Denver industrial market report

Q3 2021

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.

5.5%

Economic conditions

Unemployment rate in Denver; the Denver MSA has recovered 92% of jobs lost at the height of the pandemic.
 

10.2 msf

Industrial demand

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.
 

6.7%

Industrial supply

Direct vacancy for Q3 2021 remains in the single digits even as 4.6 msf of new product has come to the market.

2.9%

Pricing trends

Industrial asking rent growth since Q4 2020.
 

$176 psf

Capital markets

Average asset pricing in 2021 has escalated as investors remain bullish on the market.
 

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