collins Ret7,1051,18200005,055Foothills Credit UnionFort Collins Ret9,2764,63800004,638Subtotal Primary Competitors686,03466,5420000365,194Remaining Fort Collins Market19,866,584892,877(32,297)000(291,946)Total Fort Collins d report licensed to Unique Properties, Inc. - 11305031/12/2021Page 5
LeasingFort Collins RetailTOP RETAIL LEASES PAST 12 MONTHSBuilding Name/AddressSubmarketLeased SFQtr Tenant NameTenant Rep Company Leasing Rep CompanyRobinson Piersal PlazaFort Collins45,514Q4 20 TargetSullivanHayes Broke LC Real Estate Group Front Range VillageFort Collins24,890Q4 20 Burlington Coat Factory-CBREFront Range VillageFort Collins10,141Q4 20 Nike-CBRELoveland MarketplaceFort Collins10,050Q3 20 Goode DealsCommercial Real Es Cushman & WakefieldIronwood Shops at 2534Fort Collins9,203Q1 20 UCHCBREDavid, Hicks & Lampert The Colorado BuildingFort Collins8,000Q1 20 --CBRE3615 Mitchell Dr *Fort Collins7,071Q4 20 Men's Wearhouse-Cushman & Wakefield; The SquareFort Collins6,810Q1 20 --Integrated Real Estate Harmony School ShopsFort Collins6,038Q2 20 CHER,LLCHenry S Miller Broke Cushman & Wakefield252 Linden StFort Collins5,882Q1 20 --Waypoint Real Estate4221 W Eisenhower BlvdOutlying Larimer Cnty4,964Q1 20 Primary Event Rentals-RE/MAX NexusThe SquareFort Collins4,656Q1 20 --Integrated Real Estate The Promenade Shops at CenterraFort Collins4,500Q2 20 Aerie-CBRECimarron PlazaFort Collins4,500Q2 20 Ent Credit UnionWaypoint Real EstateCushman & Wakefield802 S College AveFort Collins4,468Q4 20 --Waypoint Real EstateMarketplace at CenterraFort Collins4,310Q2 20 Spenga of Loveland, LLC-LC Real Estate Group VillaggioFort Collins/Loveland4,200Q1 21 --JLLFoothills MallFort Collins4,200Q4 20 --Cushman & Wakefield130 W Laurel StFort Collins4,113Q2 20 --Waypoint Real EstateAustins BldgFort Collins3,918Q4 20 --Commercial Real Estat 1002 S College AveFort Collins3,769Q1 20 The Gold Leaf Collective, -Cushman & WakefieldShops at Creekside ParkFort Collins3,745Q3 20 LV Nail Spa LLCCushman & Wakefield Cushman & Wakefield3006 E Mulberry StFort Collins3,730Q4 20 --Waypoint Real Estate800 S Lemay AveFort Collins3,696Q3 20 Lowell McDonald-Cushman & WakefieldFoothills MallFort Collins3,560Q1 20 Fort Collins Barbecue, LLC-Cushman & WakefieldRaintree Village Shopping CenterFort Collins3,519Q4 20 --Waypoint Real Estate103-155 E 71st StFort Collins3,500Q2 20 Ent Credit UnionWaypoint Real EstateCushman & Wakefield34 MarketplaceFort Collins3,416Q4 20 Aspen Dental Manageme SullivanHayes Broke Cushman & WakefieldAvery Building - Entrance to Old Tow Fort Collins3,135Q3 20 Pinball Jones LLCCushman & Wakefie Cushman & Wakefield; Foothills MallFort Collins3,070Q1 20 Lululemon USA, Inc.Open Realty AdvisorsHarmony Safeway MarketplaceFort Collins3,036Q3 20 Premier Liquors IncCushman & Wakefie Cushman & Wakefield; Fort Collins MarketplaceFort Collins3,032Q4 20 Cosmoprof-Choice Shopping CenterFort Collins3,000Q3 20 Maggie's Sewing & Vacuum --Front Range VillageFort Collins2,977Q3 20 -CBRE428-450 Cleveland AveFort Collins2,968Q2 20 Stick Man Inc. dba Tom D -Palmer Design CenterFort Collins2,965Q3 20 Nex-Gen Exteriors, IncCushman & Wakefield Cushman & WakefieldHarmony MarketplaceFort Collins2,965Q1 20 --AmCap Incorporated3675 S College AveFort Collins2,938Q2 20 Nice Nails-NewMark Merrill Comp Wintergreen VillageFort Collins2,933Q3 20 Dragonfly Liquors, LLCCushman & Wakefield Cushman & WakefieldVillaggioFort Collins2,910Q4 20 1998, LLCCushman & Wakefield Cushman & Wakefield-Cushman & WakefieldNewMark Merrill Comp LC Real Estate Group *RenewalCopyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 6
