Colorado Springs Q1 2021 - Unique Properties

MARKET REPORTINDUSTRIAL

FULL-SERVICE COMMERCIAL REAL ESTATE SOLUTIONSPRIVATELY-OWNED AND OPERATED FOR OVER 40 YEARS

303.321.5888 UNIQUEPROP.COM

Colorado Springs Q1 2021

SM

INDUSTRIAL MARKET REPORT

Market Key Statistics 1

Leasing 2

Rent 6

Construction 7

Under Construction Properties 8

Sales 10

Sales Past 12 Months 11

Economy 13

Market Submarkets 18

Supply & Demand Trends 20

Rent & Vacancy 22

Sale Trends 24

Colorado Springs Industrial

4/21/2021Copyrighted report licensed to Unique Properties, Inc. - 1130503

OverviewColorado Springs Industrial

142K (40.7K) 5.0% 3.6%12 Mo Deliveries in SF 12 Mo Net Absorption in SF Vacancy Rate 12 Mo Rent Growth

The vacancy rate fell by 20 basis points from 20Q4,ending 21Q1 at 5.0%. Vacancies remain historically tightand with minimal supply pressure expected in the nearterm, the market is likely to stabilize.

Before the pandemic, net absorption clocked in at justunder 900,000 SF in 2019, the second-strongest in adecade. Both the vacancy and availability rates werelikewise at their lowest in at least 10-years.

Amazon's 4 million SF distribution and sorting center ison schedule to deliver in mid-2021. The online retailer isbuilding the complex in the airport's Peak InnovationPark, which is adjacent to a delivery station that Amazon

opened last year. Amazon plans to hire 1,000 workers atthe new location.

Rent growth decelerated from mid-2019 through mid-2020, but an uptick in demand for industrial spacereversed this trend last year. Rents are on the rise, withannual rent growth at 3.6%.

Despite recent turmoil in the job market, investors remainbullish on the long-term outlook of the industrial sector inColorado Springs. $140 million worth of assets tradedlast year, one of the best annual marks in the pastdecade. That momentum carried over into 2021 with $25million trading in the first quarter.

KEY INDICATORS

Market RentVacancy RateRBACurrent Quarter Availability RateNet Absorption

SFDeliveries SF

UnderConstruction

$9.102.2%19,168,925Logistics 4.3% 69,761 0 4,414,910

$9.605.2%10,179,611Specialized Industrial 6.7% 0 0 0

$10.4112.2%7,070,224Flex 15.9% (733) 0 0

$9.455.0%36,418,760Market 6.9% 69,028 0 4,414,910

ForecastAverage

HistoricalAverage

12 MonthAnnual Trends Peak When Trough When

6.4%9.2%0.5%Vacancy Change (YOY) 13.8% 2009 Q3 4.5% 2020 Q1

1,698,112159,697(40.7K)Net Absorption SF 1,281,534 2019 Q1 (1,124,220) 2009 Q3

1,856,640166,772142KDeliveries SF 412,525 2007 Q4 0 2015 Q2

3.2%2.5%3.6%Rent Growth 5.8% 2019 Q1 -3.3% 2010 Q1

N/A$83.6M$136MSales Volume $162.2M 2019 Q2 $32.5M 2009 Q4


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LeasingColorado Springs Industrial

NET ABSORPTION, NET DELIVERIES & VACANCY

VACANCY RATE


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AVAILABILITY RATE


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12 MONTH NET ABSORPTION SF IN SELECTED BUILDINGS

3rd QtrBuilding Name/Address Submarket Bldg SF Vacant SF

1st Qtr 2nd Qtr 4th Qtr 12 Month

Net Absorption SF

Southeast Ind 197,600 0 50,000 0 0 0 70,4234510 Edison Ave

Northwest Ind 151,363 0 0 0 0 0 43,2035825 Mark Dabling Blvd

Southwest Ind 164,582 108,744 55,838 0 0 0 33,932Cheyenne Industrial Park

Southeast Ind 31,058 0 0 0 0 0 31,058Sierra Nevada Corp. Hangar #4

North Ind 35,928 0 0 0 0 0 25,1764235 N Nevada Ave

North Ind 48,000 0 24,500 0 0 0 24,5003106 N Stone Ave

Northwest Ind 37,120 0 15,865 0 0 0 21,621Buckingham Office Warehouse

Southeast Ind 18,000 0 18,000 0 0 0 18,0004949 Geiger Blvd

Southeast Ind 17,540 0 17,540 0 0 0 17,540Stonegate Business Park

Southeast Ind 17,500 0 17,500 0 0 0 17,5003390 Astrozon Blvd

Greater CBD Ind 21,014 0 0 0 0 0 16,1642901 N El Paso St

Northwest Ind 24,526 6,626 4,243 7,221 0 0 13,414Garden of the Gods Industrial Park

