Colorado Springs Q1 2021

Home , Apartment, Business park, Campus, Industrial park, Park

OFFFICE MARKET REPORT

SM FULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONS PRIVATELY-OWNED AND OPERATED FOR OVER 40 YEARS 303.321.5888 UNIQUEPROP.COM Colorado Springs Office

OFFICE MARKET REPORT

Market Key Statistics 1 Leasing 2 Rent 6 Construction 9 Under Construction Properties 10 Sales 12 Sales Past 12 Months 14 Economy 16 Market Submarkets 21 Supply & Demand Trends 23 Rent & Vacancy 25 Sale Trends 27

4/21/2021 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Overview Colorado Springs Office

12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth 240K (311K) 8.9% 1.7%

The headline numbers in Colorado Springs' office market existing buildings. Although absorption turned negative in couldn't have been much better before the pandemic. 20Q3 when net absorption was nearly -50,000 SF, Thanks to a strong recovery in the job market since the Colorado Springs appears to be weathering the storm coronavirus-induced downturn, Colorado Springs is in better than most. far better shape than most markets even though supply pressure pushed vacancies to 8.7% in 21Q1. Developers have been wary of testing the waters in Colorado Springs throughout this cycle, with regional Rent growth is outperforming the national average, developers focusing almost entirely instead on Denver ending 21Q1 at about 2.1% compared to a negative and Boulder. 1.6% from the national index. Investors were active in the Colorado Springs market in While a handful of large deals have played a role in the 21Q1 with nearly $130 million in traded assets. This is market pre-covid, much of its improvement came down the best quarterly performance dating back to 18Q4 to generally stronger leasing from smaller tenants at when nearly $150 million traded.

KEY INDICATORS

Net Absorption Under Current Quarter RBA Vacancy Rate Market Rent Availability Rate Deliveries SF SF Construction 4 & 5 Star 6,336,850 14.1% $26.81 15.6% 4,086 0 388,961 3 Star 14,526,918 8.4% $23.90 11.8% (15,594) 0 30,000 1 & 2 Star 8,718,075 6.1% $17.90 7.7% (45,693) 0 0 Market 29,581,843 8.9% $22.81 11.5% (57,201) 0 418,961

Historical Forecast Annual Trends 12 Month Peak When Trough When Average Average Vacancy Change (YOY) 1.5% 11.6% 8.8% 16.5% 2009 Q4 7.5% 2020 Q1 Net Absorption SF (311K) 174,538 186,172 726,074 2011 Q2 (387,821) 2009 Q3 Deliveries SF 240K 169,722 215,109 1,172,459 2008 Q2 0 2019 Q1 Rent Growth 1.7% 2.1% 1.3% 9.9% 2018 Q4 -5.2% 2010 Q1 Sales Volume $294M $163.9M N/A $332.1M 2014 Q2 $35.6M 2009 Q3

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Similar to what is playing out in the residential and retail of existing companies, as opposed to new entrants to the sectors, northern Colorado Springs has performed metro. HDR, an engineering and architectural services exceptionally well. This portion of the metro boasts closer firm, signed on for 19,000 SF at 5555 Tech Center Drive, proximity to Metro Denver's rapidly growing Southeast vacating a smaller 12,000 SF space at 2060 Briargate Corridor, where a light rail expansion promises longer- Parkway in the process. term growth. Other large spaces have been taken off the market for Improved fundamentals are largely the product of non-office uses. In March 2018, New Summit Charter renewed leasing activity from smaller tenants (less than Schools leased 7899 Lexington Dr, a 75,000 office 10,000 SF). building that had been entirely vacant for about five years (the new tenant operates a K-8 school out of the A handful of larger new leases have closed in the past building which opened in Fall 2018). year or two, and are mostly coming from the expansion

NET ABSORPTION, NET DELIVERIES & VACANCY

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VACANCY RATE

AVAILABILITY RATE

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12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

Net Absorption SF Building Name/Address Submarket Bldg SF Vacant SF 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 12 Month 9540 Federal Dr Northeast 123,456 3,818 119,638 0 0 0 119,638 Victory Ridge Northeast 113,201 0 0 0 0 0 113,201 Arrows West Northwest 184,424 0 0 0 0 0 50,000 Premier Health Plaza North 103,599 23,004 0 0 0 0 38,860 Newport Business Park Southeast 91,088 0 0 0 0 0 30,505 Woodmen Corporate Plaza Northeast 110,000 1,391 (1,391) 0 0 0 19,112 25 N. Spruce Street Northwest 30,122 5,216 0 (91) 0 0 17,009 Weber Professional Building Greater CBD 32,217 5,995 0 0 0 0 16,197 Citadel Mall Southeast 103,188 5,117 10,928 0 0 0 16,109 Patriot Park (1) Southeast 89,907 19,813 0 12,368 0 0 12,368 Pikes Peak Research Park North 84,888 11,092 0 0 0 0 11,801 Patriot Park (2) Southeast 103,183 20,524 0 0 0 0 11,449 Academy Park Center North 31,476 1,334 (1,334) 0 0 0 10,517 Briargate Business Campus Northeast 48,622 0 9,364 0 0 0 9,364 Academy Point Southeast 90,766 21,417 0 0 0 0 8,577 Bancorp Plaza CBD 54,424 3,973 0 0 0 0 8,533 Fountain Blvd Corporate Center Southeast 22,016 1,980 4,395 (1,050) 0 0 8,146 Subtotal Primary Competitors 1,416,577 124,674 141,600 11,227 0 0 501,386 Remaining Colorado Springs Market 28,165,266 2,520,404 (215,179) (68,428) 0 0 (811,999) Total Colorado Springs Market 29,581,843 2,645,078 (73,579) (57,201) 0 0 (310,613)

