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cityOf ECONOMIC VITALITY COMMITTEE <br />Louisville <br />COLORADO -SINCE 1878 <br />SUBJECT: DISCUSSION/DIRECTION- STRATEGIC PLAN ACTION #1-5: <br />QUARTERLY VACANCY REPORT (Q1 2022) <br />DATE: APRIL 22, 2022 <br />PRESENTED BY: MEGAN E. PIERCE, ECONOMIC VITALITY DIRECTOR <br />SUMMARY: <br />The Economic Vitality Strategic Plan contains Action #1-5: "Create and distribute <br />quarterly commercial vacancy report to monitor lease rates and available space." <br />DISCUSSION: <br />This Action was scheduled to start in Q4 2021. Staff began assembling source data in <br />Q4 and also discussed the report goals and formatting with the Economic Vitality <br />Committee on December 17, 2021. Between December 2021 and February 2022, staff <br />completed the in -person field verifications of all commercial properties. This function will <br />be performed once annually; otherwise, the quarterly report will be updated with source <br />data and staff knowledge of property changes. A copy of the Q1 2022 Commercial <br />Vacancy Report is included as Attachment #1. <br />Staff is sharing the report with the EVC prior to submitting to City Council, in order to <br />gather any feedback that might inform changes to the format in this report or future <br />reports. All of the data assumptions are outlined in the report itself, and narrative is also <br />included to illustrate data presented. The report format includes tables and graphs; the <br />graphs will become more meaningful as historical data is added. Staff has not included <br />historical data on vacancy rates that was previously reported in the City's Key <br />Performance Indicator (KPI) process. Staff has now created and refined its own data <br />set; the KPI data was simply reported from CoStar. <br />Report data includes both counts and percentage calculations, but the vacancy <br />percentage rates are based on available square footage as a percentage of total <br />rentable square footage. This provides a more accurate view of vacancy over time, due <br />to frequent changes in commercial spaces. For example, the report presents total <br />property counts and then also vacant space counts. The property counts should only <br />change over time as buildings change (demolitions, new construction, or <br />redevelopment); vacant space counts though may change with a tenant demising a <br />single space into two new spaces. Therefore, the total square footage is more <br />measurable over time. <br />RECOMMENDATION: <br />Review staff report and provide any feedback before report is advanced to City Council. <br />ATTACHMENTS: <br />• Attachment #1: Q1 2022 Commercial Vacancy Report <br />Agenda Packet P. 19 <br />