COLORADO SPRINGS MARKET UPDATE
OFFICE 2018 REVIEW • Total Office SF: 28,976,641 SF • Current Vacancy Rate: 9.8 % • Average Asking Rate: $14.45 PSF • Largest Contiguous Space Available: 254,842 SF • 2018 Net Absorption: 221,930 SF • Total Number of Building Sold: 167 • Square Footage Delivered 2018: 0 SF • SF Under Construction: 202,045 SF
2019 OFFICE FORECAST • Vacancy Rates Going Up • Average Asking Rates Steady • Construction Costs Going Up • Victory Ridge
RETAIL 2018 REVIEW • Total Retail SF: 41,374,617 SF • Current Vacancy Rate: 4.7% • Average Asking Rate: $17.59 • Largest Contiguous Space Available: 134,969 SF • 2018 Net Absorption: 153,382 SF • Total Number of Building Sales: 161 • Square Footage Delivered 2018: 91,444 SF • SF Under Construction: 283,789 SF 5
2019 RETAIL FORECAST • Vacancy Rates Going Down • Average Asking Rates Increasing • Construction Costs Going Up • Regional & National Brands Coming to Market
INDUSTRIAL 2018 REVIEW • Total Industrial SF: 34,176,317 SF • Current Vacancy: 7.2% • Average Asking Rate: $8.25 • Largest Contiguous Space Available: 435,484 SF • 2018 Net Absorption: 924,635 SF • Total Number of Building Sales: 104 • Square Footage Delivered 2018: 202,015 SF • SF Under Construction: 153,910 SF
2019 INDUSTRIAL FORECAST • Vacancy Rates Going Down • Average Asking Rates Increasing • Construction Costs Going Up • More Owner Occupied Buildings
DEMOGRAPHICS Population • El Paso County: 701,283 • Colorado Springs: 467,108 Median Age: 33.8 (Getting Younger) Contributing Factors: • Career Opportunities • Affordability • Lifestyle Growing Industries: • Information Technology • Software • Cyber-Security • Health Care
DEMOGRAPHICS El Paso Average Employment: 315,997 • Health Care & Social Assistance: 42,378 • Retail Trade: 31,683 • Accommodation & Food Services: 30,133 • Educational Services: 27,935 • Professional & Technical Services: 25,149 • Manufacturing: 11,600 Military Employment: 60,000 Unemployment Rate: 3.6% Bachelor’s Degree or Higher: 36.6% Higher Education Population: 40,816 • UCCS: 11,463 • Pikes Peak Community College: 10,018 • Air Force Academy: 4,491 • Colorado College: 2,361 12
WHAT TO EXPECT IN 2019 • Vacancy • Lease Rates • Tenant Concessions • Construction Costs • Construction Time • Property Values
Q & A Q & A C a l e b D a v i d c a l e b @ c a m e r o n b u t c h e r. c o m 7 1 9 . 5 3 5 . 0 5 0 0
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