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TOP OFFICE LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Qtr Tenant Name Tenant Rep Company Leasing Rep Company

Chidlaw Building Southeast 51,572 Q4 20 Jacobs Technology Inc. Sapphire Investment… Sapphire Investment G…

InterQuest Northeast 35,112 Q3 20 - - Cushman & Wakefield

InterQuest Northeast 34,463 Q3 20 - - Cushman & Wakefield

Newport Business Park Southeast 30,000 Q2 20 Mantech Cushman & Wakefield CBRE

Garden of the Gods Campus Northwest 23,508 Q2 20 - - CBRE

3115 Larkspur Dr North 22,398 Q2 21 Colorado Learning and Lit… Strata Group Holy Trinity Catholic Ch…

Classic Corporate Centre Northwest 14,260 Q1 21 ERA Shields Real Estate Olive Real Estate Gr… Olive Real Estate Group

InterQuest Northeast 13,409 Q3 20 - - Cushman & Wakefield

Woodmen Corporate Plaza Northeast 12,837 Q2 20 - - Newmark Knight Frank

NorthCreek Office Complex Northwest 12,438 Q3 20 Firstsource Solutions USA… - Transwestern Real Est…

4630 Forge Rd Northwest 12,434 Q3 20 MD Banner & Signs, LLC Sparkz Real Estate… Olive Real Estate Group

Citadel Mall Southeast 10,727 Q4 20 - - Boxer Property

Patriot Park Southeast 10,417 Q4 20 Orbital ATK - Cushman & Wakefield

Briargate Business Campus Northeast 9,364 Q4 20 By Your Side Autism - Cushman & Wakefield

CW Business Park Northwest 9,010 Q2 20 Quantum Imaging - Olive Real Estate Group

Patriot at Newport Southeast 8,920 Q2 20 ENSCO INC CBRE Cushman & Wakefield

Aerotech Commerce Park Southeast 8,774 Q4 20 United States Air Force - Cushman & Wakefield

Aerospace Technology Center Southeast 8,311 Q3 20 - - Olive Real Estate Group

Pikes Peak Research Park North 8,158 Q3 20 Alethia Church - Ecovest Properties, LLC

Alamo Corporate Center CBD 7,754 Q2 20 - - Newmark Knight Frank

Executive Office Park Northeast 7,610 Q3 20 Re/Max Properties RE/MAX Advantage RE/MAX Advantage

Union Medical Campus * North 7,446 Q4 20 Colorado Institute of Sport… - Cushman & Wakefield

Garden of the Gods Campus Northwest 7,399 Q2 20 - - CBRE

Sun Plaza CBD 7,291 Q3 20 - - Cushman & Wakefield

Garden of the Gods Industrial Park Northwest 7,221 Q1 21 Tender Care Pediatric Ser… - Olive Real Estate Group

NorthCreek Office Complex Northwest 7,135 Q1 21 Farnsworth Group Avison Young Transwestern Real Est…

Woodmen Office Campus II Northeast 6,945 Q2 20 Leaderquest - CBRE

North Pointe Centre Northwest 6,693 Q2 21 - - Newmark Knight Frank

Sun Plaza CBD 6,645 Q3 20 - - Cushman & Wakefield

Epic One Northeast 6,613 Q3 20 Mountain View Pain Center Unique Properties, Inc. Cushman & Wakefield

Briargate Business Campus Northeast 6,400 Q2 20 Synergy Manual Physical… - Cushman & Wakefield

Briargate Business Campus Northeast 6,272 Q1 21 - - Thrive Commercial Part…

Aerospace Technology Center Southeast 6,267 Q3 20 - - Olive Real Estate Group

Town and Country Business Park * Southeast 6,000 Q2 20 Ebenezer Baptist Church - Hoff & Leigh Colorado…

Palmer Center CBD 6,000 Q3 20 Highjump Software - -

245 S Academy Blvd East 6,000 Q3 20 - - NAI Highland Commerc…

Garden of The Gods Industrial Park * Northwest 5,831 Q1 21 Valdez International Corp… - Olive Real Estate Group

4194 Royal Pine Dr Northeast 5,760 Q4 20 Alligator Allergy and Asthma - Cushman & Wakefield

Offices at the Park North 5,714 Q4 20 About Kids and Adults Too - Ecovest Properties, LLC

1000 W Fillmore Northwest 5,594 Q3 20 Springs Detailing - Dorman Real Estate Se… Renewal

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Colorado Springs offers a substantial discount on rents like broader Colorado, rent gains noticeably cooled off relative to Denver. At about $23/SF, rents are roughly beginning in 2019. Annual rent growth is now 1.7% as of 25% below the metro benchmark. 21Q1.

As vacancies fell to new lows in 2018, rents gained even While development ramped up in Denver and Boulder more traction. Office rents grew at a scorching rate on (which have firmly moved into the late expansion phase), the order of nearly 10% in 2018, second only to San fundamentals in Colorado Springs were more indicative Jose nationally out of the 100 largest office markets. But of a market in the early recovery phase.

