Fort Collins Q3 2021 - Uniqueprop
Fort CollinsQ3 2021OFFICEMARKET REPORTFULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONSPRIVATELY-OWNED AND OPERATED FOR OVER 40 YEARS303.321.5888 UNIQUEPROP.COM
Fort Collins OfficeOFFICE MARKET REPORTMarket Key Statistics1Leasing2Rent6Construction8Under Construction Properties9Sales10Sales Past 12 Months12Economy14Market Submarkets19Supply & Demand Trends21Rent & Vacancy23Sale Trends25Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021
OverviewFort Collins Office12 Mo Deliveries in SF12 Mo Net Absorption in SFVacancy Rate12 Mo Rent Growth94.4K41.1K6.4%1.0%Several quarters of negative absorption has put upwardpressure on office vacancies in Fort Collins. As of 21Q3,vacancies eclipsed 6.4%.Like the national trend, annual rent growth continues todecelerate. Rents contracted by 1.0% year-over-year asof 21Q3.Before the pandemic, Fort Collins was considered ahealthy office market buttressed by Colorado StateUniversity. The school is the metro's largest employer,and also serves as an incubator for local tech firms,feeding them talented graduates with hands-onexperience. Several prominent companies haveestablished a presence here, including Hewlett-Packardand Intel.With the lack of institutional-grade product in the market,outsized deals are rare. Investment activity was subduedin the immediate aftermath of the pandemic, but pickedup in the second half of 2020, and that momentumcarried over into 2021.KEY INDICATORSRBAVacancy RateMarket RentAvailability RateNet AbsorptionSFDeliveries SFUnderConstruction4 & 5 Star1,150,4567.1% 31.388.9%10,90307,5003 Star7,056,9067.4% 22.9110.8%34,7580114,4651 & 2 Star3,791,6294.4% 21.117.4%12,28700Market11,998,9916.4% 23.159.6%57,9480121,96512 hWhenCurrent QuarterAnnual TrendsVacancy Change (YOY)0.4%7.6%6.4%12.1%2009 Q43.5%2018 Q4Net Absorption SF41.1K181,63988,970569,4582005 Q2(335,596)2020 Q4Deliveries SF94.4K209,86492,762563,0412005 Q302013 Q4Rent Growth1.0%0.7%1.9%9.0%2014 Q2-7.1%2009 Q3Sales Volume 104M 52.2MN/A 121.4M2015 Q4 02003 Q3Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 2
LeasingFort Collins OfficeVacancy in Fort Collins has trended up since thebeginning of 2020, increasing by 380 basis points duringthis time to 6.4% in 21Q3. This marks the highestrecorded vacancy rate dating back to 2015. With manyemployers continuing to offer work-from-home options,absorption has trended negative for six straight quarters(20Q1-21Q2), a first for Fort Collins.Many tech firms have a long history of partnerships withCSU and their research facilities, incubating an employeebase already experienced in innovation and laboratorywork. Intel, Hewlett-Packard, Madwire, and AgilentTechnologies are among the metro's biggest tenants,although Hewlett-Packard has noticeably downsized thispast decade.Several years ago, Comcast moved into one of HewlettPackard's former buildings at 3420 E Harmony Rd aftercompleting 10 million of renovations. However, Comcastvacated their 82,000 SF space in January 2020 after itbegan marketing it for sublease at the end of 19Q3. Thetelecommunications company's decision will affect 237workers, although many will be offered other positionswithin the company. The move-out put upward pressureon vacancies to start the new year, and the pandemiconly resulted in