Industrial Overview:
The vacancy rate increased to 4.8% and there was a negative net absorption of 107,000 square feet over the last 12 months. The average asking rental rates increased to $10.99 PSF. For the second quarter, there are 381,714 square feet still under construction.
Office Overview:
The vacancy rate increased to 10.8% and there was a negative net absorption of 79,000 square feet over the past 12 months. The average asking rental rates decreased to $23.15 PSF from $23.34 PSF, from Q1. For the second quarter, there are 3,998 square feet under construction.
Retail Overview:
The vacancy rate decreased to 4.6% from 4.1% and there was a positive net absorption of 199,000 square feet over the past 12 months. The average asking rental rates decreased slightly to $19.36 PSF from $19.40 PSF, from Q1. For the second quarter, there are 321,332 square feet under construction.
THRIVE News:
In Q2 of 2023, Colorado Springs continued to see strong demand for retail space, despite positive
momentum waning amid the high inflationary environment.
Thrive Commercial Partners is excited to announce that New Life Commons in the Interquest trade area is fully leased!
Additionally, Powers Pointe in the Woodmen and Powers trade area has also been fully leased.
Construction continues on the new Dave & Busters location at the Highlands at Briargate, set to open late fall 2023. The Thrive team is proud to represent the Landlord for this property.
The Thrive team has also been representing Life Network, a large non-profit organization, as they find a new location. Thrive Commercial Partners also represented the Boy Scouts of America to assist them in finding their new space off Centennial Blvd.
Lastly, the exciting new membership-based dog park concept (think Top Golf for Dog Lovers) is making it’s way to Colorado and the Thrive team is still actively representing Bar K as they look for new sites across the state.
You can find more information about Bar K here: https://barkdogbar.com/
