Search
 

Colorado Springs Office Market Sets All-Time High

COLORADO SPRINGS, CO-The Colorado Springs office of Grubb & Ellis has issued its year 2000 report and it had been a record-breaker, say the analysts. The only record not broken has been vacancy, which had come in at 5.7% as the page turned on the calendar.

By John Rebchook | Updated on February 15, 2001

COLORADO SPRINGS, CO-Last year has been a banner one by almost every measure for the Colorado Springs office market, according to a report by Grubb & Ellis Co.”The office market broke practically every record in the book during 2000,” according to the report. Construction established an all-time historical high along with absorption, leasing and average asking rental rates. The only record not broken is a historical low vacancy rate.”

Still the overall vacancy rate had ended at 5.7%, which is a market at equilibrium, the report notes. A total of 1.7 million sf had been added in 2000, breaking the previous record of 1.6 million sf set in 1985 – right before the market crashed. Construction already has started out strong this year, with 1.4 million sf either under way or in the final stages of planning.

For example, Federal Express has begun a 312,000-sf expansion, the 276,000-sf Plaza of the Rockies-South Tower is under way in the CBD and a 149,000-sf headquarters is being built at Compassion International Airport.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.