MARKET RENT GROWTH (YOY)

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MARKET RENT PER SQUARE FEET

4 & 5 STAR EXPENSES PER SF (ANNUAL)

Market / Cluster Utilities Cleaning Insurance Taxes Other Total Colorado Springs $0.62 $1.11 $0.17 $2.31 $4.48 $8.69 CBD $0.74 $1.51 $0.21 $3.12 $5.74 $11.32 North $0.80 $1.42 $0.23 $1.83 $4.87 $9.15 Northeast $0.58 $1.03 $0.16 $2.38 $4.28 $8.43 Northwest $0.67 $1.18 $0.19 $1.32 $4.18 $7.54 Southeast $0.61 $1.09 $0.17 $1.83 $4.73 $8.43 Southwest $0.56 $0.99 $0.16 $5.81 $3.97 $11.49 Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

3 STAR EXPENSES PER SF (ANNUAL)

Market / Cluster Utilities Cleaning Insurance Taxes Other Total Colorado Springs $0.44 $0.85 $0.12 $2.43 $3.38 $7.22 CBD $0.51 $1.13 $0.14 $1.97 $4.27 $8.02 Greater CBD $0.41 $0.79 $0.11 $2.01 $2.94 $6.26 North $0.44 $0.83 $0.12 $2.14 $3.42 $6.95 Northeast $0.44 $0.83 $0.12 $2.67 $3.48 $7.54 Northwest $0.47 $0.90 $0.13 $2.13 $3.24 $6.87 Southeast $0.43 $0.82 $0.12 $2.69 $3.49 $7.55 Southwest $0.40 $0.76 $0.11 $2.57 $2.90 $6.74 Teller County $0.41 $0.79 $0.11 $2.75 $3 $7.06 Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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1 & 2 STAR EXPENSES PER SF (ANNUAL)

Market / Cluster Utilities Cleaning Insurance Taxes Other Total Colorado Springs $0.41 $0.67 $0.11 $2.04 $2.64 $5.87 CBD $0.44 $0.82 $0.12 $2.33 $3.23 $6.94 Greater CBD $0.41 $0.66 $0.11 $2.06 $2.60 $5.84 North $0.41 $0.66 $0.11 $1.93 $2.37 $5.48 Northeast $0.41 $0.66 $0.12 $2.02 $2.42 $5.63 Northwest $0.41 $0.66 $0.11 $1.85 $2.58 $5.61 Southeast $0.41 $0.66 $0.11 $1.91 $2.87 $5.96 Southwest $0.40 $0.64 $0.11 $2.15 $2.52 $5.82 Teller County $0.41 $0.65 $0.11 $2.70 $2.56 $6.43 Expenses are estimated using NCREIF, Trepp, IREM, and CoStar data using the narrowest possible geographical definition from Zip Code to region.

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The unknown near and long term impact of social 2021. distancing on office demand could make landlords of Nearly 550,000 SF is on track to deliver in 2021, the recent deliveries more likely to pull the trigger on below- most new supply to hit the market in over a decade. market lease deals in the coming months. However, ENT Credit Union's new headquarters represents the majority of space under construction. ENT Credit Union's new headquarters is the largest Speculative development remains in line with historical project underway. The 324,000 SF build-to-suit in averages. northern Colorado Springs is slated to deliver in May

DELIVERIES & DEMOLITIONS

SUBMARKET CONSTRUCTION

Under Construction Inventory Average Building Size

No. Submarket Bldgs SF (000) Pre-Leased SF (000) Pre-Leased % Rank All Existing Under Constr Rank 1 Northeast 8 419 397 94.8% 1 28,304 52,370 1 2 CBD 0 - - - - 30,913 - - 3 Greater CBD 0 - - - - 7,643 - - 4 North 0 - - - - 13,821 - - 5 Northwest 0 - - - - 20,261 - - 6 Southeast 0 - - - - 15,823 - - 7 Southwest 0 - - - - 8,793 - - 8 Teller County 0 - - - - 5,719 - - Totals 8 419 397 94.8% 16,914 52,370

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Properties Square Feet Percent of Inventory Preleased 8 418,961 1.4% 94.8%

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Ent Credit Union Headqu… La Plata Communities 1 324,000 5 Nov 2019 May 2021 1180 Interquest Pky Ent Credit Union 10085 Cordera Crest Ave - 2 20,000 2 Jul 2020 Jun 2021 - Pinnacle Medical Center… - 3 20,000 3 Jun 2020 Jun 2021 Cordera Crest Ave - Victory Ridge - Bldg 3 Westside Investment Partners, Inc. 4 16,950 2 Feb 2018 May 2021 1808 Spring Water Pt Northstar Commercial Partners Victory Ridge - Bldg 2 Westside Investment Partners, Inc. 5 16,950 2 Feb 2018 May 2021 1828 Spring Water Pt Westside Investment Partners, Inc. 5730 E Woodmen Rd - 6 11,061 3 Jan 2021 Aug 2021 Crosland Southeast Pinnacle Medical Center… - 7 5,000 1 Jan 2021 Jun 2021 Cordera Crest Ave -

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UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner Cordera Crest Ave - 8 5,000 2 Dec 2020 May 2021 High Valley Group

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Dollar sales volume eclipsed $200 million for the fourth of 12515 Academy Ridge View from STORE Capital for consecutive year in 2020 despite the ongoing pandemic, $43.5 million ($354/SF) in January. The building totals and investment activity in 2021 is already off to a great 123,000 SF of RBA and was fully occupied by Kratos start with nearly $130 million trading hands in 21Q1. Defense & Security Solutions, Inc. at the time of sale. However, like many Colorado markets, pricing and cap rates have remained fairly flat. In October, Meridian Hill Advisors LLC purchased Patriot Park VI from Crescent Real Estate for $24.3 million Investors have targeted fully-leased buildings to tenants ($233/SF). The building totals 104,000 SF and was fully in the booming aerospace and defense industries in the occupied by aerospace defense firm Lockheed Martin at past year, including Midtown Realty Group's acquisition the time of sale.