more negative absorption.In one of the biggest wins for Fort Collins since 2010(especially considering Hewlett Packard's downsizing),marketing tech firm Madwire moved into 106,000 SF at3405 S Timberline Road. The building will serve as itsheadquarters and underwent a significant renovationfollowing Madwire's signing. The space had been entirelyvacant and available for about two years prior to thelease. Madwire is one of the biggest private employers inthe metro with more than 500 workers.Fort Collins is a well-educated metro boosted by thepresence of Colorado State University (CSU), the largestemployer in the market with more than 7,000 employees.The university feeds the local office employers with asteady stream of intellectual capital, helping to supportoffice demand and employment growth. In fact,employment growth in Fort Collins outpaced the nationalaverage each year from 2010-18.NET ABSORPTION, NET DELIVERIES & VACANCYCopyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 3
LeasingFort Collins OfficeVACANCY RATEAVAILABILITY RATECopyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 4
LeasingFort Collins Office12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGSNet Absorption SFBuilding Name/AddressSubmarketBldg SFVacant SF1st Qtr2nd Qtr3rd Qtr4th Qtr12 MonthMeyers Building BFort Collins/Loveland15,114000015,11415,114Home State Bank BuildingOutlying Larimer Cou 27,7560011,5000011,500Key Bank TowerFort etooth East Bus PkFort Collins/Loveland30,79820,2416,4794,0780010,5574487 Highland Meadows PkyFort Collins/Loveland10,00004,0003,0003,000010,000The Boardwalk Lakeshore Busin Fort Collins/Loveland10,2950008,26008,160Boardwalk Office ParkFort Collins/Loveland9,512000007,547Medical Center of the RockiesFort Collins/Loveland80,15300(22,842)028,7285,886414 E Oak StFort Collins/Loveland5,073005,073005,015111 S Meldrum StFort Collins/Loveland6,38184100(16)2,3754,8831224 E Elizabeth StFort Collins/Loveland6,088000004,830B 200Fort Collins/Loveland4,778004,778004,778Crossroads Business ParkFort Collins/Loveland21,799003,92674904,675Orchards Shopping CenterFort Collins/Loveland41,58000004,5644,564Park Lane TowersFort Collins/Loveland10,800000004,533SWC Timberline & HorsetoothFort Collins/Loveland13,800000004,3451355 Riverside AveFort Collins/Loveland12,40002,1252,125004,250Subtotal Primary 1,532Remaining Fort Collins (80,399)Total Fort Collins 1,133Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 5
LeasingFort Collins OfficeTOP OFFICE LEASES PAST 12 MONTHSBuilding Name/AddressSubmarketLeased SFQtr Tenant NameTenant Rep Company Leasing Rep CompanyHorsetooth E Business PkFort Collins/Loveland22,706Q1 21 Poudre Valley Health Car RMI Brokerage Com CBRE145 E Mountain AveFort Collins/Loveland12,914Q2 21 Life Technologies Corpor JLLCushman & WakefieldHome State Bank BuildingOutlying Larimer County11,500Q1 21 --JLLPreston Center Office Prk *Fort Collins/Loveland10,924Q2 21 Cornerstone Home Lendi -CBREPreston Center Office PrkFort Collins/Loveland9,095Q2 21 Panorama Eye CareThe Group, Inc.CBREHarmony Technology ParkFort Collins/Loveland8,468Q4 20 Summit Salon Studios, LLCSullivanHayes Broke Cushman & WakefieldLoveland Tech CenterFort Collins/Loveland8,191Q2 21 Northern Colorado Water LC Real Estate Grou Cushman & Wakefield223 Willow StFort Collins/Loveland8,045Q3 