RentFort Collins RetailLike the national trend, annual rent growth continues tomoderate in 2020. Mall rents are dragging the overallrate lower with rent growth falling by more than 2%annually in 20Q3.transportation corridors. More expensive space, at about 25– 30/SF, does exist in the market. Retail propertiesnear Colorado State University have posted some of thestrongest rent growth in the metro this past decade.Tenants searching for discounted rents should haveplenty of options in Fort Collins and Loveland. Both haveplenty of product with space for less than 15/SF alongThe market has seen gains decelerate since 2016, andthe structural changes brought on by e-commerce arehaving a visible effect on pricing power.MARKET RENT GROWTH (YOY)Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 7
RentFort Collins RetailMARKET RENT PER SQUARE FEETCopyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 8
ConstructionFort Collins RetailConstruction starts in Fort Collins have stalled since thepandemic struck Colorado. The uncertainty of economicconditions moving forward could keep somegroundbreakings on hold, and any projects slated todeliver in the near term may grapple with the weakerdemand.project underway heading into 2020 was CarsonDevelopment's 55,000 SF building for Hobby Lobby onRonald Reagan Blvd. Construction was expected to wrapup by the end of the fourth quarter.Most development in the pipeline is concentrated alongthe I-25 near Loveland. Neenan Archistruction andMower Development have a pair of 18,000-20,000square foot buildings underway.Construction was more active in Fort Collins in 2019, butprojects were mostly on the smaller side. The biggestDELIVERIES & DEMOLITIONSSUBMARKET CONSTRUCTIONUnder Construction InventoryNo.SubmarketAverage Building SizeBldgsSF (000)Pre-Leased SF (000)Pre-Leased %RankAll ExistingUnder ConstrRank1Fort Collins2665786.3%113,46333,01612Outer Larimer righted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 9
Under Construction PropertiesFort Collins RetailPropertiesSquare FeetPercent of InventoryPreleased266,0320.3%86.3%UNDER CONSTRUCTION PROPERTIESUNDER CONSTRUCTIONProperty Name/Address12Loveland Ford3905 Mountain Lion Dr3519 E Harmony RdRatingBldg SFStoriesStartComplete57,0001Jan 2020Feb 20219,0321Feb 2020Feb 2021Copyrighted report licensed to Unique Properties, Inc. - 1130503Developer/OwnerValley NissanValley NissanConstance Marla Dohn1/12/2021Page 10
SalesFort Collins RetailInvestment activity has been more tempered since thestart of the pandemic, but deals are still getting done.Most sales have involved essential retailers. The biggesttrade was a 1031 exchange involving a 129,300 SF RVdealership in Loveland. A private buyer acquired theasset from Sachanandani Management for 11.33 million( 87.59/SF). The property was fully leased to LazydaysRV on a triple-net lease.Investors were busy in Fort Collins before the pandemic.Sales volume in 2019 reached its highest point since2012. Pricing grew at a healthy rate near 6%, and