2020 Office Space Rent & Sales
- $21.08 2020 Avg. Asking Rent
- -4.52 % Y-o-Y Avg. Asking Rent Change
- 14.71 % 2020 Office Vacancy Rate
- $159M2020 Total Office Sales
- $155.39Avg. Sale Price/Sqft
Colorado Springs office price per square foot in 2020 was $21.08 on average. This marked a -4.52 % change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.71 % across all asset classes combined. The 14 transactions that closed here throughout 2020 amounted to a total sale volume of $159M. Colorado Springs office space commanded an average sale price per square foot of $155.39.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Colorado Springs Class A Office Space$27.51
- Colorado Springs Class B Office Space$21.77
- Colorado Springs Class C Office Space$14.43
- Colorado Class A Office Space$33.93
- Colorado Class B Office Space$24.71
- Colorado Class C Office Space$17.89
Colorado Springs, CO Office Asking Rents by Class
Average office rent in Colorado Springs rested at $21.08 per square foot in 2020. 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 $27.51 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.77 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $14.43 per square foot, on average. Comparably, statewide Colorado average office rents by class in 2020 were: $33.93 per square foot for class A office space; $24.71 per square foot for class B office space; $17.89 per square foot for class C office space.
Colorado Springs Office Sale Price per Sqft
Colorado Springs, CO Sale Price per Sqft Trend
- Colorado Springs Avg. Sale Price per Sqft in 2020$155.39
- Colorado Avg. Sale Price per Sqft in 2020$209.71
2020 Office Sales Volume
- Colorado Springs, CO Total Office Sales Volume in 2020 $159M
- Colorado Springs, CO Total Number of Office Sales Closed in 2020 14
Largest Colorado Springs Office Sales in 2020
|Patriot Park VI||655 Space Center Drive||10/5/2020||$24,250,000|
|Union Medical Campus - 1633 & 1644 Medical Center Point||1633 Medical Center Point||6/8/2020||$23,600,000|
|5805-5825 Mark Dabling Blvd||5825 Mark Dabling Blvd||10/1/2020||$17,000,000|
|Newport Centre One||1670 North Newport Road||12/30/2020||$11,009,500|
|One Commerce Center||7222 Commerce Center Drive||1/7/2020||$10,600,000|
2020 Office Construction in Colorado Springs, CO
- Colorado Springs, CO Total Sqft completed in 2020
- Colorado Springs, CO Total Sqft under construction in 2021 439,930
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Colorado Springs office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 439,930 square feet of office space to the market, before year-end.
|11550 Ent Parkway||11550 Ent Pkwy, 80920||325,000||2021|
|The Office at Victory Ridge||10855 Hidden Pool Heights, 80908||96,863||2021|
|Centura Health Urgent Care - Broadmoor||1263 Lake Plaza Drive, 80906||31,338||2015|
|3141 Centennial Blvd||3141 Centennial Blvd, 80907||76,731||2014|
|Pinnacle Eye Center Campus||2770 North Union Blvd, 80909||48,328||2012|
|5110 Edison Avenue||5110 Edison Avenue, 80915||30,857||2012|
|Medical Center at Penrose||2312 North Nevada Avenue, 80907||71,000||2011|
|2405 Research Pkwy||2405 Research Pkwy, 80920||32,056||2009|
|Epic One||10807 New Allegiance Drive, 80921||145,694||2008|
|Patriot Park VII||565 Space Center Drive, 80915||89,624||2008|
Worth noting among recent office completions on the Colorado Springs market is 11550 Ent Parkway, which is currently the largest new office development in the city, at 325,000 square feet.
See reports for nearby markets
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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. 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.