SALES VOLUME & MARKET SALE PRICE PER SF

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MARKET CAP RATE

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Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale 132 7.5% $167 8.3%

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High Sale Price $170,000 $3,366,130 $1,050,000 $43,500,000

Price/SF $4.97 $167 $163 $586

Cap Rate 4.3% 7.5% 7.3% 11.5%

Time Since Sale in Months 0.4 5.5 5.2 11.8

Property Attributes Low Average Median High Building SF 736 18,335 7,967 153,807

Stories 1 2 2 4

Typical Floor SF 736 9,010 5,660 55,398

Vacancy Rate At Sale 0% 8.3% 0% 100%

Year Built 1888 1973 1980 2008

Star Rating 2.4

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RECENT SIGNIFICANT SALES

Property Sale

Property Name - Address Rating Yr Built Bldg SF Vacancy Sale Date Price Price/SF Cap Rate Kratos Defense & Security 1 - 2005 153,807 0% 1/4/2021 $43,500,000 $283 6.1% 12515 Academy Ridge View Patriot Park VI 2 - 2008 103,970 0% 10/1/2020 $24,250,000 $233 - 655 Space Center Dr North Creek I 3 - 1984 110,795 11.6% 2/1/2021 $15,863,406 $143 - 5725 Mark Dabling Blvd Building 2 4 - 1995 50,254 0% 6/8/2020 $15,600,000 $310 - 1633 Medical Center Pt North Creek III 5 - 1984 108,349 0% 2/1/2021 $15,513,193 $143 - 5775 Mark Dabling Blvd North Creek II 6 - 1989 106,325 48.3% 2/1/2021 $15,223,401 $143 - 5755 Mark Dabling Blvd Newport Centre One 7 - 1986 67,640 0% 12/30/2020 $11,009,500 $163 8.0% 1670 N Newport Rd Union Medical Office Plaza 8 - 1997 69,428 38.6% 6/8/2020 $10,250,000 $148 - 1625 Medical Center Pt Powers Professional Ce… 9 - 2003 35,554 0% 10/7/2020 $8,925,000 $251 - 6140 Tutt Blvd Building 3 10 - 1998 30,000 0% 6/8/2020 $8,000,000 $267 - 1644 Medical Center Pt Tech Center V 11 - 1984 54,174 1.5% 7/15/2020 $7,900,000 $146 8.6% 5475 Tech Center Dr Lake Plaza Office Condo… 12 - 2007 27,480 0% 4/9/2021 $7,200,000 $262 6.3% 1230 Tenderfoot Hill Rd Centerpointe Plaza 13 - 1984 30,843 7.5% 8/7/2020 $6,250,000 $203 - 5731-5759 N Academy Blvd Garden Gateway Plaza -… 14 - 1982 63,802 22.2% 2/23/2021 $6,210,952 $97 - 1365 Garden of the Gods Rd Printers Park Medical 15 - 1999 30,021 6.3% 7/7/2020 $4,845,000 $161 7.2% 155 Printers Pky The Office Club 16 - 1999 30,641 26.6% 1/4/2021 $4,800,000 $157 - 1880 Office Club Pt 5825 Delmonico Dr 17 - 1985 40,048 100% 12/29/2020 $4,650,000 $116 - 5825 Delmonico Dr Downtown Executive Ce… 18 - 1934 27,500 0% 2/17/2021 $4,100,000 $149 - 422 E Vermijo 4194 Royal Pine Dr 19 - 2008 13,667 0% 12/11/2020 $3,850,000 $282 -

755 Highway 105 20 - 1996 36,389 4.9% 2/8/2021 $3,100,000 $85 -

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With its proximity to the mountains and views of Pikes Resources, Mining and Construction were the fastest Peak, residents in Colorado Springs can enjoy outdoor growing industries for jobs. Even though Colorado recreational opportunities without sacrificing city Springs is fairing better than most metros, the city is not amenities, shaping this area into a vibrant community. immune to the effects of the pandemic. Unemployment The region is home to many booming industries, rose sharply at the onset of the pandemic, peaking at including aerospace, military technology, and innovation 12.6% in April of last year but has fallen to 7.1% as of in life sciences and medical devices. Colorado Springs February. consistently ranks as one of the best places to live thanks to its diverse career opportunities, affordable Unlike Boulder and Denver, affordability has not been a housing, and short commute times. limiting factor for apartment demand in Colorado Springs for much of the last cycle. The economy in Colorado Springs is deeply rooted in military and defense. The metro is home to three Army Average asking apartment rents are a sizable and Air Force bases, as well as the U.S. Air Force discount—more than 30%—from those in Denver and Academy, which has 4,000 students. In addition, there is Boulder, and 20% below the national average. an extensive presence of defense contractors, including Northrop Grumman and Lockheed Martin. Buoyed by its proximity to Denver and supported by several universities and nearby military bases that Employment growth in Colorado Springs outperformed provide an inelastic source of demand for goods and the national benchmark for nearly a decade heading into services, the Colorado Springs multifamily market is on the recession last year. Professional and Business stable footing. Services, Education and Health Services, and Natural