21 --Harmony Technology ParkFort Collins/Loveland6,836Q4 20 -Cushman & Wakefield Cushman & WakefieldOpera GalleriaFort Collins/Loveland6,023Q2 21 Clark & Enersen-Cushman & WakefieldHarmony Corporate CenterFort Collins/Loveland6,010Q4 20 --CBREHistroic River DistrictFort Collins/Loveland6,000Q2 21 PECSVN l Denver Com Cushman & Wakefield; 123 N College AveFort Collins5,962Q2 21 Clark & Enersen, Inc.Cushman & Wakefield Cushman & WakefieldCenterra Promanade *Fort Collins/Loveland5,834Q4 20 Morgan StanleyJLLNAI AffinityRialto Theater CenterFort Collins/Loveland5,563Q2 21 Coteleco LLCNAI AffinityNAI AffinityHorsetooth East Bus PkFort Collins/Loveland5,538Q2 21 Northpoint-Waypoint Real EstateHorsetooth East Business ParkFort Collins/Loveland5,029Q4 20 Kimley HornSavillsCBRECenterraFort Collins/Loveland4,895Q4 20 Canyon Colorado Home C3 CommercialCBREProspect East Business PkFort Collins/Loveland4,848Q3 21 --The W.W. Reynolds Co Prospect East Business PkFort Collins/Loveland4,768Q1 21 --The W.W. Reynolds Co Key Bank TowerFort Collins/Loveland4,715Q1 21 --Waypoint Real EstateOrchards Shopping CenterFort Collins/Loveland4,564Q3 21 UC Health-Waypoint Real EstateCrossroads Business Park *Fort Collins/Loveland4,527Q4 20 Primary Residential Mortg Cushman & Wakefield SVN l Denver Commer Oakridge Design CenterFort Collins/Loveland4,230Q2 21 Behavioral Health Practic CBRELC Real Estate Group 502 E Pitkin StFort Collins/Loveland4,221Q1 21 On Track Homes, LLC--110 W Harvard StFort Collins/Loveland4,200Q2 21 --The Group, Inc.1584 Taurus CtFort Collins/Loveland4,000Q3 21 Northern Colorado Christi -LC Real Estate Group 145 E Mountain AveFort Collins/Loveland4,000Q2 21 Thermo FisherJLL-Legacy PlazaFort Collins/Loveland3,639Q2 21 The Parent-Child Interacti -Cushman & Wakefield; Boardwalk Office ParkFort Collins/Loveland3,608Q2 21 -Waypoint Real EstateThe Shores Office ParkFort Collins/Loveland3,600Q2 21 Light of the Rockies Christ Cushman & Wakefield Cushman & WakefieldHarmony Corporate CenterFort Collins/Loveland3,574Q2 21 Steward Partners Holding -CBRE4508 Endeavor DrFort Collins/Loveland3,564Q1 21 The Imaging Center-Cushman & WakefieldCenterraFort Collins/Loveland3,538Q3 21 State of ColoradoCommercial Real Es CBREEveritt Plaza *Fort Collins/Loveland3,508Q4 20 Caliber Home LoansCBRECenter for Advanced TechnologyFort Collins/Loveland3,473Q2 21 -Madison Commercia CSURF Real Estate Off Building 2Fort Collins/Loveland3,448Q4 20 Rabo Agrifinance LLCCushman & Wakefield Cushman & Wakefield3615 Mitchell Dr *Fort Collins3,402Q1 21 AAA ColoradoCushman & Wakefie Cushman & Wakefield; Harmony One at Preston CenterFort Collins/Loveland3,352Q1 21 --CBRERangeviewFort Collins/Loveland3,324Q4 20 Otis & Bedingfield-McWhinney-Commercial Real Estat Cushman & Wakefield; RenewalCopyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 6
