Business

Apr 12, 2013 11:29 AM by JD Downing

Commercial real estate improves in Colorado Springs

COLORADO SPRINGS - Commercial real estate space in Colorado Springs is slightly harder to come by now, indicating the market has seen a slight improvement, The Gazette reports.

The combined vacancy rate for the three commercial real estate sectors -- office, industrial and retail -- dipped to 11.5 percent in the first quarter. The vacancy rate in both the first and last quarters of 2012 was 11.9 percent.

Despite the improvement, the commercial real estate market has a ways to go before reaching the pre-recession vacancy rate, when it was below 7 percent in 2006. The average asking rent hasn't budged much, reaching $9.64 a square foot in the first quarter. That's a penny more than it was in the same period a year earlier, and 7 cents higher than in the fourth quarter of 2012.

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