Northern Colorado Industrial Figures H2 2024

‒      Just under 490,000 sq. ft. of positive total net absorption was recorded in H2 2024, bringing the year’s total to 1.0 million sq. ft. Strong positive absorption was driven primarily by several large move-ins, including Leanin’ Tree occupying 110,000 sq. ft. at Elevation 25, and new construction delivering fully preleased.

‒      The overall average direct asking rent decreased 1.9% year-over-year from $11.76 to $11.54 per sq. ft. NNN to end 2024.

‒      Total availability decreased 30 basis points (bps) in H2 2024 to 5.4%, while direct vacancy decreased 60 bps over the same period to 4.4%.

‒      4.2 million sq. ft. of industrial space was underway as of the end of 2024. The total is heavily skewed by Amazon’s 3.9 million-sq.-ft. facility under construction in the I-25 North submarket.

‒      Total sales volume in H2 2024 reached $119.4 million, a notable 42.9% decrease from H1 2024, while total sales volume for the year increased 63.0% compared to 2023.