Below are some highlights of Greeley's market health since the pandemic.
Full real estate market reports can be found on the City's economic development site selection web page.
Before Pandemic: Greeley's vacancy rate was at historic lows and very stable; development plans were strong.
Now: Seeing much higher vacancies (over 3.5%) with decelerating annual rent growth, weaker demand, and less new development in the near term.
OFFICE
Before Pandemic: A limited supply and consistent demand translated into exceptionally tight conditions.
Now: Significant move-outs have put upward pressure on vacancies, which stand near 7.3%. State Farm notably moved to remote work decreasing the need for office space. Rent growth continues to decelerate due to weaker office demand and rising vacancies.
MULTI-FAMILY
Before Pandemic: Vacancy stood at just over 12% with lots of new united in the pipeline.
Now: Greeley has reclaimed many of the jobs lost from the pandemic-induced downturn. Vacancies rose sharply, peaking at 12.9% in 20Q4. However, demand has returned and vacancies have contracted to 6.0%
INDUSTRIAL
Before Pandemic: The vacancy rate was about 2.3% at the end of 2019.
Now: Vacancy has grown slightly to 4.8%, however, the market remains historically tight and big blocks of space are not lasting long when they become available. Rent growth is back and new construction leases quickly.