COLORADO SPRINGS — 2023 brought more business and higher rent prices to downtown Colorado Springs. That's according to the Downtown Partnership's 2024 State Of Downtown Report.
The Downtown Partnership releases a report annually with details showing how businesses are doing in Colorado Springs city center. They track the growth of restaurants, shops, living, and tourism, among others.
Restaurants, art galleries, and clothing stores make up downtown Colorado Springs. Several business owners downtown told News 5 their rent is high, but it is a price they are willing to pay because the location brings more people into their stores.
“We feel that downtown is the heart of any city and we want to be a part of the community in Colorado Springs,” Nickie Frye said.
Nickie Frye is the owner of Good Eye on Tejon Street.
“We're a boutique downtown Colorado Springs, and we specialize in a mix of vintage and new,” Frye said.
She set up shop along Tejon Street in downtown Colorado Springs almost two years ago.
“We want to be here. We want to be downtown. This is where our customers are. This is where we want to hang out as residents. So we're and we want to be invested in the community as a small business,” Frye said.
Frye said their rent is increasing each year, but it is something she agreed to. It is a price she is willing to pay because of the location.
“I'm not sure rents elsewhere are going to be lower,” Frye said.
According to the State of Downtown report, retail rent rates went up 50.2% between January and December of 2023. It shows in the beginning of 2023, the average retail rent at $19.57 per square foot but by the end of the year, retail rents were sitting at $29.40.
Frye said rent might be high, but it is a good location to run her businesses.
“We feel like we get really good foot traffic here downtown, and for us, it's the foot traffic that we're looking for because it comprises our target customer. So more so than being in, you know, one of the different shopping districts in town,” Frye said.
also located on Tejon Street, Cacao Chemistry Chocolatier and Patisserie has been making homemade chocolate since 2016.
“We just enjoy working with people,” Travis Ashing said.
Travis Ashing is the owner of Cacao Chemistry Chocolatier and Patisserie. He said running a small business downtown is very gratifying.
“You become part of people's lives. You hear about, you know, anniversaries, first dates, lots of things and of course tourists coming into downtown to see some of the local businesses. So it's really very rewarding,” Ashing said.
Ashing said the location comes with difficulties.
“One challenge is Colorado Springs is a very geographically large city. And it can be difficult getting people to come, you know, make that 25-minute drive all the way from the north side of town or, you know, wherever to go downtown,” Ashing said.
But he said community events like parades draw customers into the neighborhood.
“There are all kinds of events and fun things going on,” Ashing said.
The report also shows 29 new businesses opened downtown last year. Frye hopes this year more shops similar to hers will move downtown.
“For myself, just as a resident of Colorado Springs, I would want to come down here if there were more and more stores,” Frye said.
The Downtown Partnership said more small businesses are coming to downtown in 2024 including a new live music venue, a piano bar, and cafés.
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