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Colleyville staff outlines rising rents, high occupancy and new prospects in economic development update
Summary
Chelsea Rose, the City of Colleyville's community engagement and economic development lead, presented an economic development update at the Jan. 24 Planning and Zoning meeting, reporting a 92.5% commercial occupancy rate, rising market asking rents near $26 per square foot, a recent sales-tax audit adjustment that boosted collections and active prospects including a $5 million Crunch Fitness renovation.
Chelsea Rose, the City of Colleyville's community engagement and economic development lead, presented an economic development update at the January 24 Planning and Zoning meeting that summarized local market data, city programs and active commercial prospects.
Rose said Colleyville has "just over 26,000 people" in about 9,000 households and described the community as highly educated; she noted a median age of 48.6 and that about 69% of residents hold a bachelor's degree or higher. On retail metrics, Rose said the city's commercial inventory is about 2.8 million square feet, with roughly 225,000 square feet available and an overall occupancy rate of 92.5 percent. She added that the city's market asking rent is trending upward at about $26 per square foot and that months vacant is trending down.
On sales tax, Rose said a recent audit adjustment increased February collections (the collection that represents December activity) by about 20 percent versus the prior comparable period; she characterized…
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