Q3, 2019
PREPARED BY
RD TrinidadOwner
OUR NETWORK IS YOUR EDGE.
All information is from sources deemed reliable and is subject to errors,omissions, change of price, rental, prior sale, and withdrawal without notice. Prospect should carefully verify each item of information contained herein.
Hoff & Leigh | 1259 Lake Plaza Drive | Colorado Springs, CO 80906 | 719.630.2277 office www.hoffleigh.com/colorado-springs
OFFICE MARKET REPORT
Colorado Springs, CO
OFFICE MARKET REPORT
Market Key Statistics 2
Leasing 3
Rent 7
Construction 10
Under Construction Properties 12
Sales 13
Sales Past 12 Months 14
Economy 16
Market Submarkets 18
Supply & Demand Trends 20
Rent & Vacancy 22
Sale Trends 24
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Overview
29.4 K 121 K 9.1% 5.8%12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth
The headline numbers in Colorado Springs' office marketcouldn't be much better. Midway through 19Q2, year-over-year rent growth topped the 100 largest officemarkets in the country.
Vacancies are sub-10%, and at the lowest level in atleast a decade. While still only moderate, 12-monthabsorption recently clocked in at its strongest since 2013.Until this upswing in demand, improving fundamentalswere largely due to a virtual absence of newdevelopment: The inventory cumulatively expanded byless than 0.5% between 2013 and 2018.
While a handful of large deals have played a role, muchof this improvement comes down to generally strongerleasing from smaller tenants at existing buildings.
The first 100,000 SF-plus speculative development inover a decade is now underway, and set to deliver thisyear. A 109,000 SF office, and two smaller officescontaining about 15,000 SF each are underway at themixed-use Victory Ridge development. Retailcomponents at the Victory Ridge development, includinga movie theater, are in various stages of completion.
Developers have been wary of testing the waters inColorado Springs throughout this cycle, with regionaldevelopers focusing almost entirely instead on Denverand Boulder. How this delivery fares may act as abarometer on whether or not developers continue withadditional speculative projects over the near-term.
KEY INDICATORS
Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption
SFDeliveries SF
UnderConstruction
$26.678.0%5,344,9484 & 5 Star 10.4% (5,211) 0 44,961
$22.9311.4%14,925,2753 Star 14.4% (26,911) 0 116,041
$15.195.7%8,728,5311 & 2 Star 7.1% 1,207 0 0
$21.309.1%28,998,754Market 11.5% (30,915) 0 161,002
ForecastAverage
HistoricalAverage
12 MonthAnnual Trends Peak When Trough When
9.4%12.3%-0.6%Vacancy Change (YOY) 16.8% 2009 Q4 8.8% 2019 Q2
36,128203,069121 KNet Absorption SF 704,983 2011 Q2 (310,889) 2009 Q3
86,824185,87029.4 KDeliveries SF 1,318,384 2008 Q2 0 2019 Q1
2.1%1.9%5.8%Rent Growth 9.9% 2018 Q4 -5.3% 2010 Q1
N/A$153.1 M$312 MSales Volume $332.1 M 2014 Q2 $35.4 M 2009 Q3
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Leasing
Vacancies edged below 10% for the first time this cyclein 2018, while posting their largest annual decline inthree years. Vacancies have continued to trenddownwards in 2019 to-date, reaching new decade-pluslows.
Similarly to what is playing out in the residential andretail sectors, northern Colorado Springs has performedexceptionally well. This portion of the metro boasts closerproximity to Metro Denver's rapidly growing SoutheastCorridor, where a light rail expansion promises longer-term growth. The office vacancy rate in the Northeastsubmarket was at an all-time low of just over 6%approaching the 2019 midpoint. Net absorption has beenpositive in the submarket in 11 out of the past 12quarters.
Improved fundamentals are largely the product ofrenewed leasing activity from smaller tenants (less than10,000 SF).
A handful of larger new leases have closed in the pastyear or two, and are mostly coming from the expansionof existing companies, as opposed to new entrants to themetro. HDR, an engineering and architectural servicesfirm, signed on for 19,000 SF at 5555 Tech Center Drive,
vacating a smaller 12,000 SF space at 2060 BriargateParkway in the process.
Other large spaces have been taken off the market fornon-office uses. In March 2018, New Summit CharterSchools leased 7899 Lexington Dr, a 75,000 officebuilding that had been entirely vacant for about fiveyears (the new tenant operates a K-8 school out of thebuilding which opened in Fall 2018).
In February 2018, defense contractor Vectrus signed onfor 65,000 SF formerly occupied by Verizon, on a leasethat commenced in September 2018. In the process, thefirm vacated its former 104,000 SF headquarters at 655Space Center Drive, located in the metro's southeastoutside of the Colorado Springs Municipal Airport. On aMarch 2018 earnings release, the firm noted that thenew location will help it attract and retain talent, andseparately save about $1 million annually in leasepayments.
Over the course of 2017, Verizon vacated over 300,000SF at the Garden of the Gods office campus, whichcontains just over 700,000 SF spread over severalbuildings. Verizon is retaining just 80,000 SF, or lessthan 20% of its former space at the campus.
