Denver industrial market report

Q4 2022 - Denver continues to be an important logistics hub for the Rocky Mountain state driven by strong occupier demand. Developers have expanded their product offerings totaling 8.6 msf delivered in 2022 with another 10 msf scheduled to deliver in 2023. Developers are increasingly building larger projects with speculative construction and large distribution facilities the most common. Southwest DIA continues to be the most sought-after submarket, spilling over to the northeast corridor and continuing north up I-25 to Longmont and Mead.

240 msf


Denver, Boulder, Fort Collins and Greeley collectively have 240 msf of industrial inventory. With over 10 million sf of industrial product under construction in the region, 2022 saw 8.6 million sf delivered, which accounts for 3.6% of the total inventory and more than typically delivered historically.

1.15 msf in Q4

Net absorption

In the first three quarters of 2022, the region has seen over 5.9 msf of positive net absorption followed by another 1.5 msf of net absorption in Q4 which the majority was in the E I-70 corridor. Fort Collins/Loveland and Northwest Denver also saw a large amount of absorption within the year.  


Direct asking rent

Asking rental rates continue their steady growth and have risen 10% within the year. 



Both direct and sublease availabilities escalated marginally during the year after remaining constant throughout 2021.



Trending downward the last year, vacancy also slightly increased from the previous quarter due to recent increase in inventory delivered and tenants experiencing longer build-out periods.


Investment Sales

Asset values continue to increase although in Q3, the market began to react to the increased interest rate environment along with equity hurdles, which further widened the buy/sell spread. Sales volume for the second half of the year were 50% less than the first half of the year and were relatively equal between Q3 and Q4 2022.

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