The average direct asking lease rate reached $10.13 per sq. ft. triple net in 2020, a 5.1% increase from year-end 2019.
28,213 sq. ft. of positive net absorption was recorded in H2 2020, bringing YTD net absorption to 237,989 sq. ft.—down 47% year-over-year.
The overall vacancy rate was 4.7% in H2 2020, up 50 basis points year-over-year.
Industrial space under construction remained steady at 3.8 million sq. ft in H2 2020. This is led by the 3.7 million-sq.-ft. multi-level Amazon distribution and sorting facility at Peak Innovation Park. The project is estimated to deliver in Q2 2021.
The Colorado Springs market recorded $108.5 million in sales volume for properties priced at $1.0 million and above, up 45.4% year-over-year and marking the highest total since the record-breaking year in 2018. The average price per sq. ft. increased to a market high at $112.6.