Denver Industrial Leaders See 'Calmer, More Rational' Market Ahead
Photo by Bisnow
After nearly three years of gravity-defying gains, industrial real estate professionals said they see a '"calmer, more rational market" forming during Bisnow's Denver Industrial event May 31. Denver's industrial market has been resilient in the face of significant economic pressures from issues ranging from supply chain disruptions to employment levels dropping off in trucking and manufacturing following the coronavirus pandemic.
Another submarket that is seeing increased activity is north Denver, especially around Interstate 25 and Washington Street, Witty said. More than 42% of the leasing activity is Denver was from transportation and goods manufacturing companies in Q1, according to figures from CBRE, including a lease by building materials manufacturer Ferguson Enterprises for a 135k SF industrial space on Grant Street. That activity has also begun to spill into neighboring areas like Commerce City, Thornton and even as far north as Loveland. For instance, metro Denver's last standing drive-in movie theater, the 88 Drive-Inn in Commerce City, was recently shuttered to make a way for a new warehouse. Bryant Mazzetti, a principal at Powers Brown Architecture, said that his firm is reviewing about 80 plans per week in Thornton and Loveland as well.
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