Featured Properties for the Week of April 21-25

This week we are featuring two properties.

NAI Highland Commercial Group, LLC has two great sub lease opportunities in downtown Colorado Springs. Both of these office spaces are at well below market rates ($14.99 Gross per square foot for each space) and are situated in Class A office buildings in the heart of downtown. Each property offers a chance to test out the downtown market, prior to having to make a long term commitment.

24 S. Weber Street is one of the newest office buildings in downtown and sits prominently on the corner of Weber Street and Colorado Avenue. Space available is from 2,000 SF up to 4,000 SF. Additional information can be found at the link below.

24 South Weber Street

444 East Pikes Peak sub lease space offers high visibility first floor space. This floor plan is just under 7,000 SF, but could be split into a smaller space if needed. The building features an underground parking garage, workout room and the option of on building signage.

444 East Pikes Peak Avenue

First Quarter 2008 Retail Market Review

The first quarter of 2008 was steady despite national reports of declined retail spending and consumer confidence. Vacancy rates in the retail sector remained unchanged from the 4th quarter of 2007, at 7.7 percent. While this is an increase over 2006 (6.4%), this vacancy rate has been right around 7.5-8.0% over the last 8 years. Averaged asking rates for these retail properties has increased just slightly over the close of 2007, rising $.07 to $14.03. The $14.03 averaged asking rent is an all time high in Colorado Springs, but rates have increased every year since 2001.

The slow down in the economy is being seen in greater effect with regard to retail buildings that have sold over the past year. 2006 saw record highs in square footage sold (2,396,152 square feet sold) along with price per square foot ($161 per square foot). In 2007 those numbers dropped drastically, selling less than half of the 2006 number, to 1,087,205 square feet sold and the average price per square foot dropped to $132 per square foot.

All that said, in today's market, it's cheaper in many instances for owner/users to buy their building rather than to lease. Low interest rates for commercial properties are readily available, and in most cases bare out to be less expensive when compared to leasing on a price per square foot basis.

The majority of the information used in this entry is courtesy of Paul Turner, of Turner Commercial Research. We are grateful to Paul for allowing us to use his data and information in the blog. For more information on the other commercial real estate sub markets, please contact me and I will get you a copy of the TCR quarterly overview. The overview is a snapshot look at all commercial real estate segments (office, industrial, retail and land). Please call Jamie at 719-577-0044 to obtain your copy.

Featured Listing Week of April 7-11

NAI Highland Commercial Group, LLC is pleased to present this listing. The property featured this week is approximately 7 acres of prime retail ground at North Nevada Avenue and I-25 just north of a new Costco and Lowes Power Center. UCCS is also planning an expansion on the East side of Nevada Avenue for their R&D campus as well as a 5,000-6,000 seat arena. This is a great infill/shadow development opportunity for smaller retail users, fast food and full service restaurants.

Additional information is available through the link below.

North Nevada Ground

Olympic Training Center to Remain In Colorado Springs

The Springs recently made national headlines by retaining the Olympic Training Center and expanding the current campus located at Union and Platte. The OTC having a downtown presence will add to the landscape of the heart of the city. The City of Colorado Springs produced a $53 million incentive package to keep the OTC, which included office space and funds to improve and expand current facilities. To read more please click the link below.

Colorado Springs and Olympic Training Center remain partners