Vacancies down, rents up in Old Town
Real estate agents, retailers and downtown advocates like the Downtown Business Association all have stories to tell about the vim and vigor of Old Town.
But, first the numbers: Net taxable sales in June topped $197 million, compared with $185.4 million in June 2011. The increase has been good for city coffers, which collected $7.2 million in sales tax receipts in June, compared with $6.7 million in June 2011.
By comparison, the City of Greeley collected $3.8 million in sales tax in June, while Loveland collected $2.7 million.
Back in Fort Collins, retail vacancy rates in downtown have fallen into the low single-digits, and those spaces considered most desirable are virtually impossible to find.
Retail is a big part of the city’s economy, comprising 21.8 percent of the commercial space downtown, with 973,401 square feet, according to a 2010 survey conducted by the city.
Ideally, a given market’s vacancy rate will hover around 5 percent to allow some “room to move,” according to Patty Spencer of Realtec Commercial
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