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Real Estate Rejuvenation?
Posted: Feb 6, 2012 9:06 PM
A high profile vacancy in one of Colorado Springs' major shopping centers could be filled by summer, but is it a sign of better times for the whole city? A leasing agent told us the old Borders at the Broadmoor Towne Center will become a new Sports Authority as soon as this summer. But we wanted to know if this was a sign commercial real estate vacancies were filling up across the town, potentially creating jobs and revenue for the struggling city budget.
"Is there a drastic turnaround, unfortunately, not yet," says City Councilman Tim Leigh, who's also a real estate agent by day. "I think this is an indication of a one-off in this location, I don't think that we've seen a turn around in Colorado Springs by any stretch of the imagination, unfortunately."
He says open office space gives off a negative impression of the city, is bad for the budget that relies on city sales tax and the only way to fix the problem of vacancies is by creating jobs. But how to do that, well that gets complicated, so for now it'll have to be, like this case, one business at a time.
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