Colorado Springs Office Rent Price & Sales Report

2022 Office Space Rent & Sales

  • $22.34 2022 Avg. Asking Rent
  • -0.91% Y-o-Y Avg. Asking Rent Change
  • 17.97% 2022 Office Vacancy Rate
  • $164.3M2022 Total Office Sales
  • $170.63Avg. Sale Price/SF

Colorado Springs office price per square foot in 2022 was $22.34 on average. This marked a -0.91% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 17.97% across all asset classes combined. The 13 transactions that closed here throughout 2022 amounted to a total sale volume of $164.3M. Colorado Springs office space commanded an average sale price per square foot of $170.63.

Average Rent by Office Class

2022 Average Office Rent per Square Foot

  • Colorado Springs Class A & A+ Office Space$29.83
  • Colorado Springs Class B Office Space$19.85
  • Colorado Springs Class C Office Space$17.88
  • Colorado Class A & A+ Office Space$37.34
  • Colorado Class B Office Space$25.04
  • Colorado Class C Office Space$18.06

Colorado Springs, CO Office Asking Rents by Class

Average office rent in Colorado Springs rested at $22.34 per square foot in 2022. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Colorado Springs averaged $29.83 per square foot. Across all submarkets, class B office space recorded an average asking rent of $19.85 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.88 per square foot, on average. Comparably, statewide Colorado average office rents by class in 2022 were: $37.34 per square foot for class A office space; $25.04 per square foot for class B office space; $18.06 per square foot for class C office space.

Office Spaces for Rent in Colorado

Colorado Springs Office Sale Price per SF

  • $170.632022 Avg. Price per SF
  • -6.22%Y-o-Y Avg. PpSF Change
  • $164.3M2022 Office Sales Volume
  • 132022 Number of Transactions

Colorado Springs, CO Sale Price per SF Trend

  • Colorado Springs Avg. Sale Price per SF in 2022$170.63
  • Colorado Avg. Sale Price per SF in 2022$303.01
Colorado Springs office space cost in 2022 marked a -6.22% change compared to the previous year. The sale price for office space in Colorado Springs averaged $170.63 per square foot in 2022, across all market subdivisions and asset classes. Conversely, the statewide Colorado average office sale price during the same time period was $303.01 per square foot.

2022 Office Sales Volume

  • Colorado Springs, CO Total Office Sales Volume in 2022 $164.3M
  • Colorado Springs, CO Total Number of Office Sales Closed in 2022 13
A total of 13 deals closed on the Colorado Springs office market in 2022, adding up to a yearly sales volume of $164.3M. Notably, the largest transaction on the market saw Interquest Office Campus - Building A & Building B change hands for $54,300,000 on 12/21/2022.

Largest Colorado Springs Office Sales in 2022

Property name Address Date Price
Interquest Office Campus - Building A & Building B 10125 Federal Drive 12/21/2022 $54,300,000
Epic One 10807 New Allegiance Drive 10/27/2022 $31,720,000
Patriot Park VII 565 Space Center Drive 10/6/2022 $23,000,000
Woodmen Office Campus - 7250 Campus Drive 7250 Campus Drive 5/27/2022 $11,250,000
5825 Delmonico Drive 5825 Delmonico Drive 5/4/2022 $7,900,000
Data provided by Commercial Edge

Coworking Spaces in Colorado

2022 Office Construction in Colorado Springs, CO

  • Colorado Springs, CO Total SF completed in 2022 50,000
  • Colorado Springs, CO Total SF under construction in 2023 60,000

During 2022, 50,000 square feet of new office space were delivered across the market. At the close of 2022, the Colorado Springs office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 50,000 square feet of office space. Looking forward, development activity throughout 2023 is estimated to add 60,000 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Colorado Springs
Office building Address SF Completed
InterQuest Marketplace - 1370 Interquest Pkwy 1370 Interquest Pkwy, 80920 60,000 2023
The Office at Victory Ridge 10855 Hidden Pool Heights, 80908 96,863 2021
The Offices at Victory Ridge 10855 Hidden Pool Heights, 80908 154,000 2019
Medical Center at Penrose 2312 North Nevada Avenue, 80907 71,000 2011
Epic One 10807 New Allegiance Drive, 80921 145,694 2008
Patriot Park VII 565 Space Center Drive, 80915 89,624 2008
InterQuest Hybrid II 9925 Federal Drive, 80921 53,788 2008
Medical Pavilion at Briargate 4105 Briargate Pkwy, 80920 170,000 2007
Briargate Medical Office Building at Memorial Hospital North Campus 4110 Briargate Pkwy, 80920 117,628 2007
NorthCare at St. Francis 6071 East Woodmen Road, 80923 85,250 2007

Worth noting among recent office completions on the Colorado Springs market is InterQuest Marketplace - 1370 Interquest Pkwy, which is currently the largest new office development in the city, at 60,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2022 through December 31st 2022. Construction pipeline data represented herein is valid as of April 2023. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Colorado Springs commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.