Industrial Overview
The vacancy rate decreased to 4.0% and there was a positive net absorption of 4,500,000 square feet over the last 12 months. The average asking rental rates increased to $9.86 PSF. For the third quarter, there are 428,680 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.
Office Overview
The vacancy rate increased to 9.9% and there was a negative net absorption of 22,400 square feet over the past 12 months. The average asking rental rates decreased to $22.57 PSF from $22.77 PSF, from Q2. For the third quarter, there are 348,746 square feet under construction.
Retail Overview
The vacancy rate decreased to 5.2% and there was a negative net absorption of 477,000 square feet over the past 12 months. The average asking rental rates increased to $17.74 PSF from $17.38 PSF, from Q2. For the third quarter, there are 323,806 square feet under construction.
Thrive News
- THRIVE facilitated a few sales in Q3. Most notably:
- The sale of 8595 Explorer Dr. in Briargate, which sold at $8,400,000
- 4455 Arrowswest Dr., on the west-side, which sold at $4,825,000
- The sale of 423 S. Cascade, in the bustling south-end of downtown.
- THRIVE brokers Logan Harrison and Stephen Swiatek were recognized as Q3 Power Brokers by Costar for facilitating an 8,000 SF industrial lease.
All information was obtained using CoStar’s 2021 Market Reports. Give us a call if you would like a detailed report on a specific property.
