April 15, 2016
The Colorado Springs commercial real estate market showed encouraging signs in the first quarter of 2016, according to a report from local Turner Commercial Research. Still, there is some ways to go before metrics reach pre-recession levels.
The report noted that:
- The combined vacancy rate for office, industrial and retail was 10.3%, up slightly from 10.2% in 2015.
- Approximately 537,000 additional square feet of office, industrial and shopping center space was absorbed from Jan. 1-March 31. The figure exceeded the amount of space absorbed throughout 2015.
Though unemployment is lower and 7,400 jobs were added in 2015, Paul Turner, president of Turner Commercial, said without new companies coming to town, a full recovery wouldn’t happen in the short term.