caprates tightened slightly.One of the biggest trades of 2019 was The KroenkeGroup's acquisition of University Plaza from CIM Groupfor 23.8 million ( 348/SF) in October. The trade was forroughly 68,000 SF of buildings within the 261,000 SFcommunity center at 2201 S. College Drive. UniversityPlaza originally delivered in 1953 and underwentrenovations in 2004. The property was fully occupied bytenants such as Whole Foods and Wilbur's TotalBeverage.SALES VOLUME & MARKET SALE PRICE PER SFCopyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 11
Sales Past 12 MonthsFort Collins RetailSale ComparablesAvg. Cap RateAvg. Price/SFAvg. Vacancy At Sale836.7% 17821.5%SALE COMPARABLE LOCATIONSSALE COMPARABLES SUMMARY STATISTICSSales AttributesLowAverageMedianHigh 270,000 2,007,098 1,282,500 11,400,000Price/SF 26 178 203 1,931Cap Rate5.0%6.7%6.9%8.8%Time Since Sale in Months0.35.54.511.9Property AttributesLowAverageMedianHighBuilding SF46611,9014,779129,3001112Typical Floor SF46611,5314,020129,300Vacancy Rate At Sale0%21.5%0%100%1880196819782021Sale PriceStoriesYear BuiltStar Rating2.3Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 12
Sales Past 12 MonthsFort Collins RetailRECENT SIGNIFICANT SALESPropertyProperty Name - Address12321 W Eisenhower Blvd24777 Marketplace Dr3Centerra Building 54531-4545 Viking Way44330 Clydesdale Pky5CarMax3760 Byrd Dr6Crossroads Hyundai of L 3870 Byrd Dr74914 Thompson Pky8National Park Village900 Moraine Ave9102665 W Eisenhower Blvd7-Eleven5586 N Garfield Ave11706 E Eisenhower Blvd124820 Larimer Pky13102-136 W 4th St14808-816 S Lemay Ave15103 Kensington Dr16236-238 S College Ave17113 E Elkhorn Ave182716 S College Ave19221-227 Jefferson St203167 E Eisenhower BlvdSaleRatingYr BuiltBldg SFVacancySale DatePricePrice/SFCap Rate-198450,0980%4/2/2020 11,400,000 228--2001129,3000%9/1/2020 11,325,000 88--202059,242100%11/2/2020 9,500,000 160--20185,6360%8/28/2020 7,100,000 1,2605.4%-201417,6670%5/15/2020 7,075,000 400--200726,3000%12/30/2020 6,500,000 247--201715,1400%1/4/2021 6,260,743 4146.8%-197835,6390%12/2/2020 5,200,000 146--198091,1910%4/28/2020 4,949,001 54--20193,4300%7/28/2020 3,996,000 1,165--20203,0000%10/30/2020 3,545,455 1,1825.0%-20184,9030%2/14/2020 3,181,000 6495.2%-193029,7110%12/29/2020 3,000,000 1018.0%-19747,6000%3/30/2020 2,700,000 355--19944,3020%9/2/2020 2,535,000 589--19188,22921.3%12/30/2020 2,425,000 295--19207,5850%1/15/2020 2,200,000 290--197114,9500%1/17/2020 2,178,956 146--18828,4500%12/23/2020 2,047,000 242--19203,6000%1/31/2020 2,000,000 556-Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 13
EconomyFort Collins RetailFort Collins has rebounded well from the coronavirusinduced downturn. After unemployment surged past 11%in April, it has returned below 6% as of August. Likemost metros, the retail and travel industries are laggingbehind during the recovery.While many might consider Fort Collins a collegetown—it is virtually wedded to Colorado StateUniversity—the city's economic strength stems from thediversity of the employers located here. Colorado StateUniversity's influence cannot be disregarded, however. Itplays a vital role in drawing the city's high-payingemployers. Because of the university's resources andresearch facilities, not to mention the constant supply ofeducated graduates, a number of