2nd Quarter 2026 Colorado Springs
In the second quarter of 2026, Colorado Springs’ commercial real estate market showed improving occupancy across several sectors, particularly in multi-family, retail and office. Lease rates remained relatively stable overall, while industrial vacancy continued to move higher. NavPoint Real Estate Group’s latest market update reflects a market with strengthening absorption in some sectors and increased availability in others.
Multi-Family Market:
The multi-family sector reported an average lease rate of $1.77 per square foot and a vacancy rate of 10.5%. Lease rates increased significantly from $1.64 per square foot in the first quarter, while vacancy declined from 11.6%, indicating improved occupancy and stronger rental market conditions.
Retail Market:
Retail space posted an average lease rate of $21.50 per square foot and a vacancy rate of 5.02%. Lease rates declined slightly from $21.63 per square foot in the previous quarter, while vacancy improved from 5.32%, reflecting relatively stable pricing alongside modestly stronger occupancy.
Office Market:
Office properties recorded an average lease rate of $23.66 per square foot, compared with $23.78 in the first quarter, while vacancy declined from 12.4% to 12.0%. Although lease rates remained relatively flat, the improvement in occupancy suggests positive absorption within the Colorado Springs office market.
Industrial Market:
The industrial sector reported an average lease rate of $11.39 per square foot and a vacancy rate of 6.2%. Lease rates declined slightly from $11.48 per square foot in the previous quarter, while vacancy increased from 5.8%, creating additional options for industrial and flex users.
Overall, Colorado Springs showed encouraging signs in the second quarter of 2026, with multi-family, retail and office all experiencing improved occupancy. Multi-family also saw a notable rebound in lease rates, while industrial conditions softened modestly as vacancy increased. These trends highlight the varied dynamics shaping the Colorado Springs commercial real estate market as 2026 progresses.