Greater CBD Ind 12,890 0 0 12,579 0 0 12,579207 W Las Animas St

Southeast Ind 19,552 7,332 7,332 4,888 0 0 12,2202515 Laramie Dr

Northeast Ind 12,000 0 0 0 0 0 12,0008170 Sandy Ct

North Ind 11,950 0 0 11,950 0 0 11,950110 Mount View Ln

Northwest Ind 62,370 0 0 0 0 0 11,746485 Elkton Dr

882,993 122,702 210,818 36,638 0 0 393,026Subtotal Primary Competitors

35,535,767 1,689,802 (111,569) 32,390 0 0 (433,766)Remaining Colorado Springs Market

36,418,760 1,812,504 99,249 69,028 0 0 (40,740)Total Colorado Springs Market


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TOP INDUSTRIAL LEASES PAST 12 MONTHS

Building Name/Address Submarket Leased SF Tenant Name Tenant Rep Company Leasing Rep CompanyQtr

715 S Academy Blvd East 134,969 Amazon - Newmark;Newmark Kni…Q1 21

4510 Edison Ave Southeast 50,000 OnTrac Colliers International Peak Commercial Prop…Q4 20

3505-3525 N Stone Ave North 33,104 Virtual Energy - Strata GroupQ3 20

2540 Zeppelin Rd Southeast 32,760 Lansing Building Products… Cushman & Wakefield CBREQ1 21

3170 N Century St * North 27,000 Allied Building Products Mohr Partners, Inc. NAI Highland Commerc…Q4 20

4235 N Nevada Ave North 26,000 Western Peak Logistics JLL;NAI Highland C… Hoff & Leigh Colorado…Q3 20

2660 Vickers Dr Northeast 26,000 Legend Family Sports - Olive Real Estate GroupQ2 20

2150 Garden of the Gods Rd Northwest 26,000 Texas Fireplace - RE/MAX AdvantageQ1 21

3106 N Stone Ave North 24,500 - - Peak Commercial Prop…Q4 20

3610 Stone Ave North 22,417 Gold Star Foods, Inc. Cushman & Wakefield Olive Real Estate GroupQ2 20

170 Talamine Ct North 19,650 - - Olive Real Estate GroupQ1 21

4650 Forge Rd Northwest 19,010 VPX Pharmaceuticals, Inc JLL Olive Real Estate GroupQ2 20

4325 Northpark Dr * North 18,800 Reddy Ice, LLC - Olive Real Estate GroupQ3 20

4949 Geiger Blvd Southeast 18,000 Creative Fabrications - CBREQ4 20

4930-4950 Geiger Blvd Southeast 17,540 United States Army Corps… - RE/MAX AdvantageQ4 20

111 W Las Vegas St Greater CBD 16,705 Artificial Grass Factory Ou… - Thrive Commercial Part…Q3 20

901 Synthes Ave Northwest 16,100 - - Peak Commercial Prop…Q4 20

4650 Forge Rd Northwest 16,000 Johnson Logistics, LLC Trend Commercial R… Olive Real Estate GroupQ3 20

120 S Sahwatch St CBD 13,527 - - Mel R EskanosQ1 21

3075 Janitell Rd Southeast 12,705 Flowers Baking Co Cushman & Wakefield Cushman & WakefieldQ4 20

4930-4940 Northpark Dr North 12,000 - - Milner Properties LLCQ1 21

1490 Valley St Southeast 10,525 Aleris Berkshire Hathaway… NAI Highland Commerc…Q4 20

1830 Palmer Park Blvd East 10,368 Bowman Construction Su… Unique Properties, Inc. -Q4 20

625 N Murray Blvd * Southeast 10,000 Colorado Auto Storage Peak Commercial Pr… Peak Commercial Prop…Q3 20

2560 Carmel Dr Southeast 10,000 TEN SIX, LLC - Delta Development IncQ2 20

4602-4614 Northpark Dr North 9,486 - - NAI Highland Commerc…Q4 20

1930-2070 S Academy Blvd East 9,064 Springs Tactical Gear - NavPoint Real Estate…Q1 21

3120 Century St North 8,357 - Hoff & Leigh Colora… Peak Commercial Prop…Q1 21

2170-2180 Victor Pl * Southeast 8,256 Waxie Sanitary Supply - Olive Real Estate GroupQ2 20

6150 Stadia Ct Southeast 8,000 Crossfit Decimate Peak Commercial Pr… RE/MAX AdvantageQ2 20

5695 Parachute Cir Southeast 8,000 - - Peak Commercial Prop…Q4 20

109 S Sierra Madre St CBD 8,000 Confidential - Mel R EskanosQ1 21

920-960 Ford St Southeast 7,532 StateServ Medical - Olive Real Estate GroupQ2 20

4250 Hancock Expy Southeast 7,500 Street Metal Classics Olive Real Estate Gr… RE/MAX AdvantageQ3 20

4120 Mark Dabling Blvd North 7,500 Aramark Uniform & career… Cushman & Wakefield Newmark Knight FrankQ3 20

5045-5053 N 30th St Northwest 7,200 Fifth Gait Technologies, Inc. - Olive Real Estate GroupQ3 20

5135 Centennial Blvd Northwest 7,000 - - Olive Real Estate GroupQ4 20

2108-2110 Victor Pl Southeast 6,400 Colorado Flooring Bray & Co. Commer… Peak Commercial Prop…Q1 21