tech companies, andmore than 20 Fortune 500 companies are located in themetro, including Hewlett-Packard, AMD, and Intel.These firms can take advantage of partnerships with theschool and its research labs, incubating an employeebase already experienced in fieldwork.Fort Collins has developed a significant craft beerindustry and is home to a number of notable brewers,including New Belgium, Odell, and Black Bottle, not tomention behemoth Anheuser-Busch. This industry nicheaccounts for a more than 1 billion economic impact onLarimer County, with almost 3,000 jobs and in theneighborhood of 175 million in wages.Population growth has often been well above the nationalaverage in past years. A low cost of living and affordablehome prices also make the metro attractive tobusinesses and residents.FORT COLLINS EMPLOYMENT BY INDUSTRY IN THOUSANDSCurrent Level12 Month Change10 Year Change5 Year ForecastNAICS g151.0-2.06%-3.64%3.27%0.66%1.56%0.44%Trade, Transportation and 1-2.56%-2.78%1.52%0.48%1.85%0.65%Financial al Resources, Mining and ucation and Health sional and Business mation31.1-1.82%-5.95%2.89%0.07%1.22%2.13%Leisure and .63%2.15%0.92%2.22%1.50%Retail TradeOther ServicesTotal EmploymentSource: Oxford EconomicsLQ Location QuotientCopyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 14
EconomyFort Collins RetailYEAR OVER YEAR JOB GROWTHSource: Oxford EconomicsDEMOGRAPHIC TRENDSCurrent LevelDemographic Category12 Month Change10 Year Change5 Year 6,288123,531,5941.2%0.4%2.1%0.7%1.2%0.5%Median Household Income 76,221 67,4155.5%5.9%3.5%3.0%2.2%2.1%Labor .3%9.0%4.1%5.4%-0.1%0%--UnemploymentSource: Oxford EconomicsPOPULATION GROWTHLABOR FORCE GROWTHINCOME GROWTHSource: Oxford EconomicsCopyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 15
SubmarketsFort Collins RetailFORT COLLINS SUBMARKETSCopyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 16
SubmarketsFort Collins RetailSUBMARKET INVENTORYInventoryNo.12 Month DeliveriesUnder ConstructionSubmarketBldgsSF (000)% MarketRankBldgsSF (000)PercentRankBldgsSF (000)PercentRank1Fort Collins1,43619,33394.1%16950.5%12660.3%12Outer Larimer County1701,2205.9%2170.5%20---SUBMARKET RENTMarket RentNo.12 Month Market RentQTD Annualized Market RentSubmarketPer SFRankGrowthRankGrowthRank1Fort Collins 19.021-0.3%22.8%12Outer Larimer County 15.6720.1%11.9%2SUBMARKET VACANCY & NET ABSORPTIONVacancyNo.Submarket12 Month AbsorptionSFPercentRankSF% of InvRankConstruc. Ratio1Fort Collins940,0654.9%278,2920.4%11.12Outer Larimer County19,3541.6%1(5,044)-0.4%2-Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 17
Supply & Demand TrendsFort Collins RetailOVERALL SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction 8,665,12128,4550.2%4,0230%7.1MALLS SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction 650.6%30,5901.6%0.4Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 18
Supply & Demand TrendsFort Collins RetailPOWER CENTER SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction ,7691.1%0NEIGHBORHOOD CENTER SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 19
Supply & Demand TrendsFort Collins RetailSTRIP CENTER SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction %-GENERAL RETAIL SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction 5%-Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 20
