Analysis of Performance
Office vacancy rate:
- Vacancies have seen a steady increase since Q4 of 2022 after reaching a post-Covid low in Q3 2022.
Industrial vacancy rate:
- Vacancies continue to see a steady increase but remain below the national vacancy rates of 4.4%.
Retail vacancy rate:
- Vacancies have continued to slowly decline and remain below the national rate of 4.2%.
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.