Colorado Real Estate Journal - August 1, 2018

Exciting time to be a part of Colorado Springs’ growth

It is an exciting time to be in Colorado Springs. Our city was ranked the second-best place to live in the United States by the U.S. News & World Report. Colorado Springs Mayor John Struthers has proclaimed that the ranking reflects what residents have known for a long time, that Colorado Springs is a wonderful place to live. With the growth and changes happening in our city this certainly is becoming a true statement for the community. Colorado Springs has access to many natural amenities, an exciting cultural scene and new infrastructure projects such as improved road conditions and a stormwater system. Voters have approved funding for park and trail improvements, enhancing our already excellent outdoor amenities.

We are seeing some strong economic indicators happening in Colorado Springs. The city has averaged around 8,000 new jobs per year for the past two years, unemployment has ranged between 2.5 and 3.3 percent, and employees in the region have seen personal salary growth. We outpace the national average for job and wage growth. Colorado Springs’ demographic profile shows that people in our community are well educated and they are getting younger, with the fastest-growing bracket being 18- to 25-year-olds. The current population for Colorado Springs is estimated at 712,327 people. It is estimated that by 2050, we will see a 57 percent increase in population growth with an addition of 409,200 people.

As the population in the city continues to grow, the multifamily apartment industry is experiencing record growth, not only in rental rates but also in the new construction of high-end luxury apartment buildings.

The average annual household income in Colorado Springs is $90,688 with the average home price at $254,600 and rental apartment rates hovering at $1,088 a month. 2018 has brought less vacancy, higher rent, lower resident concessions and higher property values. It is turning into a landlord-favorable market. As the population in the city continues to grow, the multifamily apartment industry is experiencing record growth, not only in rental rates but also in the new construction of high-end luxury apartment buildings.

With new apartment buildings such as 333 ECO, Overlook at Interquest and 22 Spruce, apartment dwellers will have new choices for downtown urban living or in the popular northern section of the city. With amazing views, rooftop decks, pools and plenty of amenities, these brand-new communities offer the benefits of luxury living in an apartment home.

Looking to live the urban lifestyle? Colorado Springs’ newest community 333 ECO Apartments is located in the heart of downtown. Luxury high-end living is coming your way this summer with interior amenities including granite countertops, Nest thermostats, stainless steel appliance packages, in-home washers and dryers, and floor-to-ceiling windows with amazing views of Pikes Peak and the Front Range. A saltwater pool, resident lounge and state-of-the-art Fitness center.

The Overlook at Interquest is conveniently located near Interstate 25 and Powers Boulevard, just off Interquest Parkway. The community features one-, two- and three-bedroom apartment homes that offer vaulted ceilings, washers and dryers, hardwood flooring, granite countertops and a beautiful appliance package. Come home to a sparkling swimming pool, resident clubhouse with billiard, and a modern fitness center. Kids have their own playground and there is a dog agility park for furry friends.

Also new to downtown is 22 Spruce, located off Spruce and Bijou streets. Experience comfort and convenience in this unique community that has the perfect Colorado Springs location. 22 Spruce offers studio, one- and two-bedroom floor plans, which feature 9-foot ceilings, washers and dryers, hardwood floors and optional gated garages. Enjoy the 360-degree views from the rooftop barbecue or relax in the social lounge area.

The Overlook at Interquest, 333 ECO and 22 Spruce are currently managed by Southern Colorado’s largest commercial and multifamily management company, Griffis/ Blessing. Griffis/Blessing offers individual, corporate and institutional owners real estate services in Colorado Springs and metro Denver. With over 8,100 units and 5.4 million square feet of office, retail and industrial space, we ensure that our properties are managed with expertise, experience and professionalism, providing excellent customer service to our owners, tenants and residents.

The company also holds the Accredited Management Organization designation from the Institute of Real Estate Management.