Colorado Springs Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $22.25 2023 Avg. Asking Rent
  • -0.44% Y-o-Y Avg. Asking Rent Change
  • 18.20% 2023 Office Vacancy Rate
  • $17.3M2023 Total Office Sales
  • $122.27Avg. Sale Price/SF

Colorado Springs office price per square foot in 2023 was $22.25 on average. This marked a -0.44% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 18.20% across all asset classes combined. The 3 transactions that closed here throughout 2023 amounted to a total sale volume of $17.3M. Colorado Springs office space commanded an average sale price per square foot of $122.27.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Colorado Springs Class A & A+ Office Space$30.95
  • Colorado Springs Class B Office Space$20.06
  • Colorado Springs Class C Office Space$17.78
  • Colorado Class A & A+ Office Space$36.72
  • Colorado Class B Office Space$24.52
  • Colorado Class C Office Space$30.48

Colorado Springs, CO Office Asking Rents by Class

Average office rent in Colorado Springs rested at $22.25 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Colorado Springs averaged $30.95 per square foot. Across all submarkets, class B office space recorded an average asking rent of $20.06 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.78 per square foot, on average. Comparably, statewide Colorado average office rents by class in 2023 were: $36.72 per square foot for class A office space; $24.52 per square foot for class B office space; $30.48 per square foot for class C office space.

Office Spaces for Rent in Colorado

Colorado Springs Office Sale Price per SF

  • $122.272023 Avg. Price per SF
  • -26.74%Y-o-Y Avg. PpSF Change
  • $17.3M2023 Office Sales Volume
  • 32023 Number of Transactions

Colorado Springs, CO Sale Price per SF Trend

  • Colorado Springs Avg. Sale Price per SF in 2023$122.27
  • Colorado Avg. Sale Price per SF in 2023$243.00
Colorado Springs office space cost in 2023 marked a -26.74% change compared to the previous year. The sale price for office space in Colorado Springs averaged $122.27 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide Colorado average office sale price during the same time period was $243.00 per square foot.

2023 Office Sales Volume

  • Colorado Springs, CO Total Office Sales Volume in 2023 $17.3M
  • Colorado Springs, CO Total Number of Office Sales Closed in 2023 3
A total of 3 deals closed on the Colorado Springs office market in 2023, adding up to a yearly sales volume of $17.3M. Notably, the largest transaction on the market saw UCHealth Primary Care Clinic change hands for $11,450,000 on 7/31/2023.
Data provided by Commercial Edge

Coworking Spaces in Colorado

2023 Office Construction in Colorado Springs, CO

  • Colorado Springs, CO Total SF completed in 2023 60,000

During 2023, 60,000 square feet of new office space were delivered across the market. At the close of 2023, the Colorado Springs office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 60,000 square feet of office space.

Largest Office Properties Recently Completed in Colorado Springs
Office building Address SF Completed
InterQuest Marketplace - 1370 Interquest Pkwy 1370 Interquest Pkwy, 80921 60,000 2023
Woodmen Medical Plaza 7435 Sisters Grove, 80923 58,498 2021
5780 E Woodmen Road 5780 E Woodmen Road, 80924 3,000 2021
9542 Federal Dr 9542 Federal Dr, 80921 20,000 2019
5110 Edison Avenue 5110 Edison Avenue, 80915 42,484 2012
Medical Center at Penrose 2312 North Nevada Avenue, 80907 71,000 2011
176 Talamine Ct 176 Talamine Ct, 80907 5,600 2009
Epic One 10807 New Allegiance Drive, 80921 145,694 2008
Patriot Park VII 565 Space Center Drive, 80915 89,624 2008
Shops at Voyager 11550 Ridgeline Drive, 80921 41,680 2008

Worth noting among recent office completions on the Colorado Springs market is InterQuest Marketplace - 1370 Interquest Pkwy, which is currently the largest new office development in the city, at 60,000 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Colorado Springs commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.