RentFort Collins OfficeTight vacancies and healthy demand drove robust rentgrowth in the past decade, pushing rents north byroughly 30%. Rent growth has moderated in recentquarters as speculative development ramped up, and thepandemic has only put more downward pressure onrents. This follows similar slowdowns in both the Boulderand Denver metros. Annual rent growth in Fort Collins isdown by 1.0% as of 21Q3.Rents at recent or upcoming speculative projects varydepending on the location within the metro. Two recentprojects in the 5,000 to 10,000 SF range in Loveland (onEisenhower Blvd alongside Lake Loveland) listed spacefor 23 to 25/SF triple-net. An 8,000 SF speculativebuilding was recently asking 17/SF NNN.Space at the North Building of The Exchangedevelopment in Downtown Fort Collins is running fromabout 23 to 25/SF NNN for spaces with street or plazafrontage, and about 19/SF for those without.MARKET RENT GROWTH (YOY)Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 7
RentFort Collins OfficeMARKET RENT PER SQUARE FEET4 & 5 STAR EXPENSES PER SF (ANNUAL)Market / ClusterFort CollinsUtilitiesCleaningInsuranceTaxesOtherTotal 0.48 1.02 0.16 5.67 5.18 12.51Fort Collins/Loveland 0.48 1.02 0.16 5.78 5.18 12.62Outlying Larimer County 0.48 1.01 0.16 3.20 5.13 9.98Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.3 STAR EXPENSES PER SF (ANNUAL)Market / ClusterUtilitiesCleaningInsuranceTaxesOtherTotal 0.44 0.85 0.12 4.77 2.76 8.94Fort Collins/Loveland 0.44 0.85 0.12 4.77 2.71 8.89Outlying Larimer County 0.46 0.91 0.12 4.77 3.67 9.93Fort CollinsExpenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.1 & 2 STAR EXPENSES PER SF (ANNUAL)Market / ClusterUtilitiesCleaningInsuranceTaxesOtherTotal 0.42 0.54 0.11 4.06 2.13 7.26Fort Collins/Loveland 0.42 0.54 0.11 4.08 2.11 7.26Outlying Larimer County 0.42 0.54 0.11 3.79 2.48 7.34Fort CollinsExpenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 8
ConstructionFort Collins OfficeNew construction in Fort Collins has generally consistedof smaller projects, a handful of them speculative. Threeof the four buildings currently under construction are lessthan 10,000 SF.Builders were fairly active at certain points in the pastdecade, but only a few years had more than 1%inventory growth, with build-to-suit projects comprisingthe majority of new space. For example, the biggestdelivery this past decade, the Rangeview Five building inLoveland, was built for Agrium Advanced Technologies.It's the only property built to at this point of the cyclelarger than 100,000 SF.The VA Hospital medical building at 4875 Byrd Drive ison track to deliver in 21Q3. The building totals 86,000 SFand will be the largest project to come online dating backto 2017.DELIVERIES & DEMOLITIONSSUBMARKET CONSTRUCTIONUnder Construction InventoryNo.SubmarketAverage Building SizeBldgsSF (000)Pre-Leased SF (000)Pre-Leased %RankAll ExistingUnder ConstrRank1Fort g Larimer pyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 9
Under Construction PropertiesFort Collins OfficePropertiesSquare FeetPercent of InventoryPreleased5121,9651.0%86.5%UNDER CONSTRUCTION PROPERTIESUNDER CONSTRUCTIONProperty Name/AddressRatingBldg SFStoriesStartComplete1VA Hospital4875 Byrd Dr86,0001Sep 2020Feb 20222Building 24055 St. Cloud Dr10,0102Apr 2021Nov 20213Pinnacle Consulting Gro 550 W Eisenhower Blvd10,0002Jun 2021Jan 20228,4552Jan 2021Nov 20217,500-Sep 2021Mar 2022452948 Ginnala DrInnosphere308 E Vine DrCopyrighted report licensed to Unique Properties, Inc. - 1228616Developer/OwnerU.S. Department of Veterans AffairsSDA, Inc.Schuman CompaniesSchuman Companies-10/19/2021Page 10