1902 Aerotech Dr Southeast 6,400 Safelite Colorado Springs C… Cushman & WakefieldQ4 20

8170 Sandy Ct Northeast 6,398 B&L Plumbing - Hoff & Leigh Colorado…Q3 20

*Renewal


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RentColorado Springs Industrial

MARKET RENT GROWTH (YOY)

MARKET RENT PER SQUARE FEET


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ConstructionColorado Springs Industrial

DELIVERIES & DEMOLITIONS

SUBMARKET CONSTRUCTION

Average Building Size

RankUnder Constr

Under Construction Inventory

All ExistingSF (000) Pre-Leased SF (000)SubmarketNo. RankBldgs Pre-Leased %

1 Southeast 7 4,398 628,27393.3% 3 16,1684,104 1

2 North 1 12 12,000100% 1 17,54312 2

3 Northeast 1 5 5,000100% 1 27,9365 3

4 CBD 0 - -- - 12,536- -

5 Greater CBD 0 - -- - 11,618- -

6 Northwest 0 - -- - 33,527- -

7 Southwest 0 - -- - 14,211- -

8 Teller County 0 - -- - 13,227- -

Totals 9 4,415 490,54693.3% 18,4404,121


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Under Construction PropertiesColorado Springs Industrial

9 4,414,910 15.0% 93.3%Properties Square Feet Percent of Inventory Preleased

UNDER CONSTRUCTION PROPERTIES

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Mar 20204222 Integration Loop

Amazon Fulfillment Center4,000,000 4 Sep 2021

Trammell Crow Company

Amazon1

Mar 20212540 Zeppelin Rd

131,040 1 Oct 2021Scannell Properties

City of Colorado Springs - Real E…2

Mar 20212520 Zeppelin Rd

109,200 1 Oct 2021-

City of Colorado Springs - Real E…3

Apr 20211535 N Newport Rd

64,800 1 Nov 2021-

Barbara A McQueen4

Mar 2021930 N Newport Rd

41,270 1 Jan 2022-

-5

Aug 20205710-5750 E Bijou St

30,000 1 Jun 2021-

-6

Jan 20212155 Executive Cir

21,600 1 Aug 2021-

Charles J Murphy7


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Under Construction PropertiesColorado Springs Industrial

UNDER CONSTRUCTION

Property Name/Address Rating Bldg SF Stories Start Complete Developer/Owner

Oct 202015 Buchanan St

12,000 1 May 2021-

-8

Sep 20204623 Austin Bluffs Pky

5,000 1 May 2021-

-9


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SalesColorado Springs Industrial

SALES VOLUME & MARKET SALE PRICE PER SF

MARKET CAP RATE


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Sales Past 12 MonthsColorado Springs Industrial

115 7.4% $112 6.8%Sale Comparables Avg. Cap Rate Avg. Price/SF Avg. Vacancy At Sale

SALE COMPARABLE LOCATIONS

SALE COMPARABLES SUMMARY STATISTICS

Sales Attributes Low Average Median High

Sale Price $18,312 $1,785,084 $1,450,000 $17,000,000

Price/SF $16 $112 $120 $443

Cap Rate 6.1% 7.4% 7.8% 8.5%

Time Since Sale in Months 0.0 5.7 5.3 12.0

Property Attributes Low Average Median High

Building SF 594 15,841 10,000 151,363

Ceiling Height 9' 16'9" 16' 35'

Docks 0 2 0 36

Vacancy Rate At Sale 0% 6.8% 0% 96.0%

Year Built 1900 1985 1985 2020

Star Rating 2.0


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Sales Past 12 MonthsColorado Springs Industrial

