El Paso County Q2 2024 Market Update

Rustic Realty logo with pine trees and house, featuring "El Paso County Market Update" text, relevant to Colorado Springs and El Paso County real estate insights.

Policy

  • The 2024-2028 Strategic Plan draft, published in June outlines Mayor Yemi’s vision for the city’s long-term goals and priorities for the next four years. The plan highlights five specific priorities: public safety, economic vitality, infrastructure, housing solutions, and community activation.

Developments:

  • The 39th Space Symposium at the Broadmoor Hotel in Colorado Springs which kicked off on April 8, draws a global crowd of thousands, including top space professionals and experts. Some highlights included an announcement of a new space warfare lab; a Colorado Springs electronics manufacturer expanding by adding 100 jobs; and the Space Foundation’s Discovery Center preparing for a three-story James Webb telescope model.
  •  Aiding the positive absorption in the Office Market, 2424 Garden of the Gods continued to fill vacancies through the additional Space Command offices.
  • A new education partnership between Guild and Team USA, utilizing Purdue Global as a preferred online university degree provider, will provide eligible Team USA athletes — including Olympians & Paralympians — with flexible, tuition-free education and skills programming for long-term success on and off the field of play.
  • Colorado was the recent recipient of major federal grants aimed at creating safe passage for wildlife and increasing driver safety. Funding includes $22 million to create a wildlife overpass along I-25 between Denver and Colorado Springs.
 2023 Q22024 Q2%+-
VELOCITY   
Commercial Sales Volume$239,030,508$155,705,208-34.86%
Commercial Transactions109101

-7.34%

VACANCY RATE13.38%12.96%3.14%
CAP RATEN/A6-7%N/A
SALES TAX INDICATORS    
All Sales Tax

$20,454,130

$21,562,213

+5.42%

Lodging Taxes $800,588 $905,816 13.14%

About The Author

Professional headshot of David Porter, a representative of Rocky Mountain Commercial Real Estate, emphasizing expertise in Colorado Springs commercial real estate market insights.

David Porter, a commercial real estate agent at Rustic Realty, serving Colorado Springs, I-25 Corridor between Denver and Pueblo, Woodland Park, and Peyton. He takes a client-focused approach, listening carefully to their needs and goals and delivering results that exceed their expectations.