SalesFort Collins OfficeMost office sales in Fort Collins involve smaller, privateinvestors. Average cap rates are now 8.2%, above thenational average of 7.0%. Average pricing is about 184/SF, offering a significant discount relative to officeproperties that trade in nearby Denver at an average of 233/SF.Sales activity fell at the initial onset of the pandemic, butvolume quickly recovered with a few major deals closingover the last few months. In one of the largest deals toclose in the pandemic era, Parametric TechnologyCorporation sold Horsetooth East Business Park for 11.45 million ( 178/SF) to Helix Development Group,LLC, a Fort Collins-based acquisition, development andasset management company. The 64,000-SF buildingwas 86% leased when the deal closed in June to tenantsincluding Tetra Tech, Pawnee Leasing Corp, andCartepac. The building has historically maintained astable tenant base since it was built in 1995.In another sizeable recent deal, Eye Center of Coloradoacquired a 30,000-SF multi-tenant office building at6125 Sky Pond Drive for 9.6 million ( 324/SF) fromGravical Real Estate Holdings. The asset delivered in2009 and was fully leased when the deal closed inOctober. Tenants included the buyer, Morgan Stanley,and a law firm. The reported cap rate was around 7%.There were nine offers submitted for the property.The metro does not have a large institutional gradestock. There are only five non-government 100,000 SFplus office buildings in the metro, four owned by localinvestment/development firms, and another owned byHewlett-Packard (but recently sold). While tremendousongoing growth in Northern Colorado's I-25 corridor isattractive, the office market here is largely controlled bylocal or, less frequently, regional players.SALES VOLUME & MARKET SALE PRICE PER SFCopyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 11
SalesFort Collins OfficeMARKET CAP RATECopyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 12
Sales Past 12 MonthsFort Collins OfficeSale ComparablesAvg. Cap RateAvg. Price/SFAvg. Vacancy At Sale1068.2% 19513.2%SALE COMPARABLE LOCATIONSSALE COMPARABLES SUMMARY STATISTICSSales AttributesLowAverageMedianHigh 155,000 1,983,060 885,000 12,000,000Price/SF 18 195 209 550Cap Rate6.8%8.2%7.3%13.2%Time Since Sale in Months0.56.36.812.0Property AttributesLowAverageMedianHighBuilding SF97210,4665,49864,4161214Typical Floor SF5127,6204,58950,000Vacancy Rate At Sale0%13.2%0%100%1888197119812021Sale PriceStoriesYear BuiltStar Rating2.6Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 13
Sales Past 12 MonthsFort Collins OfficeRECENT SIGNIFICANT SALESPropertyProperty Name - Address1Constant Contact3675 Precision Dr23801 Automation Way3221 E Mountain Ave4Bldg 14856 Innovation Dr5Bldg B4700 Innovation Dr6Bldg D4745 Boardwalk Dr7Bldg 24868 Innovation Dr8Trostel Building351 Linden St910425 W Mulberry StB 2004650 Signal Tree Dr11985 N Wilson Ave12451 N Railroad Ave13525 W Oak St14Meyers Building B1996 Rocky Mountain Ave152940 Ginnala Dr16Clocktower Bldg323 S College Ave17Bldg A4700 Innovation Dr183534 John F Kennedy Pky192026 Bear Mountain Dr20Bldg A712 Whalers WaySaleRatingYr BuiltBldg SFVacancySale DatePricePrice/SFCap Rate-200950,0000%8/12/2021 12,000,000 240--199564,41614.5%6/15/2021 11,450,000 178--202126,055100%4/27/2021 9,473,100 364--200023,8880%10/20/2020 3,595,536 1516.8%-199510,2480%9/28/2021 3,386,000 330--200214,1160%7/30/2021 3,200,000 2276.8%-200219,4430%1/4/2021 3,100,000 