COLORADO SPRINGS —Colorado Springs' housing market rebounded in 2012, but the same can't be said for commercial real estate.
Vacancy rates remained historically high late last year for Springs-area commercial buildings, while rents fell, according to a fourth-quarter report by Paul Turner of Turner Commercial Research in Colorado Springs. The report suggests the commercial market has far to go before it recovers from the area's economic downturn.
The combined vacancy rate for local offices, shopping centers and industrial buildings was 11.9 percent in the fourth quarter, up slightly from 11.6 percent a yearearlier, Turner's report shows.
For much of the last 15 years, the combined vacancy rate typically was in single digits. After the economy slumped in 2007, the rate climbed into double digits and has been there ever since — reaching as high as 12.9 percent in 2009.
Meanwhile, the combined average asking rent for commercial properties fell to $9.57 per square foot in the fourth quarter, down 1.5 percent from the same period a year earlier, Turner's report showed. Four years earlier, the average asking rent was nearly $11 per square foot.
"It's not gotten too much worse," Turner said of the latest quarter.
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