Downtown Colorado Springs experienced stable growth in 2024

Downtown Colorado Springs showed steady growth and resilience in 2024 despite a struggling economy, according to a report from the Downtown Partnership. This area is seen as the city's economic, cultural, and government center. Since 2013, total investment in downtown has reached nearly $2.5 billion. Last year, the completion of downtown projects exceeded $1 billion. This included the opening of 824 new apartment units in the last six months. More than 1,000 additional apartments are planned for 2025, with another 1,000 expected in 2026. Vacancy rates for apartments rose to 34.6% in late 2024 due to the new supply, though the rate was significantly lower at 8.8% for properties with a consistent rental history. The downtown area also saw an increase in visitors. Hotel occupancy rose to 66.8%, nearly matching the pre-pandemic level from 2019. The number of hotel rooms has more than doubled since then, which contributed to a record number of occupied room nights in 2024. The Downtown Partnership released its 10th annual State of Downtown report, citing data from various sources. Interim President and CEO Hannah Parsons highlighted that, despite challenges reported in the media, downtown Colorado Springs is thriving. She acknowledged issues like homelessness and parking but emphasized the area is stronger than many think. The report noted that more than 16.2 million people visited downtown in 2024. This includes over 12.3 million visitors and about 630,000 visits from residents. The downtown region was responsible for roughly 6% of building permits in Colorado Springs. Rents for apartments decreased slightly in late 2024, and the growth rate of the downtown population from 2020 to 2024 was 8%. Meanwhile, twenty-nine new businesses opened last year, matching the number from 2023. Lastly, the office vacancy rate downtown remained lower than in many other cities.