COLORADO SPRINGS EMPLOYMENT BY INDUSTRY IN THOUSANDS

CURRENT JOBS CURRENT GROWTH 10 YR HISTORICAL 5 YR FORECAST

NAICS Industry Jobs LQ Market US Market US Market US Manufacturing 12 0.5 -1.51% -1.99% 0.42% 0.51% -0.48% 0.35% Trade, Transportation and Utilities 45 0.8 2.58% -0.25% 1.60% 0.89% 0.69% 0.53% Retail Trade 33 1.1 2.93% 0.71% 1.33% 0.45% 0.85% 0.42% Financial Activities 19 1.1 0.26% -0.27% 2.25% 1.34% -0.18% 0.59% Government 52 1.2 -4.84% -4.48% 0.84% -0.33% 1.82% 0.97% Natural Resources, Mining and Construction 19 1.1 -0.07% -1.58% 4.68% 2.53% 0.67% 1.02% Education and Health Services 42 0.9 0.72% -2.31% 3.72% 1.48% 1.75% 1.79% Professional and Business Services 48 1.1 2.85% -0.85% 1.82% 1.89% 0.56% 1.42% Information 5 1.0 -5.16% -4.99% -2.70% 0.08% 2.02% 2.30% Leisure and Hospitality 33 1.2 -10.76% -10.26% 0.74% 0.29% 3.92% 4.39% Other Services 18 1.6 -0.64% -2.56% 2.18% 0.31% -0.12% 1.15% Total Employment 294 1.0 -1.47% -2.74% 1.76% 0.90% 1.28% 1.39% Source: Oxford Economics LQ = Location Quotient

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YEAR OVER YEAR JOB GROWTH

Source: Oxford Economics UNEMPLOYMENT RATE (%)

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NET EMPLOYMENT CHANGE (YOY)

MEDIAN HOUSEHOLD INCOME

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POPULATION GROWTH (YOY %)

NET POPULATION CHANGE (YOY)

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DEMOGRAPHIC TRENDS

Current Level 12 Month Change 10 Year Change 5 Year Forecast

Demographic Category Metro US Metro US Metro US Metro US Population 757,072 330,010,125 0.9% 0.2% 1.4% 0.6% 1.1% 0.5% Households 279,687 123,297,680 0.8% 0.1% 1.3% 0.7% 1.1% 0.4% Median Household Income $83,218 $73,171 11.0% 8.8% 4.7% 3.9% 1.4% 1.8% Labor Force 360,917 160,443,156 1.3% -1.3% 1.3% 0.5% 0.5% 0.7% Unemployment 6.4% 6.2% 0.9% 0.2% -0.3% -0.3% - - Source: Oxford Economics

POPULATION GROWTH LABOR FORCE GROWTH INCOME GROWTH

Source: Oxford Economics

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COLORADO SPRINGS SUBMARKETS

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SUBMARKET INVENTORY

Inventory 12 Month Deliveries Under Construction

No. Submarket Bldgs SF (000) % Market Rank Bldgs SF (000) Percent Rank Bldgs SF (000) Percent Rank 1 CBD 116 3,586 12.1% 4 0 0 0% - 0 - - - 2 Greater CBD 330 2,522 8.5% 6 0 0 0% - 0 - - - 3 North 192 2,654 9.0% 5 1 2 0.1% 2 0 - - - 4 Northeast 323 9,142 30.9% 1 2 237 2.6% 1 8 419 4.6% 1 5 Northwest 233 4,721 16.0% 3 0 0 0% - 0 - - - 6 Southeast 330 5,222 17.7% 2 1 2 0% 3 0 - - - 7 Southwest 146 1,284 4.3% 7 0 0 0% - 0 - - - 8 Teller County 79 452 1.5% 8 0 0 0% - 0 - - -

SUBMARKET RENT

Market Rent 12 Month Market Rent QTD Annualized Market Rent

No. Submarket Per SF Rank Growth Rank Growth Rank 1 CBD $26.16 1 1.9% 2 4.2% 2 2 Greater CBD $22.86 3 1.5% 5 2.8% 8 3 North $20.71 5 1.0% 8 3.9% 3 4 Northeast $24.50 2 1.8% 3 4.5% 1 5 Northwest $22.49 4 2.3% 1 3.8% 4 6 Southeast $19.72 7 1.4% 6 3.7% 5 7 Southwest $19.56 8 1.5% 4 3.1% 7 8 Teller County $20.60 6 1.1% 7 3.1% 6

SUBMARKET VACANCY & NET ABSORPTION

Vacancy 12 Month Absorption

No. Submarket SF Percent Rank SF % of Inv Rank Construc. Ratio 1 CBD 211,457 5.9% 4 (20,747) -0.6% 6 - 2 Greater CBD 88,800 3.5% 2 (9,745) -0.4% 5 - 3 North 228,005 8.6% 6 1,476 0.1% 3 - 4 Northeast 752,421 8.2% 5 7,655 0.1% 1 30.9 5 Northwest 795,434 16.8% 8 (124,214) -2.6% 7 - 6 Southeast 503,633 9.6% 7 (172,621) -3.3% 8 - 7 Southwest 49,757 3.9% 3 1,307 0.1% 4 - 8 Teller County 15,571 3.4% 1 6,276 1.4% 2 -

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OVERALL SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 30,471,757 201,231 0.7% 249,125 0.8% 0.8 2024 30,270,526 172,440 0.6% 257,981 0.9% 0.7 2023 30,098,086 105,256 0.4% 247,452 0.8% 0.4 2022 29,992,830 1,696 0% 186,481 0.6% 0 2021 29,991,134 532,747 1.8% 27,039 0.1% 19.7 YTD 29,581,843 123,456 0.4% (130,780) -0.4% - 2020 29,458,387 (3,643) 0% 50,873 0.2% - 2019 29,462,030 (62,976) -0.2% 201,896 0.7% - 2018 29,525,006 5,799 0% 274,808 0.9% 0 2017 29,519,207 5,992 0% 19,569 0.1% 0.3 2016 29,513,215 8,062 0% 159,389 0.5% 0.1 2015 29,505,153 5,567 0% 307,256 1.0% 0 2014 29,499,586 13,865 0% (68,769) -0.2% - 2013 29,485,721 66,304 0.2% 473,141 1.6% 0.1 2012 29,419,417 76,280 0.3% 241,367 0.8% 0.3 2011 29,343,137 10,990 0% 409,525 1.4% 0 2010 29,332,147 25,673 0.1% 522,269 1.8% 0 2009 29,306,474 312,880 1.1% 1,059 0% 295.4