NET ABSORPTION, NET DELIVERIES & VACANCY
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Leasing
VACANCY RATE
AVAILABILITY RATE
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Leasing
12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS
3rd QtrBuilding Name/Address Submarket Bldg SF Vacant SF
1st Qtr 2nd Qtr 4th Qtr 12 Month
Net Absorption SF
Northeast 180,218 17,059 23,264 23,995 (3,394) 0 43,865Lexus Nexus
Northwest 184,424 0 0 46,235 0 0 33,443Arrows West
Southeast 38,000 7,821 95 4,432 (285) 8,670 27,614Aerotech Commerce Park
Northeast 47,696 0 27,179 0 0 0 27,179Briargate Business Campus (1)
Northeast 45,425 9,436 0 27,436 0 0 24,093Briargate Business Campus (2)
Greater CBD 22,500 0 0 22,500 0 0 22,500The Next Us ‘Your Flexible Work…
Northwest 752,493 468,160 0 15,280 6,640 0 21,920Garden of the Gods Campus
Southeast 19,500 0 0 19,500 0 0 19,5003675 Citadel Dr S
Southeast 90,766 39,673 4,802 933 0 13,045 18,780Academy Point
CBD 246,241 32,440 13,459 11,960 (13,908) 0 18,208Colorado Square
Northeast 25,000 8,120 0 0 16,880 0 16,88011681 Voyager Pky
CBD 129,743 0 9,496 0 0 0 15,6636 North Tejon
Northeast 46,948 0 0 0 0 0 15,210InterQuest Office Park
CBD 28,369 1,416 0 15,942 (1,416) 0 14,526Cameron Butcher Building
Southeast 113,203 0 0 4,251 6,964 0 13,434One Gateway Plaza
Northwest 79,021 8,554 0 (254) 11,242 0 12,873One Commerce Center
Southeast 25,092 0 12,500 0 0 0 12,5002132 E Bijou St
2,074,639 592,679 90,795 192,210 22,723 21,715 358,188Subtotal Primary Competitors
26,924,115 2,036,333 (43,590) (56,208) (125,204) (52,630) (237,426)Remaining Colorado Springs Market
28,998,754 2,629,012 47,205 136,002 (102,481) (30,915) 120,762Total Colorado Springs Market
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Leasing
TOP OFFICE LEASES PAST 12 MONTHS
Building Name/Address Submarket Leased SF Tenant Name Tenant Rep Company Leasing Rep CompanyQtr
4615 Foreign Trade Zone Blvd * Southeast 85,176 L3Harris Technologies, Inc - -Q1 19
Northrup Grumman Campus Southeast 64,455 U.S. General Services Ad… - -Q1 19
Real Time Logic * Northeast 60,714 Kratos Defense & Securit… - Olive Real Estate GroupQ1 19
Newport Business Park Southeast 30,654 - - CBREQ4 19
Woodmen Office Campus II Northeast 29,345 - - CBREQ1 19
Palmer Center * CBD 28,374 BombBomb LLC CORE Commercial… Cushman & WakefieldQ3 19
Premier Health Plaza North 24,200 - - Cascade Commercial…Q3 19
Lexus Nexus Northeast 23,995 - - CBREQ1 19
3505 North Stone Street North 18,000 Poliwog - Outreach, Inc.Q1 19
Garden of the Gods Campus Northwest 15,280 CBRE - Cushman & WakefieldQ1 19
Palmer Center * CBD 15,098 Northwestern Mutual - Cushman & WakefieldQ3 19
David C Cook Building Northeast 14,528 - - Cameron Butcher Com…Q2 19
Gateway Business Park (por) Southeast 13,090 Rincon Research Corp. - CORE Commercial Bro…Q3 19
Aerotech Commerce Park Southeast 11,968 - - Cushman & WakefieldQ1 19
Colorado Square CBD 11,315 - - Cushman & WakefieldQ2 19
Briargate Business Campus Northeast 10,807 Skin Cancer and Dermato… - Cushman & WakefieldQ1 19
Centennial Technology Center A Northwest 10,221 - - NAI Highland Commerc…Q2 19
Epic One Northeast 9,778 - - Cushman & WakefieldQ1 19
One Commerce Center Northwest 9,503 - - Newmark Knight FrankQ3 19
North Pointe Centre Northwest 8,760 - - CBREQ1 19
Aerotech Commerce Park Southeast 8,670 Keystone Achievements, Inc Cushman & Wakefield Cushman & WakefieldQ3 19
3370 S Chelton Loop Southeast 8,668 - - NAI Highland Commerc…Q3 19
North Pointe Centre Northwest 8,008 - - CBREQ1 19
1130 N Circle Dr Southeast 7,917 - - Fountain Colony, LLCQ3 19
Aerotech Commerce Park Southeast 7,616 SAIC - Cushman & WakefieldQ2 19
1525-1565 Vapor Trl Southeast 7,541 - - Olive Real Estate GroupQ4 18
Academy Point Southeast 7,333 - - Newmark Knight FrankQ3 19
One Gateway Plaza Southeast 6,964 - - -Q3 19
Newport Business Park Southeast 6,390 All Native Synergies Summit Commercial… CBREQ1 19
The Presidio Northeast 6,238 Galloway & Company, Inc Elevate Commercial… Cushman & WakefieldQ1 19
Timesquare 6 North 6,205 - - MC Commercial Real E…Q1 19
Lexus Nexus Northeast 6,113 - - -Q1 19
Patriot Park Southeast 6,047 SAIC - Cushman & WakefieldQ2 19
3710 Sinton Rd North 5,999 - - Cameron Butcher Com…Q3 19
Colorado Springs Tech Center Park Northwest 5,671 - - Quantum Commercial…Q1 19
2506 Robinson St Southwest 5,628 - - Olive Real Estate GroupQ2 19
David C Cook Building Northeast 5,470 - - Cameron Butcher Com…Q3 19
NorthCreek Office Complex * Northwest 5,442 Kindred Hospice - -Q4 18
Briargate Business Campus Northeast 5,430 Heritage Title - Cushman & WakefieldQ1 19
Briargate Business Campus Northeast 5,374 - - Centum Health PropertiesQ4 18
*Renewal
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Rent
Following years of subpar rent gains during the earlieryears of the recovery, the tables turned in 2017, whenrents posted by far their strongest gains observed thiscycle at the time, an increase of about 4% year-over-year. Office rent growth in every other Front Rangemetro was below 3% year-over-year in 2017.
As vacancies fell to new lows in 2018, rents gained evenmore traction. Office rents grew at a scorching rate onthe order of 8% in 2018, second only to San Josenationally out of the 100 largest office markets. At theend of 19Q3, year-over-year office rent growth inColorado Springs was in the top five of the 100 largestmetros.
This is a stark contrast to the national trend, where rentgrowth has cooled to about the rate of inflation over thepast few years.
In Colorado Springs itself, rents did not post an annualgain north of 2% until 2015, and only caught up with lastcycle's peak in 2016.
While development has ramped up in Denver andBoulder (which have firmly moved into the late expansionphase), fundamentals in Colorado Springs are moreindicative of a market in the early recovery phase. Thebaseline forecast calls for rent growth in ColoradoSprings to materially outperform the national averageover the next few years.