Property Name - Address Rating Yr Built Bldg SF Vacancy Price Price/SF

Property

Sale Date

Sale

Cap Rate

RECENT SIGNIFICANT SALES

-1 5825 Mark Dabling Blvd1979 151,363 0% $17,000,000 $11210/1/2020 8.5%

-2 2640 Zeppelin Rd2018 99,960 0% $14,600,000 $1465/21/2020 -

-3 1480 N Newport Rd2002 53,600 0% $5,316,065 $9912/22/2020 -

-4 4330 Mark Dabling Blvd1978 61,098 0% $4,160,200 $6812/10/2020 -

-5 5045 List Dr1998 30,400 0% $4,100,000 $1353/31/2021 7.8%

-6 855 Aeroplaza Dr1980 50,146 0% $3,500,000 $703/23/2021 -

-7 211 W Cimarron St1986 24,179 0% $3,171,205 $13110/27/2020 -

-8 Krohn's Coverings Inc1993 21,404 0% $2,765,000 $129

702 Clark Pl12/18/2020 -

-9 3116 N Stone Ave1995 12,282 0% $2,600,000 $21211/18/2020 -

-10 H&E Equipment Services1967 16,000 0% $2,600,000 $163

2401 Steel Dr6/17/2020 6.8%

-11 Liberty Sash & Door1990 16,000 0% $2,400,000 $150

6646-6650 Vincent Dr2/17/2021 -

-12 215 W Cimarron St1986 17,756 0% $2,328,795 $13110/27/2020 -

-13 901 Synthes Ave1986 29,854 53.9% $2,200,000 $7411/30/2020 -

-14 7006 Space Village Ave2018 14,000 0% $2,100,000 $1507/1/2020 6.3%

-15 3525 N Cascade Ave1987 21,250 32.9% $2,025,000 $9512/23/2020 -

-16 Colorado Interstate Gas1957 12,000 0% $2,000,000 $167

112-116 W Rio Grande St3/11/2021 -

-17 540-550 E Cimarron St1968 20,000 0% $2,000,000 $1003/9/2021 -

-18 3975 N Academy Blvd1978 25,048 0% $2,000,000 $8012/30/2020 -

-19 4120 Mark Dabling Blvd1973 14,725 0% $1,900,000 $12912/21/2020 -

-20 1440 Paonia St1998 15,000 0% $1,850,663 $1232/6/2021 -


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EconomyColorado Springs Industrial

With its proximity to the mountains and views of PikesPeak, residents in Colorado Springs can enjoy outdoorrecreational opportunities without sacrificing cityamenities, shaping this area into a vibrant community.The region is home to many booming industries,including aerospace, military technology, and innovationin life sciences and medical devices. Colorado Springsconsistently ranks as one of the best places to livethanks to its diverse career opportunities, affordablehousing, and short commute times.

The economy in Colorado Springs is deeply rooted inmilitary and defense. The metro is home to three Armyand Air Force bases, as well as the U.S. Air ForceAcademy, which has 4,000 students. In addition, there isan extensive presence of defense contractors, includingNorthrop Grumman and Lockheed Martin.

Employment growth in Colorado Springs outperformedthe national benchmark for nearly a decade heading intothe recession last year. Professional and BusinessServices, Education and Health Services, and Natural

Resources, Mining and Construction were the fastestgrowing industries for jobs. Even though ColoradoSprings is fairing better than most metros, the city is notimmune to the effects of the pandemic. Unemploymentrose sharply at the onset of the pandemic, peaking at12.6% in April of last year but has fallen to 7.1% as ofFebruary.

Unlike Boulder and Denver, affordability has not been alimiting factor for apartment demand in Colorado Springsfor much of the last cycle.

Average asking apartment rents are a sizablediscount—more than 30%—from those in Denver andBoulder, and 20% below the national average.

Buoyed by its proximity to Denver and supported byseveral universities and nearby military bases thatprovide an inelastic source of demand for goods andservices, the Colorado Springs multifamily market is onstable footing.

COLORADO SPRINGS EMPLOYMENT BY INDUSTRY IN THOUSANDS

NAICS Industry Jobs LQ MarketUS USMarketUSMarket

CURRENT JOBS CURRENT GROWTH 10 YR HISTORICAL 5 YR FORECAST

0.35%-0.48%0.51%0.42%-1.99%-1.51%0.512Manufacturing

0.53%0.69%0.89%1.60%-0.25%2.58%0.845Trade, Transportation and Utilities

0.42%0.85%0.45%1.33%0.71%2.93%1.133 Retail Trade

0.59%-0.18%1.34%2.25%-0.27%0.26%1.119Financial Activities

0.97%1.82%-0.33%0.84%-4.48%-4.84%1.252Government

1.02%0.67%2.53%4.68%-1.58%-0.07%1.119Natural Resources, Mining and Construction

1.79%1.75%1.48%3.72%-2.31%0.72%0.942Education and Health Services

1.42%0.56%1.89%1.82%-0.85%2.85%1.148Professional and Business Services

2.30%2.02%0.08%-2.70%-4.99%-5.16%1.05Information

4.39%3.92%0.29%0.74%-10.26%-10.76%1.233Leisure and Hospitality

1.15%-0.12%0.31%2.18%-2.56%-0.64%1.618Other Services

Total Employment 294 1.0 -1.47% -2.74% 1.76% 0.90% 1.28% 1.39%

Source: Oxford Economics

LQ = Location Quotient


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YEAR OVER YEAR JOB GROWTH

UNEMPLOYMENT RATE (%)


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NET EMPLOYMENT CHANGE (YOY)

MEDIAN HOUSEHOLD INCOME


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POPULATION GROWTH (YOY %)

NET POPULATION CHANGE (YOY)


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DEMOGRAPHIC TRENDS

12 Month ChangeCurrent Level

Metro USMetro USDemographic Category

10 Year Change

Metro US Metro US

5 Year Forecast

Population 330,010,125757,072 0.9% 0.2% 1.4% 0.6% 1.1% 0.5%

Households 123,297,680279,687 0.8% 0.1% 1.3% 0.7% 1.1% 0.4%

Median Household Income $73,171$83,218 11.0% 8.8% 4.7% 3.9% 1.4% 1.8%

Labor Force 160,443,156360,917 1.3% -1.3% 1.3% 0.5% 0.5% 0.7%

Unemployment 6.2%6.4% 0.9% 0.2% -0.3% -0.3% - -


POPULATION GROWTH


LABOR FORCE GROWTH INCOME GROWTH


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SubmarketsColorado Springs Industrial

COLORADO SPRINGS SUBMARKETS


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SubmarketsColorado Springs Industrial

SUBMARKET INVENTORY

12 Month Deliveries Under Construction

Bldgs SF (000) Percent Rank

Inventory

Bldgs SF (000) Percent RankBldgs SF (000) % Market RankSubmarketNo.

