Industrial Overview
The vacancy rate increased to 4.0% and there was a positive net absorption of 518,000 square feet over the last 12 months. The average asking rental rates increased to $11.33 PSF. For the first quarter, there are 668,464 square feet still under construction.
Office Overview
The vacancy rate continued to stay at 11.3% and there was a negative net absorption of 494,000 square feet over the past 12 months. The average asking rental rates increased to $23.05 PSF from $22.90 PSF, from Q4. For the first quarter, there are 0 square feet under construction.
Retail Overview
The vacancy rate decreased to 4.5% from 4.8% and there was a positive net absorption of 69,500 square feet over the past 12 months. The average asking rental rates increased slightly to $20.41 PSF from $20.22 PSF, from Q4. For the first quarter, there are 218,250 square feet under construction.
THRIVE News
Overall, the first quarter of 2024 continued to show market resilience, reflecting a steady demand across office, retail, and industrial properties. Low vacancy rates coupled with a consistent influx of new businesses testify to the city’s vibrant economy. As the region continues to grow and diversify, the first quarter results underscore Colorado Springs as a prime destination for commercial real estate investment.
THRIVE assisted their client in the sale of the land at 1303 & 1311 Costilla St. The land is slated for affordable housing and the developer is local.
Additionally, THRIVE Commercial Partners was able to help find Trace Church 61,098 SF of space, to purchase, at 4330 Mark Dabling Blvd.
Highlands at Briargate Updates: Beam Light Sauna signed a lease for 2,300 SF in the center. Also, My Wine Cellar and 4ever Young, Highlands at Briargate’s newest tenants, both opened for business in the first quarter!
