In 2015, consumer finance website NerdWallet.com placed Steamboat Springs in the top three places in Colorado to start a business. Currently, unemployment rates hover around 2.4% and over 1,600 private businesses choose Steamboat as their base. Location-neutral businesses have been on a steady incline and contribute to 8% of wages earned by the Routt County population (a total contribution of around $80 million to the local economy every year). 

Commercial real estate, however, has been on a roller coaster ride over the last decade since the national economic slump. While the number of transactions of commercial properties has fluctuated each year, one thing has remained steady; commercial prices have appreciated with the average price up 21% in the last two years. The number of units sold in 2018 was 40, compared to 44 in 2017. The median sales price for commercial units was $398K in 2018 up from $333K in 2017. Limited land available for development and high building costs will likely continue to drive sales of existing commercial space. 

“We’re seeing new business owners moving to town and a lot of return residents who want to reestablish their Steamboat base,” says Ron Wendler, a Broker/Owner with Colorado Group Realty. 

Traditional economic sectors, including agriculture and mining, remain prevalent in the unincorporated parts of the county. Office space, live/work units, warehouses, storage units and retail space make up the majority of commercial real estate sales. The west Steamboat corridor offers a variety of industrial spaces with the highest concentration of retail space housed downtown. “There’s a shift towards short term leases on retail space, which attracts pop-up retail businesses, and that is new for Steamboat,” Wendler continues. 

Demand continues to rise for leased office space, driven by the influx of location-neutral workers. While Steamboat still isn’t known as a commercial mecca, there continues to be steady growth reflected in rising prices.