MARKET RENT GROWTH (YOY)
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Rent
MARKET RENT PER SQUARE FOOT
4 & 5 STAR EXPENSES PER SF (ANNUAL)
Utilities Cleaning InsuranceMarket / Cluster Taxes Other Total
Colorado Springs $1.04 $0.16$0.58 $2.97 $4.22 $8.97
CBD $1.41 $0.19$0.69 $3.29 $5.40 $10.98
North $1.20 $0.19$0.68 $2.01 $4.21 $8.29
Northeast $0.97 $0.15$0.55 $3.61 $4.01 $9.29
Northwest $1.12 $0.17$0.63 $1.44 $3.99 $7.35
Southeast $0.99 $0.15$0.56 $1.96 $4.34 $8.00
Southwest $0.95 $0.15$0.54 $2.12 $3.80 $7.56
Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.
3 STAR EXPENSES PER SF (ANNUAL)
Utilities Cleaning InsuranceMarket / Cluster Taxes Other Total
Colorado Springs $0.81 $0.11$0.42 $2.16 $3.22 $6.72
CBD $1.04 $0.13$0.47 $2.10 $3.94 $7.68
Greater CBD $0.76 $0.11$0.40 $2.11 $2.84 $6.22
North $0.80 $0.11$0.42 $1.92 $3.29 $6.54
Northeast $0.80 $0.11$0.42 $2.26 $3.32 $6.91
Northwest $0.85 $0.12$0.44 $1.97 $3.04 $6.42
Southeast $0.78 $0.11$0.41 $2.28 $3.31 $6.89
Southwest $0.74 $0.10$0.39 $2.07 $2.80 $6.10
Teller County $0.75 $0.11$0.40 $2.57 $2.88 $6.71
Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.
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Rent
1 & 2 STAR EXPENSES PER SF (ANNUAL)
Utilities Cleaning InsuranceMarket / Cluster Taxes Other Total
Colorado Springs $0.64 $0.11$0.39 $1.82 $2.53 $5.49
CBD $0.79 $0.12$0.43 $2.15 $3.13 $6.62
Greater CBD $0.63 $0.11$0.39 $1.86 $2.50 $5.49
North $0.63 $0.11$0.39 $1.81 $2.26 $5.20
Northeast $0.63 $0.11$0.39 $1.72 $2.32 $5.17
Northwest $0.63 $0.11$0.39 $1.67 $2.47 $5.27
Southeast $0.63 $0.11$0.39 $1.62 $2.76 $5.51
Southwest $0.61 $0.10$0.38 $1.81 $2.42 $5.32
Teller County $0.62 $0.11$0.39 $2.82 $2.46 $6.40
Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.
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Construction
With fundamentals much improved, a developer hasmoved ahead with the first large speculative officebuilding in the market this cycle. A 109,000-SF buildingis underway at the Victory Ridge mixed-usedevelopment, alongside two smaller 15,000-SF officebuildings. The project has been in various stages ofdevelopment for more than eight years, during a sagathat included the bankruptcy of the original developer.Denver-based Westside Investment Partners purchasedthe property in 2016 and is set to finish up constructionthis year.
Plans for Victory Ridge call for up to 1.6 million SF of
commercial space, along with 500 residential units andother civic uses. In November 2017, In-N-Out Burgerannounced that it was under contract to purchase land atVictory Ridge (its first land acquisition in Colorado),where it plans to build an office building and adistribution facility. This will act as the company's base ofoperations for an expansion into Colorado cities, andlikely into neighboring New Mexico and Wyoming as well.
Since 2013, the inventory has cumulatively expanded byless than 0.5%, representing one of the lowest rates ofconstruction in the country.
DELIVERIES & DEMOLITIONS
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Construction
SUBMARKET CONSTRUCTION
Average Building Size
RankUnder Constr
Under Construction Inventory
All ExistingSF (000) Pre-Leased SF (000)SubmarketNo. RankBldgs Pre-Leased %
1 Northeast 4 158 39,5413.7% 1 27,0906 1
2 North 1 3 2,8400% 2 13,8080 2
3 CBD 0 - -- - 30,567- -
4 Greater CBD 0 - -- - 7,589- -
5 Northwest 0 - -- - 20,580- -
6 Southeast 0 - -- - 15,853- -
7 Southwest 0 - -- - 8,594- -
8 Teller County 0 - -- - 5,288- -
Totals 5 161 32,2003.7% 16,6476
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Under Construction Properties
5 161,002 0.6% 3.7%Properties Square Feet Percent of Inventory Preleased
UNDER CONSTRUCTION PROPERTIES
UNDER CONSTRUCTION
Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner
Oct-201510855 Hidden Pool Heights
Victory Ridge113,201 4 Nov-2020
Westside Investment Partners, Inc.
Westside Investment Partners, Inc.1
Feb-20181808 Spring Water Pt
Victory Ridge16,950 2 Dec-2019
Westside Investment Partners, Inc.
Westside Investment Partners, Inc.2
Feb-20181828 Spring Water Pt
Victory Ridge16,950 2 Dec-2019
Westside Investment Partners, Inc.
Westside Investment Partners, Inc.3
Jun-20195730 E Woodmen Rd
11,061 3 Apr-2020-
Crosland Southeast4
May-20191817 Austin Bluffs Pky
2,840 1 Nov-2019-
-5
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Sales
Colorado Springs is having another year of active officeinvestment: Dollar sales volume in 19Q1 was the highestof any first quarter this cycle.
In August, TEK Experts closed on of the biggest officedeals in the market so far this year. The locally-basedbuyer acquired 1005 East Woodmen Road fromHouston-based Realm Realty for $16 million ($121million). TEK Experts plan to occupy the 132,000 SFbuilding as their new headquarters.
Last year, sales volume clocked in at its second-highesttotal of this cycle, with over $250 million in sales. Over160 deals closed, about 40 more than any other year onrecord. A massive portfolio sale in 18Q4 representedalmost half of the year's sales volume.
In a robustly positive indicator, the market price-per-SFincreased at its strongest annual rate in seven years in2018.
In November 2018, Fort Worth, TX-based Goff CapitalPartners acquired 13 buildings containing a fraction overone million SF combined from Wayne, PA-based PatriotEquities. Goff paid $125.3 million ($123/SF) for theproperties at an 8.5% pro forma cap rate.
