Industrial Overview
The vacancy rate decreased to 4.6% and there was a positive net absorption of 168,000 square feet over the last 12 months. The average asking rental rates increased to $11.18 PSF. For the third quarter, there are 382,152 square feet still under construction.
Office Overview
The vacancy rate increased to 11.3% and there was a negative net absorption of 66,400 square feet over the past 12 months. The average asking rental rates decreased to $22.71 PSF from $23.15 PSF, from Q2. For the third quarter, there are 3,998 square feet under construction.
Retail Overview
The vacancy rate decreased to 4.4% from 4.6% and there was a positive net absorption of 293,000 square feet over the past 12 months. The average asking rental rates increased slightly to $19.87 PSF from $19.36 PSF, from Q2. For the third quarter, there are 298,028 square feet under construction.
THRIVE News
In Q3 of 2023, Colorado Springs continued to see strong demand for space in all three categories, and vacancy rates continued to remain at historic lows. Rent growth was outperforming the national average at about 2.3% positive annual gains, compared with 0.6% rent gains from the national index. However, when adjusting for inflation, real rent growth continues to trend negative.
THRIVE Commercial Partners is excited to announce the sale of the 7189 N Meridian Rd in Falcon, CO (former Falcon Liquor Outlet building). THRIVE represented the Buyer (regional non-profit group) and the Seller in this transaction.
THRIVE also assisted StretchLab with their third location in Colorado Springs, at University Village.
Highlands at Briargate Updates: Construction is complete on the new Dave & Buster’s, and opens to the public on Nov. 20th! Due to onsite demand, two additional multi-tenant retail buildings are now under construction – 8,000 SF building and 12,000 SF building. Currently only two endcaps with patios left.