Rent & VacancyFort Collins RetailOVERALL RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 20.131200.6%6.7%1,062,8235.0%0.1%2024 20.011191.1%6.1%1,029,4084.9%0.2%2023 19.801182.2%5.0%991,1414.8%0.2%2022 19.381153.0%2.7%938,0974.5%0.2%2021 18.811120%-0.2%887,6924.3%-0.2%YTD 18.821120.1%-0.2%955,4824.7%0.2%2020 18.80112-0.3%-0.3%923,1854.5%-0.1%2019 18.861121.7%0%948,4684.6%0.8%2018 18.541102.3%-1.7%780,9803.8%0.7%2017 18.131082.9%-3.8%629,7563.1%-0.4%2016 17.621052.3%-6.5%695,6363.6%-0.1%2015 17.241022.6%-8.6%709,5593.7%-0.5%2014 16.801002.6%-10.9%799,5974.2%-1.3%2013 16.37971.2%-13.2%1,042,6845.5%-0.1%2012 16.18961.4%-14.2%1,058,7585.6%-1.1%2011 15.9595-0.9%-15.4%1,260,9396.7%-0.4%2010 16.1096-1.6%-14.6%1,319,8017.0%-0.5%2009 16.3797-2.8%-13.2%1,406,9287.5%0.1%MALLS RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 25.471220.4%3.2%200,5199.2%0.1%2024 25.371220.8%2.8%198,0309.0%0.1%2023 25.161211.9%1.9%196,7659.0%0%2022 24.681182.7%0%196,5519.0%-0.1%2021 24.03115-0.3%-2.6%199,2459.1%-0.9%YTD 24.121160.1%-2.3%220,77610.1%0.1%2020 24.10116-1.0%-2.4%219,46210.0%1.2%2019 24.34117-1.4%-1.4%192,2948.8%1.1%2018 24.691184.2%0%167,3477.6%5.3%2017 23.691146.2%-4.1%51,3722.4%-6.4%2016 22.311071.4%-9.6%187,5228.8%3.7%2015 22.011062.7%-10.9%104,8275.1%-1.0%2014 21.421036.8%-13.2%116,2916.2%-1.4%2013 20.06961.8%-18.8%142,9687.6%1.3%2012 19.7195-0.4%-20.2%119,1206.3%-2.6%2011 19.7895-1.2%-19.9%168,3989.0%-2.3%2010 20.0296-0.4%-18.9%212,22811.3%4.1%2009 20.1096-3.6%-18.6%135,7307.2%-1.1%Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 21
Rent & VacancyFort Collins RetailPOWER CENTER RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 25.241290.6%7.0%134,9454.3%0.1%2024 25.091281.0%6.4%128,3284.2%0.2%2023 24.841272.2%5.3%119,8674.0%0.5%2022 24.301243.1%3.1%101,9493.5%0.8%2021 23.571200.2%0%77,6112.7%0.4%YTD 23.571200.2%0%67,4662.3%0%2020 23.53120-0.2%-0.2%67,4662.3%-5.1%2019 23.581203.0%0%210,8497.4%5.1%2018 22.911173.4%-2.9%64,7802.4%0.4%2017 22.141134.3%-6.1%53,9432.0%1.5%2016 21.241082.7%-9.9%11,0120.5%0%2015 20.671062.8%-12.4%10,6750.5%-0.1%2014 20.101032.7%-14.8%12,1610.5%-0.9%2013 19.581002.2%-17.0%32,8181.5%-0.1%2012 19.16982.7%-18.8%35,3961.6%-2.1%2011 18.6695-1.1%-20.9%82,1653.7%0.3%2010 18.8796-1.3%-20.0%75,4753.4%-0.2%2009 19.1198-2.4%-19.0%79,9773.6%-1.1%NEIGHBORHOOD CENTER RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 19.721210.6%6.5%316,9846.2%0.1%2024 19.611211.0%5.9%311,4786.1%0.1%2023 19.401202.2%4.8%305,0685.9%0.1%2022 18.991172.9%2.6%300,7675.9%-0.1%2021 18.45114-0.1%-0.3%305,1725.9%-0.3%YTD 18.481140.1%-0.2%322,0326.3%0.1%2020 18.47114-0.3%-0.3%318,2746.2%0.6%2019 18.521142.5%0%287,7065.6%0.4%2018 18.061112.2%-2.5%266,7635.2%-0.3%2017 17.681092.8%-4.5%283,0425.5%0.6%2016 17.201062.8%-7.1%250,5594.9%-0.3%2015 16.741033.3%-9.6%263,8165.2%0.7%2014 16.211002.0%-12.5%227,1454.5%-0.5%2013 15.89981.3%-14.2%242,4224.9%-0.1%2012 15.69971.8%-15.2%246,0665.0%-1.0%2011 15.4195-0.3%-16.8%293,9936.0%0.5%2010 15.4695-2.0%-16.5%259,4425.5%-0.4%2009 15.7897-2.8%-14.8%280,4655.9%-0.4%Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 22