1597.8%-193117,08014.6%12/31/2020 3,000,000 176--198115,1280%1/11/2021 2,749,550 182--20184,7780%5/17/2021 2,630,000 550--198416,5400%6/17/2021 2,600,000 1576.8%-190017,1360%11/17/2020 2,325,000 1367.3%-193813,7780%6/10/2021 2,200,000 1607.3%-201615,1140%10/1/2021 2,199,149 146--19966,9710%11/30/2020 1,925,000 276--19527,6800%9/15/2021 1,630,000 212--19989,8800%11/5/2020 1,600,000 162--19986,5700%5/18/2021 1,404,000 214--20214,5720%5/12/2021 1,387,057 303--20034,9280%12/16/2020 1,150,000 233-Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 14
EconomyFort Collins OfficeFort Collins has rebounded well from the coronavirusinduced downturn. After unemployment surged past 11%in April of last year, it has returned to 5.1% as of July2021. Like most metros, the retail and travel industriesare lagging behind 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 JOBSCURRENT GROWTH10 YR HISTORICAL5 YR , Transportation and .41%3.40%1.36%0.49%1.13%0.21%Financial ment411.65.08%0.11%3.45%-0.10%2.14%0.82%Natural Resources, Mining and cation and Health ional and Business tion31.011.89%7.49%2.77%0.59%1.84%1.58%Leisure and 50%1.19%1.45%0.86%Retail TradeOther ServicesTotal EmploymentSource: Oxford EconomicsLQ Location QuotientCopyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 15
EconomyFort Collins OfficeJOB GROWTH (YOY)Source: Oxford EconomicsUNEMPLOYMENT RATE (%)Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 16
EconomyFort Collins OfficeNET EMPLOYMENT CHANGE (YOY)MEDIAN HOUSEHOLD INCOMECopyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 17
EconomyFort Collins OfficePOPULATION GROWTH (YOY %)NET POPULATION CHANGE (YOY)Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 18
EconomyFort Collins OfficeDEMOGRAPHIC TRENDSCurrent LevelDemographic Category12 Month Change10 Year Change5 Year 9,353123,406,4530.9%0.1%2.0%0.7%1.2%0.4%Median Household Income 84,700 74,4506.3%6.0%4.4%4.0%2.6%2.4%Labor %5.8%-0.6%-2.6%-0.2%-0.3%--UnemploymentSource: Oxford EconomicsPOPULATION GROWTHLABOR FORCE GROWTHINCOME GROWTHSource: Oxford EconomicsCopyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 19
SubmarketsFort Collins OfficeFORT COLLINS SUBMARKETSCopyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 20
SubmarketsFort Collins OfficeSUBMARKET INVENTORYInventoryNo.Submarket12 Month DeliveriesUnder ConstructionBldgsSF (000)% MarketRankBldgsSF (000)PercentRankBldgsSF (000)PercentRank1Fort utlying Larimer County644874.1%2181.6%20---SUBMARKET RENTMarket RentNo.12 Month Market RentQTD Annualized Market RentSubmarketPer SFRankGrowthRankGrowthRank1Fort Collins/Loveland 23.2410.9%22.0%22Outlying Larimer County 21.1421.9%15.0%1SUBMARKET VACANCY & NET ABSORPTIONVacancyNo.Submarket1Fort Collins/Loveland2Outlying Larimer County12 Month AbsorptionSFPercentRankSF% of InvRankConstruc. %20.5Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 21
Supply & Demand TrendsFort Collins OfficeOVERALL SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction .4200910,811,070236,3662.2%(47,447)-0.4%-4 & 5 STAR SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction 1%15,7642.6%1.9Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 22
