Figures | Adaptive Spaces, Creating Resilience, Evolving Workforces, Future Cities

Colorado Springs Retail Figures H2 2022

February 8, 2023

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  • Nearly 421,000 sq. ft. of annual net absorption was recorded in 2022 following four straight quarters of occupancy growth. 
  • The average asking lease rate increased 2.9% year-over-year to $15.29 per sq. ft. NNN to end 2022.
  • Total availability dropped further in H2 2022, reaching 6.7% or a decrease of 50 basis points (bps) year-over-year. Direct vacancy dropped 60 bps year-over-year to 5.2%.
  • Development activity remained active with nearly 386,000 sq. ft. of retail space under construction and 146,000 sq. ft. that was delivered as of year-end 2022.
  • Overall sales volume for the second half of 2022 exceeded $177.0 million, a notable increase from the $146.6 million recorded during the same period a year earlier.