Figures | Adaptive Spaces, Creating Resilience, Evolving Workforces, Future Cities

Northern Colorado Industrial Figures H2 2022

February 8, 2023

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  • Nearly 1.1 million sq. ft. of net absorption was recorded in 2022, the highest annual total ever recorded in Northern Colorado that was heavily driven by build-to-suit activity.
  • The average direct asking lease rate increased 9.2% year-over-year to $11.55 per sq. ft. NNN as of year-end 2022.
  • Total availability and direct vacancy dropped 60 basis points (bps) and 70 bps year-over-year to 5.8% and 4.2%, respectively.
  • Over 5.0 million sq. ft. of industrial space was underway as of year-end, marking the largest development pipeline ever recorded in Northern Colorado. The total is heavily skewed by Amazon’s 3.9 million-sq.-ft. facility under construction in Loveland.
  • Overall sales volume in 2022 reached $322.2 million, down 24.7% compared to total volume recorded in 2021.