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Springs Office Market Recovering

COLORADO SPRINGS-According to a recent report, the Colorado Springs office market is firing on all cylinders, with the vacancy rate down, absorption increasing and lease rates rising. Defense contractors are leading the market recovery with multibillion-dollar, long-term contracts.

By John Rebchook | Updated on January 23, 2006

(To read more on the net lease market, click here.)

COLORADO SPRINGS-With an overall office vacancy rate just below 8%, the Colorado Springs office market ended 2005 at the lowest rate since 2000, according to a recent report by Grubb & Ellis Co. The market appears to be firing on all cylinders, with the vacancy rate down, absorption increasing and lease rates rising.

“For all practical purposes, the Colorado Springs metropolitan areas economy has recovered,” Grubb & Ellis notes in its report. “The return to economic prosperity for the Pikes Peak region is driven by defense, research and development, light manufacturing and service-related industries. Defense contractors are leading the way with multibillion-dollar, long-term contract in hand.”

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