In an article entitled Commercial Real Estate that is written by Becky Hurley of the Gazette, she comments about some of the realities of the condition of the Colorado Springs Commercial Real Estate market.
Colorado Springs Realtors who operate in the commercial side of Colorado Springs Real Estate are essentially holding their breath since a few components regarding financial flow are blocked due to regulatory pressure on lenders and decreased international funding.
When considering the unemployment figures, El Paso County (Colorado Springs) hovers around 7% as compared with the national rates of 10.2%.
So how do these variables translate into a prognosis for the Colorado Springs Commercial market?
According to Hurley, “The 2009 Colorado Springs office market currently included about 28 million square feet, up slightly from 2008’s total, and the city’s overall vacancy rate stood at 17 percent — up from 14 percent for the previous year.”
To really see stabilization regarding occupancy and forward momentum in the commercial side of things, it’s predicted an additional 5,000 jobs to Colorado Springs are needed to step in to hopeful optimism.
With a population around 600,000 for the county, this figure for additional jobs is not unrealistic, yet, it will take some time. For those Colorado Springs Realtors who practice commercial real estate, I believe some challenging times still lay ahead for the next few years.
