Denver industrial market report
Industrial-centric employment in the Denver MSA has surpassed pre-pandemic levels, adding almost 5,000 net new jobs since February 2020. Transportation, warehousing & utilities jobs have led the industrial sector in terms of job growth.
Industrial leasing activity in 2021 already surpassed 2020 totals. Denver recorded its first quarter of 4.0+ msf of leasing activity in Q3 2021 since Q1 2018.
Unemployment rate in Denver; the Denver MSA has recovered 92% of jobs lost at the height of the pandemic.
Leasing activity for 2021 YTD. As leasing activity has grown, the Denver industrial market saw record absorption numbers in Q3 2021, recording 1.8 msf.
Direct vacancy for Q3 2021 remains in the single digits even as 4.6 msf of new product has come to the market.
Industrial asking rent growth since Q4 2020.
Average asset pricing in 2021 has escalated as investors remain bullish on the market.
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