Direct vacancy increased to 6.1% in Q2 2020, up 107 bps from Q4 2019.
For the first time in over 10 years, the Colorado Springs retail market posted negative net absorption. Through the first half of 2020, 282,000 sq. ft. of negative net absorption was recorded.
Construction activity remained active with nearly 412,000 sq. ft. of retail space under development at the end of Q2 2020.
The average asking lease rate has been stable since Q4 2018, sitting at $14.33 per sq. ft. NNN in H1 2020.
Year-to-date investment sales declined by 33.6% year-over-year, recording $61.6 million in sales volume. Single tenant net leased properties accounted for a large share of the sales volume so far this year, pushing up the average price per sq. ft. to $316.