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.

RETAIL

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.

Retail Year End 2021

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.

Office Year End 2021

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%

MultiFamily Year End 2021

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.

Industrial Year End 2021