Figure | Adaptive Spaces, Creating Resilience, Evolving Workforces, Future Cities
Denver Industrial Figures Q4 2022
January 9, 2023
- Total leasing volume transacted in metro Denver climbed to over 2.0 million sq. ft., pushing the annual total to over 11.2 million sq. ft.
- Construction activity decreased 2.4% quarter-over-quarter with 8.7 million sq. ft. under construction at the end of Q4 2022.
- Over 1.5 million sq. ft. of positive net absorption was posted in Q4 2022, pushing the YTD total to nearly 5.1 million sq. ft.—a 52.5% decrease from the total recorded in 2021.
- 1.3 million sq. ft. of new construction delivered in the fourth quarter, causing the total availability rate to remain stable while direct vacancy decreased 10 bps quarter-over-quarter.
- Due to tightening availability and steady tenant demand in the fourth quarter, the average achieved rate increased 16.7% year-over-year to $9.25 per sq. ft. NNN.
- As interest rates increase, sales activity continued to moderate in Q4 2022, recording $461.6 million in overall volume and driving YTD volume to $2.2 billion.