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Pot grows playing pivotal role in tight Denver industrial real estate market

Submitted by Marijuana News on Wed, 05/20/2015 - 08:00

Job growth and pot growth are fueling record high lease rates and low vacancies in Denver’s industrial real estate market.

“Competition for industrial space in the Denver market is very aggressive,” said Dawn McCombs, senior vice president and industrial specialist at the Denver office of brokerage Avison Young. “The lack of quality options for tenants is driving rental rates higher than I have ever seen.”

Avison Young’s market report released this week shows that first-quarter lease rates averaged $7.47 per square foot, up 10 percent from a year earlier and the highest ever recorded for metro Denver.

Part of the market surge is tied directly to legal marijuana. Pot growers and manufacturers of cannabis-infused edibles have generated insatiable demand for warehouse space.

Commercial real estate tracker Xceligent Inc. last year estimated that marijuana cultivation and manufacturing facilities in...

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