Denver Industrial Figures Q4 2023

January 9, 2024 10 Minute Read

Industrial Figures

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      Total leasing volume in Q4 2023 exceeded 1.4 million sq. ft., pushing the annual total to over 8.2 million sq. ft. transacted.

      Over 2.2 million sq. ft. of positive net absorption was posted in the fourth quarter, driving the 2023 total to just under 5.0 million sq. ft.

      Development activity decreased 33.3% year-over-year to 6.3 million sq. ft. under construction at the end of Q4 2023. Nearly 3.7 million sq. ft. delivered this quarter.

      Metro Denver average asking rent reached $9.12 per sq. ft. NNN in Q4 2023, recording a solid increase of 2.4% quarter-over-quarter and 5.8% year-over-year.

      Total availability decreased 20 bps quarter-over-quarter and increased 130 bps year-over-year to 8.7% in Q4 2023.

      Metro Denver posted an overall sales volume of $126.1 million in Q4 2023, a 54.9% drop from the $280.8 million seen in the previous quarter.