Analysis of Performance
Industrial vacancy rate:
- Vacancies had a sharp increase in 2023 with rates almost doubling since Q1 2023. Industrial vacancies saw a 1 point increase since Q3. Fort Collins vacancies are higher than the national rate at 4.6%.
Office vacancy rate:
- Office vacancies continue to see a steady increase, reaching a high in Q4 2023. The Fort Collins vacancies remain below the national average of 18.2%.
Retail vacancy rate:
- After following a steady decrease, retail vacancies saw a significant jump in Q4 2023 and rose above national levels at 4.1%.
EHO will continue to monitor and do broker engagement to support filling vacancies where possible.
Metric Definition
Percentage of vacant, leasable commercial space within the city. This is divided into three categories: Industrial, Office, and Retail. The category with the worst vacancy rate is displayed and that is the value compared to our target.
Why Is This Important?
Commercial property use provides a measure of economic activity and economic capacity. As the vacancy rate drops additional commercial space may be necessary to capture economic activity.
City Organization Impact on Performance
Medium – The activities of the Economic Health Office directly relate to users of commercial space, but actual leasing activity is also influenced by other outside factors.
Benchmark Information
This metric contains no benchmark data because the purpose of this metric is to track economic trends within Fort Collins over time. The internal focus of this metric limits the value of benchmarks; historical comparisons to the City's past performance are more meaningful for this metric.