Supply & Demand TrendsFort Collins Office3 STAR SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction 20096,395,770194,3083.1%54,8400.9%3.51 & 2 STAR SUPPLY & DEMANDInventoryNet AbsorptionYearSFSF Growth% GrowthSF% of InvConstruction ighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 23
Rent & VacancyFort Collins OfficeOVERALL RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 25.121301.2%9.3%810,9166.6%0.1%2024 24.821281.7%8.0%792,5616.5%0.2%2023 24.401262.5%6.2%767,7286.3%0.1%2022 23.801232.3%3.5%745,8086.1%-0.4%2021 23.281201.5%1.3%788,7766.6%0.1%YTD 23.151201.0%0.7%773,5166.4%-0.1%2020 22.94118-0.2%-0.2%775,4526.5%2.9%2019 22.991193.0%0%433,7643.6%0.1%2018 22.331153.3%-2.9%418,0963.5%-2.6%2017 21.60112-2.3%-6.0%722,1156.1%-0.7%2016 22.111146.9%-3.8%784,4256.9%0.6%2015 20.681075.7%-10.0%699,7156.3%0.7%2014 19.561016.9%-14.9%621,1645.6%-1.1%2013 18.30943.7%-20.4%733,1196.7%-1.3%2012 17.64913.4%-23.2%880,9448.0%-1.0%2011 17.0788-0.1%-25.8%988,7139.0%-1.4%2010 17.0988-5.4%-25.7%1,141,28210.4%-1.6%2009 18.0693-6.8%-21.4%1,305,17912.1%2.4%4 & 5 STAR RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 33.601350.9%5.8%106,2377.4%-0.2%2024 33.301341.4%4.9%101,9937.6%0.2%2023 32.831322.3%3.4%92,2037.4%1.1%2022 32.101292.2%1.1%73,7046.3%-0.5%2021 31.421270.2%-1.1%77,8416.8%-0.2%YTD 31.38126-0.1%-1.2%81,4467.1%0.1%2020 31.35126-1.3%-1.3%77,9696.9%1.4%2019 31.751282.3%0%61,9575.5%-2.0%2018 31.031258.4%-2.3%83,8137.5%-0.2%2017 28.641154.7%-9.8%83,9677.8%2.0%2016 27.341100.2%-13.9%54,1095.7%2.0%2015 27.281103.8%-14.1%31,2813.8%-2.5%2014 26.291067.4%-17.2%51,7416.2%-1.1%2013 24.4899-1.4%-22.9%53,3297.3%-1.2%2012 24.831003.5%-21.8%62,1108.6%-6.5%2011 23.9897-2.8%-24.5%109,46515.1%-2.4%2010 24.66991.0%-22.4%120,29517.4%-9.7%2009 24.4198-1.7%-23.1%165,05527.2%1.0%Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 24
Rent & VacancyFort Collins Office3 STAR RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 24.851211.2%6.9%514,3887.2%0.1%2024 24.561201.7%5.7%505,6177.1%0.1%2023 24.141182.5%3.9%496,2356.9%0%2022 23.541152.2%1.3%496,1166.9%-0.6%2021 23.031120.7%-0.9%534,1157.5%0.4%YTD 22.911120.2%-1.4%525,5287.4%0.3%2020 22.86112-1.6%-1.6%497,9067.1%3.6%2019 23.241134.7%0%243,5483.5%0.5%2018 22.191082.2%-4.5%204,2653.0%-4.1%2017 21.72106-5.0%-6.5%488,9147.1%-1.0%2016 22.861129.2%-1.6%543,8308.1%0.8%2015 20.941027.0%-9.9%480,0967.3%2.4%2014 19.57955.7%-15.8%317,7984.9%-1.3%2013 18.51904.2%-20.3%402,1516.2%-0.8%2012 17.76874.6%-23.6%457,7737.0%-1.3%2011 16.9783-0.9%-27.0%542,5458.4%-2.2%2010 17.1284-8.6%-26.3%679,21110.6%-1.3%2009 18.7391-8.6%-19.4%759,73111.9%1.9%1 & 2 STAR RENT & VACANCYMarket RentVacancyYearPer SFIndex% GrowthVs Hist PeakSFPercentPpts Chg2025 23.031481.3%12.3%190,2915.1%0.2%2024 22.731461.8%10.8%184,9514.9%0.2%2023 22.321432.6%8.8%179,2904.7%0.1%2022 21.751402.3%6.0%175,9884.7%0%2021 21.251363.6%3.6%176,8204.7%-0.6%YTD 21.111363.2%2.9%166,5424.4%-0.9%2020 20.511323.4%0%199,5775.3%1.9%2019 19.83127-0.5%-3.3%128,2593.4%-0.1%2018 19.921283.6%-2.9%130,0183.4%-0.5%2017 19.231230.7%-6.3%149,2343.9%-1.0%2016 19.101235.2%-6.9%186,4864.9%0%2015 18.161173.8%-11.4%188,3385.0%-1.7%2014 17.491129.3%-14.7%251,6256.6%-0.7%2013 161035.0%-22.0%277,6397.3%-2.2%2012 15.24980.6%-25.7%361,0619.5%0.6%2011 15.14972.9%-26.2%336,7038.9%-0.1%2010 14.7295-0.9%-28.3%341,7769.0%-1.0%2009 14.8595-4.6%-27.6%380,39310.0%3.4%Copyrighted report licensed to Unique Properties, Inc. - 122861610/19/2021Page 25
