Downtown Colorado Springs Sees Business Boom and Rising Rent Prices in 2023
The Downtown Partnership's 2024 State Of Downtown Report reveals a surge in business activity and escalating rent prices in downtown Colorado Springs.
Businesses Flourish Amidst Rising Rent Prices
In the heart of Colorado Springs, downtown businesses are experiencing a renaissance in 2023. The recent State Of Downtown Report by the Downtown Partnership sheds light on the thriving ecosystem of restaurants, art galleries, and boutique shops that define the city center. With a 50.2% increase in retail rent rates from January to December, entrepreneurs like Nickie Frye of Good Eye and Travis Ashing of Cacao Chemistry Chocolatier and Patisserie are feeling the pinch but standing strong.
As the owner of a vintage and new boutique on Tejon Street, Nickie Frye believes that being part of the community is worth the rising costs. Despite escalating rents, she sees downtown Colorado Springs as the epicenter of energy and foot traffic that drives her business forward. Similarly, Travis Ashing, the mastermind behind Cacao Chemistry Chocolatier and Patisserie, embraces the challenges of running a small business downtown, citing the connections formed with customers as deeply rewarding.
- Nickie Frye's Good Eye specializes in a mix of vintage and new fashion, catering to the eclectic tastes of downtown Colorado Springs.
- Travis Ashing's Cacao Chemistry Chocolatier and Patisserie has been delighting customers with homemade chocolates since 2016, adding a touch of sweetness to the city center.
Community Events Drive Foot Traffic
While navigating the vast expanse of Colorado Springs can pose challenges for attracting customers from all corners of the city, businesses like Cacao Chemistry Chocolatier and Patisserie rely on community events to draw visitors into downtown. From parades to festivals, these events create a vibrant atmosphere that beckons both locals and tourists alike to explore the diverse offerings of the neighborhood.
The Downtown Partnership's report reveals that 29 new businesses set up shop in downtown Colorado Springs last year, signaling a growing interest in the area's commercial potential. Nickie Frye envisions a future where more unique stores like hers populate the streets, adding to the eclectic charm of the city center.
Exciting Developments on the Horizon
Looking ahead to 2024, the Downtown Partnership anticipates a wave of new small businesses making their mark on downtown Colorado Springs. From live music venues to cozy cafés, the city center is poised for further growth and innovation. With an ever-expanding landscape of opportunities, entrepreneurs like Nickie Frye and Travis Ashing are ready to embrace the challenges and rewards of running businesses in this dynamic environment.
As downtown Colorado Springs continues to evolve and thrive, one thing remains certain – the spirit of community and entrepreneurship beats strong in the heart of the city. With each passing year, new stories unfold, weaving a tapestry of resilience, creativity, and camaraderie that define this vibrant urban hub.
(Source: KOAA News5)
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