Industry News for Quarter 3

Industrial Overview

The vacancy rate increased to 6.2% and there was a positive net absorption of 208,000 square feet over the last 12 months. The average asking rental rates increased to $9.03 PSF. For the third quarter, there are 4,151,894 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 8.6% and there was a positive net absorption of 282,000 square feet over the past 12 months. The average asking rental rates increased to $21.66 PSF from $22.14 PSF, from Q2. For the third quarter, there are 357,900 square feet under construction.

Retail Overview

The vacancy rate increased to 6.1% and there was a negative net absorption of 568,000 square feet over the past 12 months. The average asking rental rates decreased to $17.22 PSF from $17.09 PSF, from Q2. For the third quarter, there are 635,992 square feet under construction.

All information was obtained using CoStar’s 2020 Market Reports. Give us a call if you would like a detailed report on a specific property.

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Thrive News

New Team Members

We are very pleased to announce that, this quarter, we added a new role and a new team member to our Thrive family!

Michael Paul has joined the team as our newest Broker Associate. He comes to us with many years of experience in commercial real estate, working to help develop the retail market space in Colorado Springs. We are excited to have him as part of our team and to continue to grow our retail portfolio, with his expertise!

We also added a new role to our property management team. Austin Cederholm has taken on the additional role of Assistant Property Manager and oversees our ENT properties and our Maintenance team.  Austin transitioned to this role after being a Commercial Maintenance Technician on our team, and we are happy to have him to assist in this new role!