In May 2018, Chicago, IL-based Oak Street Real EstateCapital acquired the 120,000 SF 1650 Telstar Drive for$23.2 million ($193/SF) at a 6.6% cap rate. The sale wasa leaseback; California Casualty will lease 81,500 SFfrom the buyer for ten years at $13/SF triple-net, with2.5% annual escalations. The building was fully leased atthe time of the sale, with Caption Call (32,500 SF) andAir Academy (6,000 SF) claiming the remaining space.The buyer had closed a $1.25 billion fund (Oak StreetReal Estate Capital Fund IV) in October 2017, exceedingits $750 million fundraising target. The investment focusfor the fund was single-tenant triple-net leased officebuildings to institutional-grade tenants.
The Northwest Submarket has seen significantinvestment activity, buoyed several years ago by the saleof the Verizon Campus at Garden of the Gods Road. The770,000 SF campus sold in August 2016 for $31 million($40/SF). Verizon (the seller) was the largest tenant, butset to vacate 450,000 SF (retaining just an 80,000 SFfootprint) at the time of the sale. In February 2018, thenew ownership secured its first lease (for 65,000 SF)since Verizon announced it would not be renewing formost of its space.
SALES VOLUME & MARKET SALE PRICE PER SF
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Sales Past 12 Months
129 8.4% $116 6.5%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale
SALE COMPARABLE LOCATIONS
SALE COMPARABLES SUMMARY STATISTICS
Sales Attributes Low Average Median High
Sale Price $100,000 $3,398,896 $1,207,500 $18,715,441
Price Per SF $16 $116 $126 $385
Cap Rate 5.2% 8.4% 8.5% 12.3%
Time Since Sale in Months 0.6 6.9 7.7 11.7
Property Attributes Low Average Median High
Building SF 192 25,851 9,656 145,814
Stories 1 2 2 5
Typical Floor SF 192 12,821 6,176 82,800
Vacancy Rate At Sale 0% 6.5% 0% 100%
Year Built 1890 1976 1983 2010
Star Rating 2.4
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Sales Past 12 Months
Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF
Property
Sale Date
Sale
Cap Rate
RECENT SIGNIFICANT SALES
-1 Epic One2008 145,814 7.0% $18,715,441 $128
10807 New Allegiance Dr11/15/2018 8.5%
-2 1005 E Woodmen Rd1982 132,079 97.3% $16,000,000 $1218/16/2019 -
-3 ITT (Patriot Park VI)2008 103,970 100% $13,982,798 $134
655 Space Center Dr11/15/2018 8.5%
-4 Northrop Grumman2007 124,305 0% $13,898,655 $112
3535 Northrop Grumman Pt11/15/2018 8.5%
-5 Woodmen Corporate Ce…1983 107,590 18.5% $13,650,000 $127
7150 Campus Dr1/25/2019 7.6%
-6 The Presidio1988 80,801 2.5% $12,297,900 $152
1155 Kelly Johnson Blvd7/31/2019 8.3%
-7 Tech Center VI1986 104,439 10.3% $12,115,000 $116
5575 Tech Center Dr1/8/2019 -
-8 5001-5025 Centennial Blvd1985 82,800 0% $11,690,300 $1411/28/2019 -
-9 Patriot Park I1989 103,183 20.1% $11,577,069 $112
985 Space Center Dr11/15/2018 8.5%
-10 Patriot Park VII2009 89,907 22.3% $11,248,690 $125
565 Space Center Dr11/15/2018 8.5%
-11 Interquest Hybrid I2008 74,005 0% $9,480,007 $128
9945 Federal Dr11/15/2018 8.5%
-12 Patriot Park V2006 51,770 0% $9,150,000 $177
745 Space Center Dr4/16/2019 -
-13 Corporate Center III2001 66,221 0% $8,791,334 $133
9950 Federal Dr11/15/2018 8.5%
-14 Promontory - Building A2007 23,106 0% $8,735,000 $378
2446 Research Pky8/19/2019 -
-15 Newport Centre One1986 67,640 3.7% $7,311,472 $108
1670 N Newport Rd11/15/2018 8.5%
-12 Patriot Park V2006 51,770 0% $6,951,057 $134
745 Space Center Dr11/15/2018 8.5%
-16 Patriot Interquest II2008 53,744 0% $6,565,234 $122
9925 Federal Dr11/15/2018 8.5%
-17 Patriot at Newport2006 59,763 19.0% $6,428,628 $108
1055 N Newport Rd11/15/2018 8.5%
-18 Interquest IV2001 46,948 0% $5,944,323 $127
9960 Federal Dr11/15/2018 8.5%
-19 Pikes Peak Regional Me…2010 62,264 0% $5,900,000 $95
16222-16420 W US Highw…11/27/2018 -
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Economy
Annual revisions to job growth numbers occured inMarch, and painted a much different story in ColoradoSprings over the past year. Per the revised data,employment growth came in at just over 2% in 2018,compared to previously reported numbers in the 4%range. Those revisions notwithstanding, the metrocontinues to produce jobs at a solid rate, and above thenational average for a seventh straight year in 2018.
Population data released in September 2018 reaffirmsstrong demographic trends. The metro's populationincreased by 1.8% in 2017, down just slightly from the2.1% rate in 2016. From 2011-2015, population growthstayed within the 1.2% to 1.5% range.
Counter to the situation in Boulder and Denver,affordability has not been a major concern for much ofthis cycle. Housing prices did not grow at a 5% rate until2015, whereas they were growing at a 10% annual ratein Boulder and Denver by 2013. By year-end 2017
however, according to the Federal Housing FinanceAgency's All-Transactions House Price Index, housingprices were increasing at a 10% annual rate. As of 18Q4,they were growing at an 11.5% annual rate, the highestsince 1994.
Recent acceleration has taken housing prices almost40% above the peak of last cycle as of early 2019. Still,the metro retains substantial relative affordability toDenver, where housing prices have surpassed the peakof last cycle by closer to 70%.
The Colorado Springs economy has long been tied to theUS military—the metro is home to the U.S. Air ForceAcademy, Peterson Air Force Base, Schriever Air ForceBase, and the North American Aerospace DefenseCommand (NORAD), which is housed at Peterson AirForce Base. Fort Carson, an Army base, is also themetro’s largest employer. Together they account for overone-third of Colorado Springs' economic activity.
