The overall vacancy rate reached 4.7%, up 50 basis points (bps) from H2 2020 but stable year-over-year.
The overall availability rate increased to 7.1% in H1 2020, up from 6.0% in H2 2019.
The average direct asking lease rate increased to $9.78 per sq. ft. triple net (NNN) in H1 2020, a 1.5% increase from H2 2019.
Positive net absorption of 209,776 sq. ft. was posted in H1 2020, up 79.8% year-over-year.
Industrial space under construction soared to over 3.8 million sq. ft. at the end of Q2 2020 due to construction commencing at the 3.7 million-sq.-ft. multi-level Amazon distribution and sorting facility at Peak Innovation Park.
The Colorado Springs market recorded $44.4 million in sales volume for properties priced at $1.0 million and above for properties priced at $1.0 million and above, down 8.8% from H1 2019. The average price per sq. ft. increased to $116.26, a record high for the market.