4 & 5 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 7,289,232 222,018 3.1% 230,312 3.2% 1.0 2024 7,067,214 193,111 2.8% 206,293 2.9% 0.9 2023 6,874,103 125,906 1.9% 159,977 2.3% 0.8 2022 6,748,197 22,386 0.3% 159,846 2.4% 0.1 2021 6,725,811 388,961 6.1% 159,251 2.4% 2.4 YTD 6,336,850 0 0% (37,267) -0.6% - 2020 6,336,850 0 0% (17,785) -0.3% - 2019 6,336,850 25,000 0.4% 15,497 0.2% 1.6 2018 6,311,850 0 0% (5,222) -0.1% - 2017 6,311,850 0 0% (274,019) -4.3% - 2016 6,311,850 0 0% 115,802 1.8% 0 2015 6,311,850 20,325 0.3% 114,301 1.8% 0.2 2014 6,291,525 0 0% (49,522) -0.8% - 2013 6,291,525 0 0% 191,812 3.0% 0 2012 6,291,525 0 0% (2,251) 0% - 2011 6,291,525 0 0% 396,630 6.3% 0 2010 6,291,525 0 0% (105,193) -1.7% - 2009 6,291,525 215,549 3.5% (53,853) -0.9% -

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3 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 14,556,918 0 0% 26,865 0.2% 0 2024 14,556,918 0 0% 50,415 0.3% 0 2023 14,556,918 0 0% 76,937 0.5% 0 2022 14,556,918 0 0% 35,517 0.2% 0 2021 14,556,918 153,456 1.1% 4,087 0% 37.5 YTD 14,526,918 123,456 0.9% 17,005 0.1% 7.3 2020 14,403,462 122,541 0.9% 149,248 1.0% 0.8 2019 14,280,921 (71,738) -0.5% 85,212 0.6% - 2018 14,352,659 5,799 0% 290,815 2.0% 0 2017 14,346,860 4,552 0% 135,156 0.9% 0 2016 14,342,308 44,737 0.3% (8,926) -0.1% - 2015 14,297,571 11,931 0.1% 160,829 1.1% 0.1 2014 14,285,640 30,616 0.2% (66,956) -0.5% - 2013 14,255,024 73,752 0.5% 185,696 1.3% 0.4 2012 14,181,272 71,000 0.5% 303,816 2.1% 0.2 2011 14,110,272 6,100 0% (46,378) -0.3% - 2010 14,104,172 57,399 0.4% 390,774 2.8% 0.1 2009 14,046,773 98,422 0.7% 110,863 0.8% 0.9

1 & 2 STAR SUPPLY & DEMAND

Inventory Net Absorption

Year SF SF Growth % Growth SF % of Inv Construction Ratio 2025 8,625,607 (20,787) -0.2% (8,052) -0.1% - 2024 8,646,394 (20,671) -0.2% 1,273 0% - 2023 8,667,065 (20,650) -0.2% 10,538 0.1% - 2022 8,687,715 (20,690) -0.2% (8,882) -0.1% - 2021 8,708,405 (9,670) -0.1% (136,299) -1.6% - YTD 8,718,075 0 0% (110,518) -1.3% - 2020 8,718,075 (126,184) -1.4% (80,590) -0.9% - 2019 8,844,259 (16,238) -0.2% 101,187 1.1% - 2018 8,860,497 0 0% (10,785) -0.1% - 2017 8,860,497 1,440 0% 158,432 1.8% 0 2016 8,859,057 (36,675) -0.4% 52,513 0.6% - 2015 8,895,732 (26,689) -0.3% 32,126 0.4% - 2014 8,922,421 (16,751) -0.2% 47,709 0.5% - 2013 8,939,172 (7,448) -0.1% 95,633 1.1% - 2012 8,946,620 5,280 0.1% (60,198) -0.7% - 2011 8,941,340 4,890 0.1% 59,273 0.7% 0.1 2010 8,936,450 (31,726) -0.4% 236,688 2.6% - 2009 8,968,176 (1,091) 0% (55,951) -0.6% -

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OVERALL RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $24.32 135 1.4% 7.1% 2,445,964 8.0% -0.2% 2024 $23.99 133 2.0% 5.7% 2,491,519 8.2% -0.3% 2023 $23.52 131 2.7% 3.6% 2,574,756 8.6% -0.5% 2022 $22.90 127 1.2% 0.9% 2,714,653 9.1% -0.6% 2021 $22.64 126 -0.3% -0.3% 2,897,393 9.7% 1.5% YTD $22.81 127 0.5% 0.5% 2,645,078 8.9% 0.8% 2020 $22.70 126 3.1% 0% 2,390,842 8.1% -0.2% 2019 $22.03 122 5.4% -3.0% 2,445,358 8.3% -0.9% 2018 $20.91 116 9.9% -7.9% 2,709,630 9.2% -0.9% 2017 $19.03 106 5.4% -16.2% 2,978,639 10.1% -0.1% 2016 $18.06 100 2.2% -20.5% 2,993,252 10.1% -0.5% 2015 $17.67 98 2.8% -22.2% 3,144,579 10.7% -1.0% 2014 $17.18 95 1.8% -24.3% 3,446,268 11.7% 0.3% 2013 $16.87 94 1.0% -25.7% 3,363,634 11.4% -1.4% 2012 $16.71 93 0.3% -26.4% 3,770,471 12.8% -0.6% 2011 $16.67 93 -2.9% -26.6% 3,935,558 13.4% -1.4% 2010 $17.16 95 0.3% -24.4% 4,334,093 14.8% -1.7% 2009 $17.11 95 -4.9% -24.6% 4,830,689 16.5% 0.9%