Sale TrendsFort Collins OfficeOVERALL SALESCompleted Transactions (1)Market Pricing Trends (2)YearDealsVolumeTurnoverAvg PriceAvg Price/SFAvg Cap RatePrice/SFPrice IndexCap Rate2025------ 196.581558.3%2024------ 194.971548.3%2023------ 192.551528.2%2022------ 188.041488.2%2021------ 184.991468.2%YTD67 84.2M3.7% 2,247,875 203.138.9% 183.711458.2%202087 84.9M4.8% 1,986,148 215.157.0% 181.571438.2%201986 81M5.3% 1,817,683 145.966.7% 182.641448.2%201883 81.3M5.9% 1,888,112 175.227.3% 179.861428.0%201774 52.1M3.3% 1,108,826 176.587.1% 178.171407.8%201671 57M4.7% 1,212,911 1667.8% 179.651427.6%2015138 121.4M10.1% 2,101,779 177.386.8% 170.031347.7%201490 53.9M5.1% 1,258,059 130.706.7% 168.691337.6%201383 99.3M5.9% 3,013,027 186.408.2% 155.611238.0%201285 48.3M4.7% 1,033,523 109.988.5% 144.101148.4%201154 36.5M2.6% 1,195,529 147.907.1% 138.331098.6%201048 48.2M3.5% 1,500,323 162.507.9%
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
KWM-2, Collins KWM-2A, Collins 30L-I, Collins 75S1, Collins 75A3, Collins 75 S 3C, Collins 7552, Collins 75S3A, Collins 75A2, Collins 32S2, Collins 32S3, Collins PM-2. flammarlund SP-600, Hammarlund HQ-140XA, Hammarlund
Jan 12, 2021 · Harmony Safeway Marketplace Fort Collins 3,036 Q3 20 Premier Liquors Inc Cushman & Wakefie Cushman & Wakefield; Fort Collins Marketplace Fort Collins 3,032 Q4 20 Cosmoprof - NewMark Merrill Comp Choice Shopping Center Fort Collins 3,000 Q3 20 Maggie's Sewing & Vacuum - - Front Range Village Fort Collins 2,977 Q3 20 - - CBRE
Procure-to-Pay Workflow Process Assessment Project . Current Environment Needs Assessment Report . Final Version . February 1, 2016 . Prepared for: City of Fort Collins . 215 North Mason St., 2nd Floor . Fort Collins, CO 80522. City of Fort Collins . Procure-to-Pay Workflow Process Assessment Project .
Fort Bragg, NC Fort Leavenworth, KS Fort Campbell ,KY Fort Lewis WA Fort Carson, CO Fort McPherson, GA ,GA Fort Meade MD . Fort Belvoir CPAC Building 320 Training Dates Room Number Time 17 -19 March Room 140 0800 -1600 daily 24 -26 March Room 134 0800 -1600 daily
Fort Bragg NC, Fort Carson CO, Fort Gordon GA, Fort Hood TX, Fort Hunter Liggett CA, Fort Jackson SC, and Fort Sill OK. . (RSO) (U), 132138Z Apr 11 . Physical Security Plan for US Army Installation Management Command Ranges Affected by Depleted Uranium in
Rosemary Sherriff, Department of Geography, University of Colorado, Fort Collins, CO Sara Simonson, Natural Resource Ecology Lab, Colorado State University, Fort Collins, CO Tom Stohlgren, U.S. Geological Survey and Natural Resource Ecology Lab, Colorado State University, Fort Collins, CO Da
Two Floods in Fort Collins, Colorado: Learning from a Natural Disaster John F. Weaver,* Eve Gruntfest,*, and Glenn M. Levy# *Cooperative Institute for Research in the Atmosphere, Colorado State University, Fort Collins, Colorado. Current affiliation: Department of Geography and Environmen-
Abrasive water jet machining Ultrasonic machining. Difference between grinding and milling The abrasive grains in the wheel are much smaller and more numerous than the teeth on a milling cutter. Cutting speeds in grinding are much higher than in milling. The abrasive grits in a grinding wheel are randomly oriented . A grinding wheel is self-sharpening. Particles on becoming dull either .
