COLORADO SPRINGS MARKET UPDATE OFFICE 2018 REVIEW Total Office - - PowerPoint PPT Presentation

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COLORADO SPRINGS MARKET UPDATE OFFICE 2018 REVIEW Total Office - - PowerPoint PPT Presentation

Oct 02, 2022 360 likes •507 views

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

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SLIDE 1

COLORADO SPRINGS MARKET UPDATE

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SLIDE 2

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
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SLIDE 3
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SLIDE 4

2019 OFFICE FORECAST

  • Vacancy Rates Going Up
  • Average Asking Rates Steady
  • Construction Costs Going Up
  • Victory Ridge
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SLIDE 5

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

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SLIDE 6
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SLIDE 7

2019 RETAIL FORECAST

  • Vacancy Rates Going Down
  • Average Asking Rates Increasing
  • Construction Costs Going Up
  • Regional & National Brands Coming to Market
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SLIDE 8

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
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SLIDE 9
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SLIDE 10

2019 INDUSTRIAL FORECAST

  • Vacancy Rates Going Down
  • Average Asking Rates Increasing
  • Construction Costs Going Up
  • More Owner Occupied Buildings
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SLIDE 11

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
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SLIDE 12

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

DEMOGRAPHICS

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SLIDE 13

WHAT TO EXPECT IN 2019

  • Vacancy
  • Lease Rates
  • Tenant Concessions
  • Construction Costs
  • Construction Time
  • Property Values
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SLIDE 14

Q & A

Q & A

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