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Colorado Springs Q1 2021

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Colorado Springs Q1 2021 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 4/21/2021 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 2 Leasing Colorado Springs Office 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 4/21/2021 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 3 Leasing Colorado Springs Office VACANCY RATE AVAILABILITY RATE 4/21/2021 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 4 Leasing Colorado Springs Office 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) 4/21/2021 Copyrighted report licensed to Unique Properties, Inc. - 1130503 Page 5 Leasing Colorado Springs Office 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 4/21/2021 Copyrighted report licensed to Unique Properties, Inc.
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