
The City of Colorado Springs is a rapidly growing and evolving business location in the CO state. The local economy is driven by four primary sectors, in particular - military, hi-tech, tourism, and service ones. It has a low unemployment rate that accounts for less than 4% and is continuously inviting new businesses that bring job opportunities to the local residents. Significant corporations that have offices in Colorado Springs are Verizon Business, ITT, SAIC, Intel, Microchip Technology, and many others. Office space for rent in Colorado Springs is facing the growing demand not only from the local tenants but also from those working in more expensive cities nearby, like Denver. In order to attract expansion-minded businesses, the investors contribute to supporting the construction projects, and the landlords rearrange the existing stock into more flexible, modern, and customizable. Being on the radar of the vast target audience, office spaces in Colorado Springs boast a low vacancy rate. Currently, it accounts for about 8,5%. Approximately a decade ago, it was around 20%. It proves the fact that the economic recession has had a negative impact on the development of the commercial real estate market in the city. Nowadays, the bad times are over, and the forecasts are promising. More than 200 thousand sq.ft. of office space was absorbed during the previous year in Colorado Springs. Another 155 thousand is under construction. Modern projects predict the emergence of mix-use multi-tenant workspace solutions in the area. Such types of venues are in the highest demand among tenants nowadays.
