Hefty visitor counts, stemming from a record winter of snowfall, led to city sales tax collections of $8.1M through March, up nearly 9% from last year. The increased traffic has many developers hinting at signs of impending market growth. 

In recent years, commercial real estate transactions have centered on downtown and West Steamboat. Warehouses, storage facilities and live-work units dominated sales and new developments. 

The trend towards shorter-term lease agreements for retail space, which is prevalent in urban areas, is emerging in downtown Steamboat. National retailer Lululemon just opened its doors on Lincoln Ave., next to North Face and Marmot. Local outdoor specialty firm Big Agnes recently increased their storefront presence and now offers two locations, one on Lincoln Ave. plus its original shop on Oak St. 

A myriad of businesses are emerging on the market offering potential investors several options. These options range from a spa for $35K to a long-standing auto shop for $1.5M. “There are certainly some excellent investment opportunities on the market right now,” Sias said. 

Commercial building sales are strong with the rate of return often 7% or better, boosted by long-term established leases. Buildings located on prime downtown real estate offer attractive investment opportunites, such as The Victoria on Lincoln Ave., which currently has multiple individual units for sale at a total list price of $4.2M. 

The recent influx of location-neutral workers has spurred a slew of available office space, ranging in size from one-person to multiple desk space options. Steamboat is on the cusp of a handful of major new developments, which is music to the ears of potential real estate investors. City residents will vote this month on the possible annexation of 191 acres creating West Steamboat Neighborhoods. Potential developers are watching the vote closely, as the 450 unit neighborhood will certainly create commercial development opportunities.