Published in Colorado Springs Business Journal | August 10, 2012 | Written by Amanda Miller
When Kati Brewer started looking for a downtown storefront for her Pure Nutrition shop earlier this year, she was blown away by the affordability off Tejon Street.
She’s paying $900 a month for her location at 22 E. Bijou St.
“That’s really good for a retail spot,” Brewer said.
And the landlord gave her the first two months free so she could decorate the space and get it ready without rent expenses before opening to customers.
Rents and concessions such as those are common these days, especially downtown, says Mark Useman, a broker with Sierra Commercial Real Estate.
“I think downtown is going through a transition right now,” Useman said.
Lower rents and front-end deals for tenants have invited different retailers into the fold.
Where high-dollar stores like Lulu used to sell $200 jeans, Cottonwood Art Studios sells locally produced pieces. Nearby, at 230 N. Tejon St., Halo Boutique has replaced Ellie K.’s higher-priced women’s clothing with trendy business casual pieces priced between $15 and $60. The Candy Bar, a 1950s style candy shop, has taken the place of longtime luxury retailer Johannes Hunter Jewelers, which moved to University Village Colorado on North Nevada Avenue.
Asking rent downtown is the lowest it has been since 2004, according to Sierra’s records. And the lower rents are changing the makeup of the downtown retail scene, which experts say is not necessarily a bad thing.
