The commercial property keeps cruising

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Experts claim the commercial market in Colorado Springs is poised for continued expansion in 2021 - even as the region recovers from the pandemic-related monetary shutdowns of this past year.

Real estate analytics company Costar reported that the vacancy rate for commercial properties on Colorado Springs hit 8.84 percent in the fourth quarter of 2020, with a higher of roughly 450,000 square feet sitting empty after greater than a dozen Downtown businesses closed or seemed to cut overhead costs as their workers shifted to remote work.

This year’s first quarter could see only a nominal reduction in empty commercial space. And even last quarter’s vacancy substantial still falls considerably below the 14.1 percent rate recorded in the earliest quarter of 2011, for instance, when the neighborhood economy was still reeling from the fantastic Recession. 

Regardless of the setbacks of the pandemic, commercial real estate designers are continuing to drive major projects forward this year, increasing the number of available square footage for new businesses establishing shop in the city’s many subcenters. Retail demand can be beginning to rebound, with a vacancy rate of 5.8 percent by February, stabilized partly by the neighborhood economy’s reliable anchors: universities and military bases.

NORTH

Retail development is still a significant emphasis, particularly on the far northern parts of the city. Growth in the area was bolstered by previous year’s grand beginning of Colorado’s first In-N-Out Burger restaurant and the chain’s still-in-advancement regional processing centre at Victory Ridge, a 153-acre mixed use development southeast of Interquest and Voyager parkways.

“In the end, In-N-Out tries to go into the markets that contain the most potential, and Colorado Springs provides always done very well with national chain restaurants,” said Bob Cope, Colorado Springs economic development manager. “So I think our demographics prearranged, but also the community pulled together to provide the support to make them feel like these were desired right here and would be supported here.”

At InterQuest Marketplace, certainly not significantly west of Voyager, a fresh headquarters for Ent Credit Union is nearing completion. It is being constructed near a 220,000-square-foot Scheels shoe store, as well set for an beginning at the end of March at InterQuest, that may consist of 80 shops, an aquarium and a full-size Ferris wheel.

“It’s almost a tourist attraction alone, and it’s able to contend with online retail because it’s this experience,” Cope said.

Development at Polaris Pointe at the corner of North Gate Boulevard and I-25 also continues to go forward this season with a good slew of entertainment alternatives set to become listed on new restaurants, Colorado Springs’ Bass Pro Shops site, a Magnum Shooting Middle and an indoor go-kart race monitor. A Topgolf driving collection with 70 bays is defined to open sometime come early july.

Cope said Centura Wellbeing is likely to open a good third hospital to accommodate the area’s developing population.

“They’re on the point of submit land use applications for phase among their new medical center campus right at the southeast corner of I-25 and Interquest,” he said. “Eventually we anticipate that to be in regards to a $500 million purchase. Their first period, for their first medical center building, it’s going to be around $100 [million] to $200 million invested. It’s place to break floor this year.”

To the northeast, Cope said both commercial and residential production in Banning Lewis Ranch likewise seem to be developing at an instant pace that may make it a favorable spot for additional healthcare facilities.

A new Air Force Academy Visitor Center can be in the works in the area of North Gate and I-25, which is portion of the City for Champions production initiative funded by $120 million in sales tax rebates the state awarded Colorado Springs in 2013.

DOWNTOWN

Cope said Downtown Colorado Springs has often been regarded as a location of neglect seeing that the city has grown outward, but he said that’s slowly but surely beginning to change.

“Various bars and restaurants are receiving ready to open within the next few months,” he said. “We will have additional development in southwest Downtown. That’s in the region near the [U.S.] Olympic [& Paralympic] Museum. A lot more apartments are as well increasing. Some townhomes and condominiums aswell, which we haven’t experienced a lot of. That will become good for home ownership alternatives in the lower income range. We have Weidner Stadium nearing completion - hopefully beginning in April - and Robson Arena at Colorado College, opening this season in the fall.”

Doug Abernethy, principal with RTA Architects, the major architectural firm in the Springs, said that production interest found in the Downtown location is catching on with corporations from the city’s most populous Front Range neighbor.

“It’s been a wildfire in Denver for almost a decade, and there are business real estate developers trying at Downtown Colorado Springs as an opportunity, much just like they did found in Denver 10 or 15 years ago,” he said.
Source: https://www.csbj.com

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