1 CBD 276 0.8% 8 0 - - -22 0 0 0% -

2 Greater CBD 1,696 4.7% 6 0 - - -146 1 2 0.1% 3

3 North 5,456 15.0% 3 1 12 0.2% 2311 0 0 0% -

4 Northeast 3,324 9.1% 4 1 5 0.2% 3119 4 57 1.7% 2

5 Northwest 7,443 20.4% 2 0 - - -222 0 0 0% -

6 Southeast 15,133 41.6% 1 7 4,398 29.1% 1936 5 83 0.5% 1

7 Southwest 2,800 7.7% 5 0 - - -197 0 0 0% -

8 Teller County 291 0.8% 7 0 - - -22 0 0 0% -

SUBMARKET RENT

Growth

Market Rent

Per SFSubmarketNo.

12 Month Market Rent QTD Annualized Market Rent

RankRank GrowthRank

1 CBD 5.3%8 2.5% 7$8.42 1

2 Greater CBD 4.6%6 2.6% 6$9.16 2

3 North 4.5%7 3.6% 4$8.53 4

4 Northeast 3.6%1 3.9% 2$12.22 7

5 Northwest 3.8%4 4.5% 1$9.30 6

6 Southeast 4.6%5 3.2% 5$9.29 3

7 Southwest 4.3%3 3.7% 3$9.69 5

8 Teller County 3.6%2 2.4% 8$10.08 8

SUBMARKET VACANCY & NET ABSORPTION

12 Month Absorption

Rank Construc. Ratio

Vacancy

SF % of InvSF PercentSubmarketNo. Rank

1 CBD 8,000 2.9% -(8,000) -2.9% 53

2 Greater CBD 5,269 0.3% -27,817 1.6% 21

3 North 188,786 3.5% -(40,560) -0.7% 64

4 Northeast 307,927 9.3% -(74,661) -2.2% 76

5 Northwest 740,151 9.9% -(88,622) -1.2% 87

6 Southeast 423,536 2.8% 0.5126,184 0.8% 12

7 Southwest 138,835 5.0% -17,101 0.6% 35

8 Teller County - - -0 0% --


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Supply & Demand TrendsColorado Springs Industrial

OVERALL SUPPLY & DEMAND

Net AbsorptionInventory

% of Inv Construction RatioSF SF Growth % Growth SFYear

2025 1,249,770 2.8% 2.7%1,237,351 1.045,659,540

2024 1,397,436 3.2% 3.1%1,387,380 1.044,409,770

2023 1,465,033 3.5% 4.0%1,708,943 0.943,012,334

2022 770,119 1.9% 7.6%3,165,336 0.241,547,301

2021 4,366,241 12.0% 3.0%1,211,169 3.640,777,182

YTD 7,819 0% 0.5%168,277 036,418,760

2020 177,343 0.5% 0.3%101,441 1.736,410,941

2019 41,121 0.1% 2.3%843,956 036,233,598

2018 326,873 0.9% 2.5%915,171 0.436,192,477

2017 143,422 0.4% 0.4%131,629 1.135,865,604

2016 65,160 0.2% -0.6%(224,240) -35,722,182

2015 193,648 0.5% -0.1%(28,341) -35,657,022

2014 179,691 0.5% 1.5%515,915 0.335,463,374

2013 (750,703) -2.1% -0.6%(224,130) -35,283,683

2012 348,733 1.0% 1.7%601,960 0.636,034,386

2011 24,035 0.1% 1.2%419,792 0.135,685,653

2010 28,524 0.1% 1.8%649,463 035,661,618

2009 122,641 0.3% -0.9%(323,049) -35,633,094

SPECIALIZED INDUSTRIAL SUPPLY & DEMAND



2025 1,372 0% -0.1%(14,317) -10,180,762

2024 2,678 0% -0.1%(11,040) -10,179,390

2023 3,309 0% 0%(1,571) -10,176,712

2022 (2,490) 0% 0%4,608 -10,173,403

2021 (3,718) 0% -0.3%(34,392) -10,175,893

YTD 0 0% -0.2%(22,295) -10,179,611

2020 37,075 0.4% 2.6%262,691 0.110,179,611

2019 0 0% 1.0%104,528 010,142,536

2018 0 0% 1.9%190,063 010,142,536

2017 59,503 0.6% 0.1%15,182 3.910,142,536

2016 0 0% 1.5%148,609 010,083,033

2015 (26,350) -0.3% -2.2%(225,763) -10,083,033

2014 149,023 1.5% 1.8%178,564 0.810,109,383

2013 0 0% 0.6%61,686 09,960,360

2012 0 0% -0.1%(6,317) -9,960,360

2011 0 0% 1.2%123,880 09,960,360

2010 0 0% 1.4%138,778 09,960,360

2009 0 0% 0.1%11,260 09,960,360


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Supply & Demand TrendsColorado Springs Industrial