COLORADO SPRINGS EMPLOYMENT BY INDUSTRY IN THOUSANDS
NAICS Industry Jobs LQ MarketUS USMarketUSMarket
Current Jobs Current Growth 10 Yr Historical 5 Yr Forecast
-0.04%-0.75%1.03%0.28%1.15%0.04%0.512Manufacturing
0.43%0.80%1.25%1.87%0.96%3.39%0.845Trade, Transportation and Utilities
0.35%0.73%0.91%2.10%0.08%3.54%1.134 Retail Trade
0.33%0.09%1.07%1.67%0.88%0.68%1.119Financial Activities
0.75%1.04%0.04%1.28%0.49%1.67%1.253Government
0.16%0.48%2.45%3.41%2.74%3.75%1.219Natural Resources, Mining and Construction
0.53%1.46%2.10%4.28%2.00%5.37%0.942Education and Health Services
0.93%0.34%2.72%1.00%2.18%-0.33%1.146Professional and Business Services
0.56%0.70%0.13%-1.67%-0.70%-1.17%1.06Information
0.57%0.67%2.55%2.65%2.44%-1.33%1.239Leisure and Hospitality
0.26%0.59%1.02%1.97%1.29%1.37%1.618Other Services
Total Employment 298 1.0 1.63% 1.48% 1.95% 1.52% 0.71% 0.52%
Source: Oxford Economics
LQ = Location Quotient
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Economy
Source: Oxford Economics
YEAR OVER YEAR JOB GROWTH
DEMOGRAPHIC TRENDS
Current ChangeCurrent Level
Metro U.S.Metro U.S.Demographic Category
10-Year Change
Metro U.S. Metro U.S.
Forecast Change (5 Yrs)
Population 329,563,406749,699 1.4% 0.7% 1.7% 0.7% 1.3% 0.7%
Households 121,338,000276,339 1.2% 0.5% 1.7% 0.6% 1.2% 0.6%
Median Household Income $64,064$69,792 3.5% 3.3% 2.2% 2.4% 4.2% 4.3%
Labor Force 163,664,047356,080 1.2% 1.0% 1.3% 0.6% 0.7% 0.5%
Unemployment 3.6%4.0% -0.2% -0.2% -0.4% -0.6% - -
Source: Oxford Economics
POPULATION GROWTH
Source: Oxford Economics
LABOR FORCE GROWTH INCOME GROWTH
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Submarkets
COLORADO SPRINGS SUBMARKETS
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Submarkets
SUBMARKET INVENTORY
12 Month Deliveries Under Construction
Bldgs SF (000) Percent Rank
Inventory
Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.
1 CBD 3,515 12.1% 4 0 - - -115 0 0 0% -
2 Greater CBD 2,489 8.6% 6 0 - - -328 0 0 0% -
3 North 2,637 9.1% 5 1 3 0.1% 2191 0 0 0% -
4 Northeast 8,750 30.2% 1 4 158 1.8% 1323 2 29 0.3% 1
5 Northwest 4,713 16.3% 3 0 - - -229 0 0 0% -
6 Southeast 5,184 17.9% 2 0 - - -327 0 0 0% -
7 Southwest 1,298 4.5% 7 0 - - -151 0 0 0% -
8 Teller County 412 1.4% 8 0 - - -78 0 0 0% -
SUBMARKET RENT
Growth
Market Rent
Per SFSubmarketNo.
12 Month Market Rent QTD Annualized Market Rent
RankRank GrowthRank
1 CBD -7.0%1 5.7% 5$24.67 2
2 Greater CBD -15.8%5 5.4% 7$19.55 7
3 North -12.8%8 5.9% 4$17.86 4
4 Northeast -14.3%2 6.0% 3$24.11 5
5 Northwest -6.1%3 6.2% 2$20.55 1
6 Southeast -11.8%6 5.0% 8$18.46 3
7 Southwest -15.6%7 5.7% 6$17.93 6
8 Teller County -16.4%4 6.2% 1$19.56 8
SUBMARKET VACANCY & NET ABSORPTION
12 Month Net Absorption
Rank Construct. Ratio
Vacancy
SF % of InvSF PercentSubmarketNo. Rank
1 CBD 273,793 7.8% -(18,660) -0.5% 75
2 Greater CBD 71,466 2.9% -31,126 1.3% 31
3 North 356,958 13.5% -(19,415) -0.7% 87
4 Northeast 552,124 6.3% -(5,692) -0.1% 54
5 Northwest 707,559 15.0% -62,232 1.3% 28
6 Southeast 599,521 11.6% -83,930 1.6% 16
7 Southwest 42,781 3.3% -2,571 0.2% 42
8 Teller County 24,810 6.0% -(15,328) -3.7% 63
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Supply & Demand Trends
OVERALL SUPPLY & DEMAND
Net AbsorptionInventory
% of Inv Construction RatioSF SF Growth % Growth SFYear
2023 71,954 0.2% 0.1%29,069 2.529,367,180
2022 70,295 0.2% 0.1%28,790 2.429,295,226
2021 57,193 0.2% 0.3%90,225 0.629,224,931
2020 166,930 0.6% 0.1%38,913 4.329,167,738
2019 (44,684) -0.2% 0.2%60,469 -29,000,808
YTD (46,738) -0.2% 0.2%49,811 -28,998,754
2018 5,799 0% 1.0%295,717 029,045,492
2017 4,552 0% 0.2%54,407 0.129,039,693
2016 (8,675) 0% 0.5%140,220 -29,035,141
2015 6,236 0% 1.0%276,450 029,043,816
2014 20,757 0.1% 0%(9,889) -29,037,580
2013 58,168 0.2% 1.4%420,375 0.129,016,823
2012 131,280 0.5% 0.9%261,132 0.528,958,655
2011 10,990 0% 1.4%401,429 028,827,375
2010 25,673 0.1% 1.8%525,615 028,816,385
2009 309,230 1.1% 0.1%24,916 12.428,790,712
2008 958,862 3.5% -0.7%(213,477) -28,481,482
2007 - - 1.0%264,789 -27,522,620
4 & 5 STAR SUPPLY & DEMAND
Net AbsorptionInventory
% of Inv Construction RatioSF SF Growth % Growth SFYear
2023 75,291 1.4% 1.1%63,258 1.25,611,827
2022 73,593 1.3% 1.0%57,147 1.35,536,536
