What’s in it for business Downtown?
Class A commerce. Creativity. Connections.
Doing business Downtown offers a high energy, synergistic experience in the unique place that serves as heart and soul of the city.
Discover the unparalleled vibrancy, walkability, and connectivity—both the wired and human kind. Creative spaces and entities. Centers of government, repositories of history, independent retail and restaurants, and abundant arts and culture.
Downtown Colorado Springs was the number one work place destination in a recent Pikes Peak Area Council of Governments travel survey.
The district offers nearly 6 million square feet of commercial space in 338 buildings; about 63 percent is office space.
Class A Office rents average $15.99 per square foot, while retail rents slightly higher at $16.50. These rates are up to $20 less per square foot than Austin, Denver Portland, and four other comparable cities.
Vacancy rates in Downtown Colorado Springs are 9.1 percent and 7.7 percent, respectively, the fourth lowest rates among ten comparable cities.
(Data from NAI Global Commercial, October 2009).
Downtown is home to more than 1600 businesses and 15,000 employees.
Services (health, legal, education, automotive, entertainment and hospitality) comprise 54 percent of all businesses.
Finance, Insurance and Real Estate account for 15 percent.
Retail and Dining account for 14 percent.
Miscellaneous Other (manufacturing, communications, construction, etc.) — 11 percent.
Government — 6 percent.
(Data: City of Colorado Springs Economic Development)
Tools for Development
Looking to develop or redevelop property Downtown? Options abound and our toolbox includes some significant incentives.
The Downtown Development Authority can facilitate introductions, assist in forging partnerships, and help leverage creative financing for certain types of projects.
Mixed Use Development/Form Based Code, which addresses the unique factors of design and construction in an urban setting, simplifies the development process.
Our Downtown Statistical Snapshot provides detail on area households and income within a five mile radius.
Taxes and Reinvestment
Not only is Downtown more affordable—with property taxes about 10 mils lower than elsewhere—it dedicates a portion of tax revenues to reinvestment.
Five mils of property taxes support the Business Improvement District, which manages marketing of the area, essential maintenance and beautification efforts.
Five mils support the Downtown Development Authority to facilitate more development.
Average daily automobile traffic at Nevada and Kiowa averages more than 22,000.
Weekday pedestrian traffic at Bijou and Tejon Streets averages more than 5,000.
(Data: City of Colorado Springs Economic Development; Business Improvement District Pedestrian Counts, 2005)
The Antlers Hilton, Downtown’s largest hotel with 297 rooms, hosts X number of overnight guests annually. In 2010, the historic Mining Exchange Building will offer a new luxury, boutique hotel with 57 rooms and suites.