LOGISTICS SUPPLY & DEMAND



2025 1,248,444 4.6% 4.5%1,270,282 1.028,412,056

2024 1,393,925 5.4% 5.2%1,413,721 1.027,163,612

2023 1,460,431 6.0% 6.6%1,711,829 0.925,769,687

2022 775,249 3.3% 13.0%3,172,256 0.224,309,256

2021 4,372,901 22.8% 4.6%1,092,836 4.023,534,007

YTD 7,819 0% 0.9%168,590 019,168,925

2020 140,268 0.7% 0.7%125,956 1.119,161,106

2019 (66,879) -0.4% 2.1%396,261 -19,020,838

2018 326,873 1.7% 2.6%500,859 0.719,087,717

2017 78,978 0.4% -1.0%(196,549) -18,760,844

2016 65,160 0.4% -1.4%(258,206) -18,681,866

2015 219,998 1.2% 1.7%314,724 0.718,616,706

2014 30,668 0.2% 1.3%245,172 0.118,396,708

2013 27,698 0.2% 1.4%262,388 0.118,366,040

2012 145,969 0.8% 2.3%418,583 0.318,338,342

2011 24,035 0.1% 1.3%244,433 0.118,192,373

2010 26,124 0.1% 2.3%415,218 0.118,168,338

2009 107,142 0.6% -0.9%(155,124) -18,142,214

FLEX SUPPLY & DEMAND



2025 (46) 0% -0.3%(18,614) -7,066,722

2024 833 0% -0.2%(15,301) -7,066,768

2023 1,293 0% 0%(1,315) -7,065,935

2022 (2,640) 0% -0.2%(11,528) -7,064,642

2021 (2,942) 0% 2.2%152,725 -7,067,282

YTD 0 0% 0.3%21,982 07,070,224

2020 0 0% -4.1%(287,206) -7,070,224

2019 108,000 1.6% 4.9%343,167 0.37,070,224

2018 0 0% 3.2%224,249 06,962,224

2017 4,941 0.1% 4.5%312,996 06,962,224

2016 0 0% -1.6%(114,643) -6,957,283

2015 0 0% -1.7%(117,302) -6,957,283

2014 0 0% 1.3%92,179 06,957,283

2013 (778,401) -10.1% -7.9%(548,204) -6,957,283

2012 202,764 2.7% 2.5%189,694 1.17,735,684

2011 0 0% 0.7%51,479 07,532,920

2010 2,400 0% 1.3%95,467 07,532,920

2009 15,499 0.2% -2.4%(179,185) -7,530,520


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Rent & VacancyColorado Springs Industrial

OVERALL RENT & VACANCY

Market Rent

Per SF Index % Growth Vs Hist PeakYear

Vacancy

SF Percent Ppts Chg

2025 159 2.0% 16.4%$10.86 2,517,595 5.5% -0.1%

2024 156 2.5% 14.1%$10.65 2,504,285 5.6% -0.2%

2023 152 3.4% 11.4%$10.39 2,493,450 5.8% -0.8%

2022 147 3.7% 7.7%$10.05 2,736,425 6.6% -6.0%

2021 142 3.9% 3.9%$9.69 5,129,298 12.6% 7.2%

YTD 138 1.3% 1.3%$9.45 1,812,504 5.0% -0.4%

2020 136 2.7% 0%$9.33 1,972,962 5.4% 0.2%

2019 133 4.4% -2.7%$9.08 1,897,060 5.2% -2.2%

2018 127 5.7% -6.7%$8.70 2,699,895 7.5% -1.7%

2017 120 5.4% -11.8%$8.23 3,292,081 9.2% 0%

2016 114 4.0% -16.3%$7.81 3,280,288 9.2% 0.8%

2015 110 3.8% -19.5%$7.52 2,990,888 8.4% 0.6%

2014 106 5.1% -22.4%$7.24 2,768,899 7.8% -1.0%

2013 101 3.5% -26.2%$6.89 3,105,123 8.8% -1.3%

2012 97 1.6% -28.7%$6.65 3,631,696 10.1% -0.8%

2011 96 0.6% -29.8%$6.55 3,884,923 10.9% -1.1%

2010 95 -2.5% -30.2%$6.52 4,280,680 12.0% -1.8%

2009 98 -2.3% -28.4%$6.68 4,901,619 13.8% 1.2%

SPECIALIZED INDUSTRIAL RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2025 167 2.1% 17.9%$11.14 563,710 5.5% 0.2%

2024 163 2.7% 15.4%$10.90 547,280 5.4% 0.1%

2023 159 3.6% 12.4%$10.62 532,873 5.2% 0.1%

2022 154 3.9% 8.5%$10.25 527,268 5.2% -0.1%

2021 148 4.4% 4.4%$9.86 533,692 5.2% 0.3%

YTD 144 1.6% 1.6%$9.60 525,094 5.2% 0.2%

2020 141 2.9% 0%$9.45 502,799 4.9% -2.2%

2019 137 3.9% -2.8%$9.18 728,415 7.2% -1.0%

2018 132 5.1% -6.5%$8.83 832,943 8.2% -1.9%

2017 126 7.3% -11.1%$8.40 1,023,006 10.1% 0.4%

2016 117 3.8% -17.1%$7.83 978,685 9.7% -1.5%

2015 113 3.7% -20.1%$7.55 1,127,294 11.2% 2.0%

2014 109 5.4% -23.0%$7.28 927,881 9.2% -0.4%

2013 103 3.4% -26.9%$6.90 957,422 9.6% -0.6%

2012 100 2.0% -29.3%$6.68 1,019,108 10.2% 0.1%

2011 98 1.0% -30.6%$6.55 1,012,791 10.2% -1.2%

2010 97 -2.2% -31.3%$6.49 1,136,671 11.4% -1.4%

2009 99 -0.7% -29.8%$6.63 1,275,449 12.8% -0.1%


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Rent & VacancyColorado Springs Industrial