2021 60,566 1.1% 0.8%43,730 1.45,462,943
2020 57,429 1.1% 0.5%24,595 2.35,402,377
2019 25,000 0.5% -0.7%(36,524) -5,344,948
YTD 25,000 0.5% -0.7%(35,798) -5,344,948
2018 0 0% -0.1%(7,058) -5,319,948
2017 0 0% 0.6%31,837 05,319,948
2016 0 0% 1.8%93,599 05,319,948
2015 20,325 0.4% 1.5%81,401 0.25,319,948
2014 0 0% -0.8%(43,229) -5,299,623
2013 0 0% 3.0%158,343 05,299,623
2012 0 0% -0.2%(9,072) -5,299,623
2011 0 0% 7.5%395,387 05,299,623
2010 0 0% -2.0%(105,835) -5,299,623
2009 215,549 4.2% 3.0%159,717 1.35,299,623
2008 415,477 8.9% -1.1%(55,142) -5,084,074
2007 - - 0.6%29,674 -4,668,597
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Supply & Demand Trends
3 STAR SUPPLY & DEMAND
Net AbsorptionInventory
% of Inv Construction RatioSF SF Growth % Growth SFYear
2023 597 0% -0.1%(16,226) -15,043,056
2022 587 0% -0.1%(9,714) -15,042,459
2021 480 0% 0.4%60,714 015,041,872
2020 113,277 0.8% 0.3%45,069 2.515,041,392
2019 (68,898) -0.5% -0.3%(37,359) -14,928,115
YTD (71,738) -0.5% -0.1%(15,086) -14,925,275
2018 5,799 0% 2.1%317,541 014,997,013
2017 4,552 0% -0.9%(133,675) -14,991,214
2016 28,000 0.2% -0.1%(14,157) -14,986,662
2015 12,600 0.1% 1.0%155,599 0.114,958,662
2014 37,508 0.3% -0.1%(12,121) -14,946,062
2013 70,014 0.5% 1.1%159,865 0.414,908,554
2012 126,000 0.9% 2.3%341,456 0.414,838,540
2011 6,100 0% -0.4%(54,039) -14,712,540
2010 57,399 0.4% 2.7%389,810 0.114,706,440
2009 98,422 0.7% -0.5%(70,506) -14,649,041
2008 578,937 4.1% 0.2%34,954 16.614,550,619
2007 - - 3.3%461,294 -13,971,682
1 & 2 STAR SUPPLY & DEMAND
Net AbsorptionInventory
% of Inv Construction RatioSF SF Growth % Growth SFYear
2023 (3,934) 0% -0.2%(17,963) -8,712,297
2022 (3,885) 0% -0.2%(18,643) -8,716,231
2021 (3,853) 0% -0.2%(14,219) -8,720,116
2020 (3,776) 0% -0.4%(30,751) -8,723,969
2019 (786) 0% 1.5%134,352 -8,727,745
YTD 0 0% 1.2%100,695 08,728,531
2018 0 0% -0.2%(14,766) -8,728,531
2017 0 0% 1.8%156,245 08,728,531
2016 (36,675) -0.4% 0.7%60,778 -8,728,531
2015 (26,689) -0.3% 0.5%39,450 -8,765,206
2014 (16,751) -0.2% 0.5%45,461 -8,791,895
2013 (11,846) -0.1% 1.2%102,167 -8,808,646
2012 5,280 0.1% -0.8%(71,252) -8,820,492
2011 4,890 0.1% 0.7%60,081 0.18,815,212
2010 (31,726) -0.4% 2.7%241,640 -8,810,322
2009 (4,741) -0.1% -0.7%(64,295) -8,842,048
2008 (35,552) -0.4% -2.2%(193,289) -8,846,789
2007 - - -2.5%(226,179) -8,882,341
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Rent & Vacancy
OVERALL RENT & VACANCY
Market Rent
Per SF Index % Growth Vs Hist PeakYear
Vacancy
SF Percent Ppts Chg
2023 132 0.3% 12.7%$23.21 2,801,250 9.5% 0.1%
2022 132 0.8% 12.4%$23.14 2,757,989 9.4% 0.1%
2021 131 1.8% 11.5%$22.97 2,716,143 9.3% -0.1%
2020 128 4.0% 9.5%$22.56 2,748,867 9.4% 0.4%
2019 123 5.3% 5.3%$21.69 2,620,460 9.0% -0.3%
YTD 121 3.4% 3.4%$21.30 2,629,012 9.1% -0.3%
2018 117 9.9% 0%$20.60 2,724,961 9.4% -1.0%
2017 107 5.0% -9.0%$18.73 3,014,879 10.4% -0.2%
2016 101 2.6% -13.4%$17.84 3,064,734 10.6% -0.5%
2015 99 3.5% -15.6%$17.38 3,213,629 11.1% -0.9%
2014 96 1.1% -18.5%$16.79 3,483,843 12.0% 0.1%
2013 95 1.5% -19.3%$16.62 3,453,197 11.9% -1.3%
2012 93 0.3% -20.5%$16.37 3,815,404 13.2% -0.5%
2011 93 -2.7% -20.8%$16.31 3,945,256 13.7% -1.4%
2010 95 0.5% -18.6%$16.76 4,335,695 15.0% -1.7%
2009 95 -5.1% -19.0%$16.68 4,835,637 16.8% 0.8%
2008 100 1.0% -14.7%$17.58 4,551,323 16.0% 3.7%
2007 99 - -15.5%$17.41 3,378,984 12.3% -
4 & 5 STAR RENT & VACANCY
Market Rent
Per SF Index % Growth Vs Hist PeakYear
Vacancy
SF Percent Ppts Chg
2023 131 0.2% 8.8%$28.25 507,496 9.0% 0.1%
2022 130 0.5% 8.6%$28.19 495,540 9.0% 0.2%
2021 130 1.3% 8.0%$28.04 479,177 8.8% 0.2%
2020 128 2.6% 6.7%$27.69 462,426 8.6% 0.5%
2019 125 4.0% 4.0%$26.98 429,637 8.0% 1.1%
YTD 123 2.8% 2.8%$26.67 428,912 8.0% 1.1%
2018 120 7.7% 0%$25.95 368,114 6.9% 0.1%
2017 111 4.4% -7.2%$24.09 361,056 6.8% -0.6%
2016 107 1.5% -11.1%$23.08 392,893 7.4% -1.8%
2015 105 1.8% -12.4%$22.75 486,492 9.1% -1.2%
2014 103 3.8% -13.9%$22.35 547,568 10.3% 0.8%
2013 100 0.4% -17.0%$21.54 504,339 9.5% -3.0%
2012 99 4.9% -17.3%$21.45 662,682 12.5% 0.2%
2011 94 -2.5% -21.2%$20.45 653,610 12.3% -7.5%
2010 97 1.7% -19.2%$20.97 1,048,997 19.8% 2.0%
2009 95 -4.7% -20.5%$20.63 943,162 17.8% 0.3%
