2020 in Review!
This past year came with its fair share of twists and turns, especially in the world of real estate. While the beginning of the pandemic brought about some uncertainty with what the market would look like, our team was able to think outside the box to continue to provide excellent service and care to our clients. Here are just a few highlights of our biggest achievements this year!
The vacancy rate decreased to 5.4% and there was a positive net absorption of 109,000 square feet over the last 12 months. The average asking rental rates increased to $9.24 PSF. For the fourth quarter, there are 4,135,00 square feet still under construction. The large jump in square footage is due to the new Amazon Fulfillment Center being built near the Colorado Springs Airport.
The vacancy rate increased to 8.7% and there was a negative net absorption of 74,272 square feet over the past 12 months. The average asking rental rates increased to $22.34 PSF from $21.66 PSF, from Q3. For the fourth quarter, there are 382,900 square feet under construction.
The vacancy rate decreased to 5.8% and there was a negative net absorption of 500,000 square feet over the past 12 months. The average asking rental rates decreased to $17.14 PSF from $17.22 PSF, from Q2. For the fourth quarter, there are 601,558 square feet under construction. All information was obtained using CoStar’s 2020 Market Reports. Give us a call if you would like a detailed report on a specific property.
Thrive Commercial PartnersHighlights of 2020
- THRIVE COMMERCIAL PARTNERS launched in April.
- In July, THRIVE moved offices to 310 S. 14th St. We have enjoyed the larger space and are currently in the midst of some very exciting renovations!
- Our brokerage team welcomed two new team members this year. Stephen Swiatek and Michael Paul have been integral parts of our success as a brokerage company this year.
- THRIVE facilitated the sale of Colorado Springs‘ Largest Liquor Store, Springs Liquor Outlet. The asset, which included the business and adjacent 5 tenant building, traded for $5,800,000.
- THRIVE client Nekter Juice Bar signed Leases for 2 additional locations: 1 in the Victory Ridge Development at Interquest & Voyager in Colorado Springs and 1 off Founders Parkway in Castle Rock.
- THRIVE client Tide Cleaners opened their 5TH location next to Snooze Eatery off N Academy Blvd in Colorado Springs.
- THRIVE facilitated the Road House Cinemas and Draft House deal off of Fillmore and Nevada.
- THRIVE just leased an 18,000 SF space for New Horizon Thrift Store off of N. Academy Blvd.