LOGISTICS RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2025 159 2.0% 16.3%$10.45 1,176,965 4.1% -0.3%

2024 156 2.5% 14.0%$10.24 1,199,225 4.4% -0.3%

2023 153 3.3% 11.3%$10 1,219,498 4.7% -1.3%

2022 148 3.6% 7.7%$9.67 1,471,220 6.1% -10.4%

2021 142 3.9% 3.9%$9.34 3,866,990 16.4% 13.4%

YTD 139 1.3% 1.3%$9.10 425,363 2.2% -0.8%

2020 137 2.6% 0%$8.98 586,134 3.1% 0.1%

2019 134 4.1% -2.5%$8.76 571,822 3.0% -2.4%

2018 128 5.8% -6.4%$8.41 1,034,962 5.4% -1.0%

2017 121 4.7% -11.5%$7.95 1,212,836 6.5% 1.4%

2016 116 4.1% -15.5%$7.59 937,309 5.0% 1.7%

2015 111 4.0% -18.8%$7.29 613,943 3.3% -0.6%

2014 107 5.5% -21.9%$7.02 708,669 3.9% -1.2%

2013 101 4.3% -26.0%$6.65 923,173 5.0% -1.3%

2012 97 1.8% -29.1%$6.37 1,157,863 6.3% -1.5%

2011 96 0.5% -30.3%$6.26 1,430,477 7.9% -1.2%

2010 95 -2.5% -30.7%$6.23 1,650,875 9.1% -2.2%

2009 97 -2.5% -28.9%$6.39 2,039,969 11.2% 1.4%

FLEX RENT & VACANCY

Market Rent


Vacancy

SF Percent Ppts Chg

2025 147 1.8% 14.7%$11.84 776,920 11.0% 0.3%

2024 145 2.3% 12.7%$11.64 757,780 10.7% 0.2%

2023 142 3.2% 10.2%$11.37 741,079 10.5% 0%

2022 137 3.5% 6.8%$11.02 737,937 10.4% 0.1%

2021 133 3.1% 3.1%$10.64 728,616 10.3% -2.2%

YTD 130 0.8% 0.8%$10.41 862,047 12.2% -0.3%

2020 129 2.8% 0%$10.32 884,029 12.5% 4.1%

2019 125 5.7% -2.8%$10.04 596,823 8.4% -3.5%

2018 118 6.2% -8.0%$9.50 831,990 12.0% -3.2%

2017 111 4.9% -13.4%$8.94 1,056,239 15.2% -4.4%

2016 106 3.8% -17.4%$8.52 1,364,294 19.6% 1.6%

2015 102 3.5% -20.5%$8.21 1,249,651 18.0% 1.7%

2014 99 3.5% -23.2%$7.93 1,132,349 16.3% -1.3%

2013 95 1.4% -25.7%$7.66 1,224,528 17.6% -1.2%

2012 94 0.3% -26.8%$7.56 1,454,725 18.8% -0.3%

2011 94 0.2% -27.0%$7.54 1,441,655 19.1% -0.7%

2010 94 -2.7% -27.1%$7.52 1,493,134 19.8% -1.2%

2009 96 -3.7% -25.1%$7.73 1,586,201 21.1% 2.5%


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Sale TrendsColorado Springs Industrial

OVERALL SALES

Completed Transactions (1)

Turnover Avg Price/SFDeals VolumeYear

Market Pricing Trends (2)

Avg Price Price IndexAvg Cap Rate Price/SF Cap Rate

2025 -- - -- 200- $122.09 8.0%

2024 -- - -- 196- $119.89 8.0%

2023 -- - -- 191- $117.16 7.9%

2022 -- - -- 186- $113.80 7.9%

2021 -- - -- 180- $110.10 7.9%

YTD $25.5M31 0.8% $113.12$1,446,245 1737.2% $105.69 8.0%

2020 $139.1M99 4.5% $110.47$2,000,708 1707.6% $104.29 8.0%

2019 $123.1M117 4.7% $100.67$1,733,420 1616.8% $98.33 8.0%

2018 $139.2M109 6.3% $76.64$2,029,761 1507.4% $91.79 8.1%

2017 $79.2M89 5.1% $75.78$1,484,093 1448.3% $87.84 8.0%

2016 $111.3M98 5.1% $68.76$1,640,843 1348.4% $82.27 8.1%

2015 $78.6M109 5.9% $64.37$1,018,676 1308.9% $79.36 8.1%

2014 $81M82 5.7% $41.44$1,136,870 1208.4% $73.63 8.4%

2013 $51.7M99 4.0% $47.99$828,102 1108.2% $67.53 8.7%

2012 $63.9M82 3.2% $81.90$1,338,555 1097.4% $67 8.7%

2011 $43.6M56 2.5% $55.46$1,103,410 1009.4% $61.17 9.2%

2010 $42.1M68 4.0% $37.19$867,956 959.0% $57.87 9.6%

(1) Completed transaction data is based on actual arms-length sales transactions and levels are dependent on the mix of what happened to sell in the period.