2008 100 5.3% -16.6%$21.65 887,330 17.5% 8.5%
2007 95 - -20.8%$20.55 416,711 8.9% -
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Rent & Vacancy
3 STAR RENT & VACANCY
Market Rent
Per SF Index % Growth Vs Hist PeakYear
Vacancy
SF Percent Ppts Chg
2023 136 0.3% 16.7%$25.59 1,758,528 11.7% 0.1%
2022 136 0.9% 16.4%$25.51 1,741,801 11.6% 0.1%
2021 134 2.3% 15.4%$25.29 1,731,593 11.5% -0.4%
2020 131 5.3% 12.8%$24.73 1,791,920 11.9% 0.4%
2019 125 7.2% 7.2%$23.49 1,723,734 11.5% -0.2%
YTD 122 4.6% 4.6%$22.93 1,698,625 11.4% -0.3%
2018 116 13.8% 0%$21.92 1,754,677 11.7% -2.1%
2017 102 4.6% -12.1%$19.26 2,066,419 13.8% 0.9%
2016 98 1.5% -16.0%$18.42 1,928,192 12.9% 0.3%
2015 96 4.0% -17.2%$18.15 1,886,035 12.6% -1.0%
2014 93 -0.6% -20.4%$17.46 2,029,034 13.6% 0.3%
2013 93 2.4% -19.9%$17.57 1,979,405 13.3% -0.7%
2012 91 -2.6% -21.7%$17.15 2,069,256 13.9% -1.6%
2011 94 -2.1% -19.6%$17.62 2,284,712 15.5% 0.4%
2010 96 1.2% -17.9%$18.00 2,224,573 15.1% -2.3%
2009 95 -5.5% -18.8%$17.79 2,556,984 17.5% 1.0%
2008 100 0.9% -14.1%$18.82 2,388,056 16.4% 3.2%
2007 99 - -14.8%$18.66 1,844,073 13.2% -
1 & 2 STAR RENT & VACANCY
Market Rent
Per SF Index % Growth Vs Hist PeakYear
Vacancy
SF Percent Ppts Chg
2023 124 0.4% 6.6%$16.00 535,226 6.1% 0.2%
2022 123 0.6% 6.2%$15.94 520,648 6.0% 0.2%
2021 123 1.2% 5.5%$15.84 505,373 5.8% 0.1%
2020 121 2.1% 4.3%$15.66 494,521 5.7% 0.3%
2019 119 2.1% 2.1%$15.33 467,089 5.4% -1.5%
YTD 118 1.2% 1.2%$15.19 501,475 5.7% -1.2%
2018 116 3.4% 0%$15.01 602,170 6.9% 0.2%
2017 112 6.8% -3.2%$14.52 587,404 6.7% -1.8%
2016 105 6.7% -9.4%$13.60 743,649 8.5% -1.1%
2015 99 4.3% -15.1%$12.75 841,102 9.6% -0.7%
2014 95 2.4% -18.6%$12.22 907,241 10.3% -0.7%
2013 92 0.6% -20.5%$11.94 969,453 11.0% -1.3%
2012 92 3.2% -20.9%$11.87 1,083,466 12.3% 0.9%
2011 89 -4.3% -23.4%$11.51 1,006,934 11.4% -0.6%
2010 93 -2.5% -19.9%$12.03 1,062,125 12.1% -3.0%
2009 96 -4.5% -17.8%$12.34 1,335,491 15.1% 0.7%
2008 100 -2.9% -14.0%$12.91 1,275,937 14.4% 1.8%
2007 103 - -11.4%$13.30 1,118,200 12.6% -
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Sale Trends
OVERALL SALES
Completed Transactions (1)
Turnover Avg Price/SFDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate
2023 -- - -- 161- $158.50 8.5%
2022 -- - -- 160- $157.53 8.4%
2021 -- - -- 158- $156.36 8.3%
2020 -- - -- 155- $152.78 8.3%
2019 -- - -- 146- $144.23 8.3%
YTD $164.4 M86 5.0% $130.40$2,372,036 1437.4% $141.26 8.3%
2018 $266.7 M160 10.1% $116.02$2,852,375 1448.0% $141.76 8.2%
2017 $228.1 M117 7.5% $114.12$2,658,137 1347.7% $132.69 8.3%
2016 $153.2 M127 8.1% $75.89$1,750,653 1318.6% $129.26 8.3%
2015 $134.0 M111 7.1% $85.14$1,719,247 1247.8% $122.76 8.5%
2014 $141.1 M110 5.9% $94.57$1,693,457 12410.1% $121.97 8.3%
2013 $298.4 M128 11.6% $93.00$3,244,553 1209.4% $118.81 8.5%
2012 $67.9 M71 3.9% $73.37$1,603,397 1169.1% $114.38 8.7%
2011 $51.1 M68 2.8% $79.83$1,247,681 1159.3% $113.35 8.8%
2010 $64.0 M64 3.0% $81.30$1,767,914 1078.5% $105.49 9.3%
2009 $40.6 M53 2.4% $68.71$1,291,906 889.0% $86.57 10.7%
2008 $128.3 M87 3.9% $125.91$2,583,480 1006.9% $98.70 10.0%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
4 & 5 STAR SALES
Completed Transactions (1)
Turnover Avg Price/SFDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate
2023 -- - -- 138- $184.20 8.6%
2022 -- - -- 138- $183.20 8.5%
2021 -- - -- 137- $182.24 8.4%
2020 -- - -- 134- $179.01 8.3%
2019 -- - -- 129- $171.18 8.3%
YTD $12.3 M1 1.5% $152.20$12,297,900 1278.3% $168.74 8.3%
2018 $89.9 M6 12.3% $137.36$14,988,690 1278.4% $169.48 8.2%
2017 $53.2 M3 7.4% $134.97$17,750,000 121- $160.52 8.3%
2016 $39.1 M6 7.1% $112.19$9,777,190 1288.1% $170.90 7.9%
2015 $10.1 M3 5.6% $46.28$5,070,720 1237.9% $163.92 8.0%
2014 $21.2 M3 5.2% $143.58$10,625,000 12110.2% $161.74 7.9%
2013 $60.5 M6 10.7% $107.06$10,084,518 11913.0% $159.00 8.0%
2012 $7.3 M2 2.6% $90.04$7,275,000 1158.5% $153.54 8.2%
2011 $3.6 M1 1.1% $60.30$3,557,484 1148.5% $151.81 8.3%
2010 $19.8 M2 6.9% $53.68$9,878,723 10710.0% $142.71 8.7%
2009 $17.3 M2 6.6% $49.39$8,642,668 888.9% $117.76 9.9%
2008 $38.1 M2 5.5% $136.73$19,029,246 100- $133.20 9.4%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
10/7/2019Copyrighted report licensed to Hoff & Leigh, Inc. - 408800.