Rent & VacancyFort Collins RetailSTRIP CENTER RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 16.571130.7%7.2%38,3454.1%0.2%2024 16.461121.1%6.5%36,1313.9%0.2%2023 16.281112.3%5.3%33,8973.6%0.3%2022 15.921083.1%3.0%31,4543.4%0.3%2021 15.441050.1%-0.1%28,9323.1%0.1%YTD 15.431050.1%-0.1%28,1793.0%0%2020 15.42105-0.2%-0.2%28,1793.0%0.7%2019 15.461051.7%0%21,9912.4%0.3%2018 15.201031.4%-1.7%19,1112.1%-0.4%2017 14.991021.4%-3.0%22,7392.4%-0.9%2016 14.791011.2%-4.3%30,5463.4%0.7%2015 14.61993.6%-5.5%24,0972.7%-1.5%2014 14.09960.5%-8.8%37,7694.2%-3.3%2013 14.02950.9%-9.3%66,9377.5%-3.4%2012 13.89951.0%-10.1%96,84710.9%-1.7%2011 13.7594-0.5%-11.0%111,83412.6%0.2%2010 13.8294-2.7%-10.6%109,62112.3%0.2%2009 14.2197-3.3%-8.1%107,67312.1%3.3%GENERAL RETAIL RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 17.911150.7%7.5%372,0303.8%0.1%2024 17.781141.1%6.7%355,4413.7%0.2%2023 17.581132.3%5.5%335,5443.5%0.3%2022 17.191103.1%3.1%307,3763.2%0.3%2021 16.671070.1%0%276,7322.9%-0.2%YTD 16.661070.1%0%317,0293.4%0.3%2020 16.65107-0.1%-0.1%289,8043.1%0.6%2019 16.671071.7%0%235,6282.5%-0.3%2018 16.381051.3%-1.7%262,9792.8%0.4%2017 16.181041.5%-2.9%218,6602.4%0%2016 15.941022.1%-4.3%215,9972.4%-1.0%2015 15.611002.0%-6.3%306,1443.4%-1.1%2014 15.31981.8%-8.2%406,2314.5%-1.7%2013 15.03960.7%-9.8%557,5396.2%-0.1%2012 14.93961.2%-10.4%561,3296.3%-0.5%2011 14.7594-1.1%-11.5%604,5496.7%-0.7%2010 14.9296-1.9%-10.5%663,0357.4%-1.6%2009 15.2097-2.6%-8.8%803,0839.0%0.6%Copyrighted report licensed to Unique Properties, Inc. - 11305031/12/2021Page 23
Sale TrendsFort Collins RetailOVERALL SALESCompleted Transactions (1)Market Pricing Trends (2)YearDealsVolumeTurnoverAvg PriceAvg Price/SFAvg Cap RatePrice/SFPrice IndexCap Rate2025------ 244.551816.6%2024------ 241.991796.6%2023------ 237.591756.7%2022------ 229.961706.7%2021------ 218.601616.8%YTD8 12.1M0.2% 3,027,686 582.706.8% 219.901626.9%202079 134M4.3% 1,940,999 173.476.7% 219.861626.9%201996 182.6M4.7% 2,538,153 209.026.4% 217.921616.9%2018108 146M6.1% 2,099,763 222.946.5% 199.911487.1%201774 112.4M2.7% 1,948,900 218.996.7% 205.231516.9%201671 121.3M4.0% 2,533,402 194.565.8% 195.821457.0%201589 81.1M2.7% 1,137,353 184.486.7% 192.051427.0%2014108 137.9M8.0% 2,007,682 162.166.4% 181.551347.2%201387 69.6M3.3% 1,027,305 132.289.4% 155.291157.7%201289 191.5M9.5% 3,028,579 121.817.0% 149.501107.8%201141 29.2M1.9% 805,416 91.387.5% 134.27998.3%201067 114.1M4.4% 2,119,700 146.748.4% 125.47938.6%(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.MALLS SALESCompleted Transactions (1)Market Pricing Trends (2)YearDealsVolumeTurnoverAvg PriceAvg Price/SFAvg Cap RatePrice/SFPrice IndexCap Rate2025------ 262.871796.5%2024------ 260.781786.5%2023------ 256.661756.5%2022------ 249.071706.6%2021------ 237.561626.7%YTD------ 239.791636.7%2020------ 239.791636.7%2019------ 239.291636.7%2
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Oct 19, 2021 · Fort Collins Office 94.4K 41.1K 6.4% 1.0% 12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth Several quarters of negative absorption has put upward pressure on office vacancies in Fort Collins. As of 21Q3, vacancies eclipsed 6.4%. Like the na
Courses Taught: Financial Accounting and Management BOOK PUBLICATIONS Using Financial Statements: Analyzing, Forecasting, and Decision-Making, 2nd Edition, Business Expert Press, forthcoming 2018 (available in both hardcopy and digital formats). Financial Accounting, 17th Edition, (with Professors Williams & Carcello), McGraw-Hill/Irwin, 2017,
