Northern Colorado Industrial Figures H2 2023

February 5, 2024 5 Minute Read

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      Just under 585,000 sq. ft. of positive net absorption was recorded in 2023, an annual total that was driven by build-to-suit (BTS) activity and significant tenant move-ins.

      The average direct asking rent increased by a solid 2.7% year-over-year to $11.78 per sq. ft. NNN as of year-end 2023.

      Total availability and direct vacancy increased 90 basis points (bps) and 110 bps year-over-year to 7.0% and 5.1%, respectively.

      Over 4.2 million sq. ft. of industrial space was underway as of year-end. The total is heavily skewed by Amazon’s 3.9 million-sq.-ft. facility under construction in the I-25 North submarket.

      Overall sales volume in 2023 reached $152.0 million, a notable 52.8% year-over-year decrease caused by continued instability in the macroeconomic environment and the rising cost of capital.