(2) Market price trends data is based on the estimated price movement of all properties in the market, informed by actual transactions that have occurred.

SPECIALIZED INDUSTRIAL SALES





2025 -- - -- 191- $111.13 8.1%

2024 -- - -- 187- $108.96 8.1%

2023 -- - -- 182- $106.28 8.1%

2022 -- - -- 177- $103.01 8.1%

2021 -- - -- 171- $99.42 8.0%

YTD $5.1M2 0.6% $81.01$2,550,000 1636.6% $95.31 8.1%

2020 $27.5M15 4.3% $109.47$2,501,506 1628.0% $94.29 8.1%

2019 $32.6M20 4.6% $94.89$2,967,255 1527.3% $88.76 8.1%

2018 $12.2M14 2.4% $66.58$1,527,188 1428.3% $82.56 8.2%

2017 $22.6M19 4.0% $64.19$1,736,753 1386.9% $80.59 8.1%

2016 $23.1M24 5.5% $46.63$1,650,059 1308.5% $75.81 8.1%

2015 $15M16 2.7% $58.91$1,249,667 1268.1% $73.68 8.2%

2014 $14.1M15 3.4% $45.52$1,083,849 118- $68.67 8.4%

2013 $11.8M19 4.0% $48.24$1,176,000 109- $63.70 8.7%

2012 $19.1M11 1.5% $133.56$2,370,723 1117.5% $64.55 8.7%

2011 $14.3M13 2.4% $61.42$1,433,220 101- $58.78 9.1%

2010 $13.6M11 3.7% $39.40$1,505,000 95- $55.46 9.5%




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Sale TrendsColorado Springs Industrial

LOGISTICS SALES





2025 -- - -- 202- $125.40 8.0%

2024 -- - -- 198- $123.14 7.9%

2023 -- - -- 194- $120.37 7.9%

2022 -- - -- 188- $116.95 7.9%

2021 -- - -- 182- $113.21 7.8%

YTD $20.1M21 1.2% $126.73$1,366,869 1757.8% $108.64 8.0%

2020 $96.7M63 5.3% $113.38$2,123,090 1737.6% $107.17 7.9%

2019 $50.5M79 3.9% $91.86$1,029,722 1636.8% $101.30 8.0%

2018 $70.6M76 6.1% $87.63$1,553,722 1527.2% $94.57 8.0%

2017 $35.1M51 4.5% $83.23$1,124,570 1459.2% $90.15 8.0%

2016 $76M62 5.8% $77.23$1,683,681 1368.0% $84.43 8.1%

2015 $47.3M76 8.4% $68.16$924,176 1319.3% $81.54 8.1%

2014 $20.6M47 2.4% $52.74$535,354 1229.0% $75.46 8.4%

2013 $27.2M60 2.9% $61.26$649,856 1118.2% $69.03 8.7%

2012 $39.7M58 4.7% $74.17$1,213,775 1107.4% $68.22 8.7%

2011 $21M30 2.7% $50.13$1,017,484 1009.0% $62.16 9.2%

2010 $18.9M46 2.9% $48.27$614,620 959.0% $58.77 9.6%



FLEX SALES





2025 -- - -- 203- $126.80 7.9%

2024 -- - -- 200- $124.76 7.9%

2023 -- - -- 196- $122.14 7.8%

2022 -- - -- 190- $118.83 7.8%

2021 -- - -- 185- $115.14 7.7%

YTD $350K8 0.2% $82.24$350,000 178- $110.79 7.9%

2020 $14.9M21 2.7% $96.06$1,082,708 1757.3% $109.08 7.9%

2019 $40M18 7.0% $121.39$3,634,240 1646.6% $102.24 7.9%

2018 $56.3M19 12.6% $68.15$4,149,959 154- $95.76 8.0%

2017 $21.6M19 8.2% $79.21$2,357,502 1457.3% $90.57 7.9%

2016 $12.1M12 2.7% $87.79$1,383,750 1358.9% $84.36 8.1%

2015 $16.3M17 4.1% $59.82$1,164,936 1298.8% $80.27 8.1%

2014 $46.3M20 18.0% $36.91$2,314,214 1207.7% $74.62 8.4%

2013 $12.8M20 6.9% $32.73$1,160,000 109- $68.06 8.7%

2012 $5.1M13 1.9% $50.15$729,355 106- $66.44 8.8%

2011 $8.3M13 2.0% $61.69$905,963 9810.0% $61.32 9.2%

2010 $9.5M11 6.9% $24.21$1,069,625 94- $58.33 9.6%




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Colorado Springs Q1 2021 - Unique Properties

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