4 & 5 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $28.14 140 1.1% 5.2% 889,542 12.2% -0.5% 2024 $27.85 138 1.6% 4.1% 897,921 12.7% -0.5% 2023 $27.40 136 2.3% 2.4% 911,182 13.3% -0.8% 2022 $26.77 133 0.9% 0.1% 945,334 14.0% -2.1% 2021 $26.54 132 -0.8% -0.8% 1,082,833 16.1% 2.6% YTD $26.81 133 0.2% 0.2% 890,389 14.1% 0.6% 2020 $26.75 133 1.7% 0% 853,122 13.5% 0.3% 2019 $26.32 131 5.3% -1.6% 835,337 13.2% 0.1% 2018 $25 124 13.6% -6.6% 825,834 13.1% 0.1% 2017 $22.01 109 8.0% -17.7% 820,612 13.0% 4.3% 2016 $20.38 101 0.3% -23.8% 546,593 8.7% -1.8% 2015 $20.32 101 1.3% -24.0% 662,395 10.5% -1.5% 2014 $20.06 100 5.4% -25.0% 756,371 12.0% 0.8% 2013 $19.03 95 -1.9% -28.9% 706,849 11.2% -3.0% 2012 $19.41 97 3.9% -27.4% 898,661 14.3% 0% 2011 $18.69 93 -2.7% -30.2% 896,410 14.2% -6.3% 2010 $19.20 95 -0.9% -28.2% 1,293,040 20.6% 1.7% 2009 $19.37 96 -3.7% -27.6% 1,187,847 18.9% 3.8%

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3 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $25.57 133 1.5% 7.9% 1,079,229 7.4% -0.2% 2024 $25.20 131 2.1% 6.3% 1,106,094 7.6% -0.3% 2023 $24.69 128 2.8% 4.2% 1,156,509 7.9% -0.5% 2022 $24.02 125 1.3% 1.4% 1,233,446 8.5% -0.2% 2021 $23.73 123 0.1% 0.1% 1,268,963 8.7% 0.9% YTD $23.90 124 0.8% 0.8% 1,226,052 8.4% 0.7% 2020 $23.70 123 5.0% 0% 1,119,601 7.8% -0.3% 2019 $22.58 117 6.2% -4.7% 1,146,308 8.0% -1.0% 2018 $21.27 111 10.2% -10.3% 1,302,658 9.1% -2.0% 2017 $19.31 100 3.4% -18.6% 1,587,674 11.1% -0.9% 2016 $18.68 97 1.0% -21.2% 1,718,278 12.0% 0.3% 2015 $18.49 96 2.9% -22.0% 1,664,615 11.6% -1.1% 2014 $17.97 93 -0.3% -24.2% 1,813,513 12.7% 0.7% 2013 $18.02 94 2.7% -24.0% 1,715,941 12.0% -0.9% 2012 $17.54 91 -2.8% -26.0% 1,827,885 12.9% -1.7% 2011 $18.04 94 -2.2% -23.9% 2,060,701 14.6% 0.4% 2010 $18.43 96 2.1% -22.2% 2,008,223 14.2% -2.4% 2009 $18.06 94 -6.2% -23.8% 2,341,598 16.7% -0.2%

1 & 2 STAR RENT & VACANCY

Market Rent Vacancy

Year Per SF Index % Growth Vs Hist Peak SF Percent Ppts Chg 2025 $19.29 135 1.6% 7.7% 477,193 5.5% -0.1% 2024 $18.99 133 2.2% 6.0% 487,504 5.6% -0.2% 2023 $18.57 130 2.9% 3.7% 507,065 5.9% -0.3% 2022 $18.05 126 1.4% 0.8% 535,873 6.2% -0.1% 2021 $17.80 125 -0.6% -0.6% 545,597 6.3% 1.5% YTD $17.90 125 0% 0% 528,637 6.1% 1.3% 2020 $17.91 125 0.6% 0% 418,119 4.8% -0.4% 2019 $17.81 125 3.8% -0.6% 463,713 5.2% -1.3% 2018 $17.15 120 5.4% -4.2% 581,138 6.6% 0.1% 2017 $16.28 114 6.9% -9.1% 570,353 6.4% -1.8% 2016 $15.23 107 7.0% -15.0% 728,381 8.2% -1.0% 2015 $14.24 100 4.4% -20.5% 817,569 9.2% -0.6% 2014 $13.64 95 2.7% -23.8% 876,384 9.8% -0.7% 2013 $13.28 93 0.3% -25.8% 940,844 10.5% -1.1% 2012 $13.24 93 3.3% -26.1% 1,043,925 11.7% 0.7% 2011 $12.82 90 -4.6% -28.4% 978,447 10.9% -0.6% 2010 $13.45 94 -2.4% -24.9% 1,032,830 11.6% -3.0% 2009 $13.78 96 -3.5% -23.0% 1,301,244 14.5% 0.6%