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Sale Trends
3 STAR SALES
Completed Transactions (1)
Turnover Avg Price/SFDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate
2023 -- - -- 163- $166.68 8.5%
2022 -- - -- 162- $165.69 8.4%
2021 -- - -- 160- $164.22 8.3%
2020 -- - -- 156- $159.67 8.2%
2019 -- - -- 145- $148.76 8.3%
YTD $102.7 M34 5.7% $141.03$4,152,345 1417.4% $144.76 8.2%
2018 $138.3 M78 11.2% $117.13$3,542,478 1437.9% $146.61 8.1%
2017 $124.6 M49 7.7% $119.95$3,909,485 1347.1% $137.11 8.2%
2016 $72.3 M38 9.3% $61.79$3,146,982 1288.0% $131.68 8.2%
2015 $91.5 M43 8.5% $97.49$3,778,188 1227.2% $125.27 8.4%
2014 $87.5 M46 6.0% $104.29$2,805,076 1239.7% $125.81 8.2%
2013 $203.6 M59 14.1% $101.46$5,115,235 1208.9% $123.04 8.3%
2012 $47.3 M26 4.5% $76.99$3,550,042 11610.0% $118.68 8.5%
2011 $33.2 M39 3.1% $93.42$1,729,000 11610.0% $118.85 8.6%
2010 $33.5 M29 2.2% $127.28$3,369,522 1087.5% $110.65 9.1%
2009 $11.3 M20 0.9% $144.35$1,385,992 888.4% $89.83 10.5%
2008 $73.4 M51 4.0% $145.51$3,894,964 1007.1% $102.57 9.8%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
1 & 2 STAR SALES
Completed Transactions (1)
Turnover Avg Price/SFDeals VolumeYear
Market Pricing Trends (2)
Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate
2023 -- - -- 182- $128.48 8.5%
2022 -- - -- 180- $127.56 8.5%
2021 -- - -- 179- $126.79 8.4%
2020 -- - -- 176- $124.64 8.3%
2019 -- - -- 169- $119.75 8.3%
YTD $49.4 M51 6.1% $109.35$1,160,775 1677.0% $118.24 8.3%
2018 $38.4 M76 7.1% $83.02$789,003 1648.5% $116.23 8.3%
2017 $50.3 M65 7.1% $88.86$976,789 1538.1% $107.87 8.4%
2016 $41.9 M83 6.7% $83.56$685,817 1419.4% $99.37 8.6%
2015 $32.4 M65 5.7% $77.74$638,075 1329.0% $93.01 8.9%
2014 $32.4 M61 6.1% $64.07$649,707 12810.8% $90.77 8.8%
2013 $34.3 M63 8.0% $53.85$752,870 123- $86.67 9.0%
2012 $13.3 M43 3.6% $57.83$486,807 1179.5% $82.77 9.3%
2011 $14.3 M28 3.4% $63.52$695,459 113- $80.09 9.5%
2010 $10.7 M33 1.9% $68.83$375,364 1048.8% $73.58 10.1%
2009 $12.0 M31 2.4% $73.90$564,952 879.6% $61.68 11.5%
2008 $16.8 M34 2.7% $71.19$565,685 1006.4% $70.70 10.8%
(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.
(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.
10/7/2019Copyrighted report licensed to Hoff & Leigh, Inc. - 408800.
Page 25
Q3, 2019
PREPARED BY
RD TrinidadOwner
RECENT OFFICE TRANSACTIONS
COLORADO SPRINGS AGENTS
Chris MyersO: 719.630.2277C: [email protected]
Guy CoxO: 719.630.2277C: [email protected]
Holly TrinidadO: 719.630.2277C: [email protected]
Mike HowardO: 719.630.2277C: 801.319.5976
Mike WattO: 719.630.2277C: [email protected]
RD TrinidadO: 719.630.2277C: 719.337.0287
Joel LongshoreO: 719.630.2277C: 719.354.8725
Steve CoxO: 719.630.2277C: [email protected]
Steve LeighO: 719.630.2277C: [email protected]
Tim LeighO: 719.630.2277C: [email protected]
SIZE
212 S. CHESTNUT ST.
212 South Chestnut Street,Woodland Park, CO 80866
TERMS
$240,000
1,760 SQFT FOR SALE SIZE
2141 N. ACADEMY BLVD.
2141 North Academy Boulevard,Colorado Springs, CO 80909
TERMS
$550 /MONTH (MG)
440 SQFT FOR LEASE SIZE
407 S. TEJON ST.
407 South Tejon Street, Colorado Springs, CO 80903
TERMS
$1,300 /MONTH
1,300 SQFT FOR LEASE
LEASED LEASED
Tony WhiteO: 719.630.2277C: [email protected]
Janelle AllenO: 719.630.2277C: [email protected]
Rick NelsonO: 719.630.2277C: [email protected]
Reese WattO: 719.630.2277C: [email protected]
SOLD
OUR NETWORK IS YOUR EDGE.
All information is from sources deemed reliable and is subject to errors,omissions, change of price, rental, prior sale, and withdrawal without notice. Prospect should carefully verify each item of information contained herein.
Hoff & Leigh | 1259 Lake Plaza Drive | Colorado Springs, CO 80906 | 719.630.2277 office www.hoffleigh.com/colorado-springs
OFFICE MARKET REPORT
Colorado Springs, CO