Industrial Overview
The vacancy rate increased to 4.5% and there was a positive net absorption of 431,000 square feet over the last 12 months. The average asking rental rates increased to $11.39 PSF. For the second quarter, there are 500,168 square feet still under construction.
Office Overview
The vacancy rate decreased to 10% and there was a positive net absorption of 175,000 square feet over the past 12 months. The average asking rental rates decreased to $23.03 PSF from $23.05 PSF, from Q1. For the second quarter, there are 0 square feet under construction.
Retail Overview
The vacancy rate stayed at 4.5% from Q1 and there was a positive net absorption of 71,300 square feet over the past 12 months. The average asking rental rates increased slightly to $20.52 PSF from $20.41 PSF, from Q1. For the second quarter, there are 256,963 square feet under construction.
THRIVE News
The second quarter of 2024 showed that the commercial real estate market in Colorado Springs is experiencing a relatively steady period in all three sectors. The industrial sector continues to perform well with low vacancy rates. This reflects ongoing strong demand for warehouse and distribution space driven by e-commerce growth and supply chain adjustments. The Office sector has stayed steady, though we have seen minor adjustments with a combination of remote work trends and the completion of new office developments. The retail sector is witnessing a balanced market. The market has stabilized following the pandemic’s initial impact, with more retailers finding opportunities to expand.
THRIVE assisted their client, Integrity Bank in the sale of 702 and 706 S. Nevada Ave.
Additionally, THRIVE Commercial Partners was able to help find their client, Teriyaki Madness, a new location at Victory Ridge. THRIVE also assisted in a quick close of the land at 718 and 722 S. Nevada Ave. for their client, The Independence Center.
Highlands at Briargate Updates: Rock N Roll Sushi, Chicken Salad Chick, Milkshake Factory and Ivybrook Academy are all set to join the development later this year! Plus, just on the south side of the site, Davis Development is set to start construction later this year on 220 luxury apartments and 20+ luxury townhomes.