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OVERALL SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$165.64 169 8.3% 2024 ------$163.30 166 8.3% 2023 ------$159.79 163 8.2% 2022 ------$155.34 158 8.2% 2021 ------$154.21 157 8.2% YTD 41 $142M 3.1% $4,514,339 $164.23 6.8% $154.07 157 8.3% 2020 127 $212.5M 5.4% $2,614,919 $156.87 8.0% $149.92 153 8.4% 2019 117 $248M 7.5% $2,668,396 $126.80 7.7% $139.87 143 8.7% 2018 159 $259.9M 10.0% $2,840,650 $112.82 8.0% $138.60 141 8.5% 2017 117 $228.9M 7.7% $2,635,643 $109.18 7.8% $131.04 134 8.5% 2016 127 $153.4M 8.0% $1,752,646 $75.59 8.5% $128.24 131 8.5% 2015 110 $132.6M 7.0% $1,723,030 $84.51 8.8% $123.06 125 8.5% 2014 111 $141.1M 6.5% $1,671,832 $83.23 8.9% $121.70 124 8.4% 2013 128 $298.4M 11.8% $3,244,553 $90.02 8.7% $118.09 120 8.5% 2012 70 $67.9M 3.8% $1,603,397 $74.07 9.5% $111.50 114 8.8% 2011 68 $51.1M 2.8% $1,247,681 $79.83 10.0% $110.52 113 8.9% 2010 64 $64M 2.9% $1,767,914 $81.43 8.5% $103.93 106 9.4% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

4 & 5 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$199.85 159 8.2% 2024 ------$197.58 157 8.2% 2023 ------$193.93 154 8.2% 2022 ------$189.08 150 8.2% 2021 ------$188.24 150 8.2% YTD 2 $31.4M 3.5% $15,688,300 $143.18 - $188.56 150 8.3% 2020 4 $58.3M 4.1% $14,585,000 $225.08 6.4% $179.19 142 8.5% 2019 4 $32.8M 3.2% $8,195,725 $163.87 8.3% $168.49 134 8.7% 2018 6 $92.3M 10.6% $15,386,288 $138.11 8.3% $168.87 134 8.5% 2017 2 $41.5M 5.5% $20,750,000 $120.44 - $160.98 128 8.4% 2016 9 $82.3M 19.3% $11,758,394 $69.26 7.6% $167.90 133 8.1% 2015 4 $13.3M 5.4% $4,447,147 $50.65 - $162.73 129 8.1% 2014 2 $9.3M 3.4% $9,250,000 $105.97 10.2% $160.28 127 8.0% 2013 5 $51.4M 8.1% $10,279,694 $101.28 - $156.37 124 8.1% 2012 3 $7.3M 2.6% $7,275,000 $89.57 8.9% $141.55 112 8.5% 2011 1 $3.6M 0.9% $3,557,484 $60.30 - $139.80 111 8.6% 2010 2 $19.8M 5.8% $9,878,723 $53.68 10.0% $133.09 106 9.0% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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3 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$165.91 164 8.3% 2024 ------$163.46 161 8.3% 2023 ------$159.84 158 8.2% 2022 ------$155.31 153 8.2% 2021 ------$154.10 152 8.2% YTD 14 $49.5M 2.4% $4,757,040 $140.31 7.8% $153.84 152 8.3% 2020 51 $93.6M 5.0% $3,000,045 $142.27 8.4% $150.47 149 8.4% 2019 44 $154.7M 9.4% $4,608,467 $130.80 7.3% $139.31 137 8.7% 2018 76 $129.7M 11.6% $3,406,178 $110.08 7.4% $139.58 138 8.5% 2017 49 $124.6M 8.1% $3,909,363 $120.27 7.3% $132.48 131 8.4% 2016 36 $36M 4.2% $1,647,647 $96.16 7.4% $127.96 126 8.4% 2015 42 $88.3M 8.7% $3,804,500 $98.48 7.1% $122.72 121 8.5% 2014 46 $87.5M 7.0% $2,804,914 $92.57 9.1% $122.43 121 8.3% 2013 59 $202.4M 14.8% $5,084,152 $100.67 8.7% $119.59 118 8.4% 2012 25 $47.3M 4.5% $3,550,042 $78.23 10.0% $115.13 114 8.6% 2011 39 $33.2M 3.2% $1,729,000 $93.42 10.0% $115.56 114 8.7% 2010 29 $33.5M 2.2% $3,369,522 $127.28 7.5% $108.45 107 9.2% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

1 & 2 STAR SALES

Completed Transactions (1) Market Pricing Trends (2)

Year Deals Volume Turnover Avg Price Avg Price/SF Avg Cap Rate Price/SF Price Index Cap Rate 2025 ------$139.21 194 8.3% 2024 ------$136.99 191 8.3% 2023 ------$133.78 186 8.3% 2022 ------$129.79 181 8.3% 2021 ------$128.54 179 8.3% YTD 25 $61.1M 4.0% $3,210,395 $208.80 6.1% $128.26 179 8.4% 2020 72 $60.5M 7.2% $1,294,161 $138.40 7.5% $126.77 177 8.4% 2019 69 $60.5M 7.6% $1,109,294 $105.60 8.0% $119.06 166 8.6% 2018 77 $37.9M 7.0% $793,876 $82.89 8.5% $114 159 8.6% 2017 66 $62.8M 8.6% $1,179,604 $87.71 8.2% $105.95 148 8.7% 2016 82 $35.1M 6.2% $581,262 $75.21 9.9% $98.60 137 8.8% 2015 64 $30.9M 5.5% $621,709 $75.69 10.5% $93.49 130 8.9% 2014 63 $44.3M 7.7% $863,082 $66.91 8.2% $91.19 127 8.8% 2013 64 $44.6M 9.7% $960,194 $55.97 - $86.52 121 9.0% 2012 42 $13.3M 3.5% $486,807 $57.70 9.5% $82.70 115 9.3% 2011 28 $14.3M 3.4% $695,459 $63.52 - $79.97 111 9.5% 2010 33 $10.7M 1.9% $375,364 $69.37 8.8% $74.32 104 10.1% (1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period. (2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

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