Colorado Springs Retail Figures H2 2023

February 5, 2024 5 Minute Read

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      Just over 71,000 sq. ft. of net absorption was recorded annually in 2023, following a ten-quarter stretch of positive absorption.

      The average asking lease rate increased 15.5% year-over-year to $17.93 per sq. ft. NNN to finish off the second half of 2023.

      Total availability rate in H2 2023 dropped 100 bps year-over-year to 5.9% while direct vacancy increased 20 bps year-over-year to 5.1%.

      New development remained active with over 352,000 sq. ft. of retail space under construction and 41,000 sq. ft. having delivered in the second half of the year.

      Overall sales volume for the second half of 2023 totaled $58.5 million, a notable 67.0% decrease from the $177.0 million recorded during the same period a year earlier.