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Home 🌿 Marijuana Business News 🌿 Colorado's Marijuana Industry Has A Big Impact On Denver Real Estate: Report 🌿Colorado's Marijuana Industry Has A Big Impact On Denver Real Estate: Report
The marijuana industry in Denver is spurring one unlikely sector: real estate. Colorado’s cannabis industry occupies at least 3.7 million square feet of industrial space in Denver, a recent study discovered, the Denver Post reported Tuesday.
Marijuana has essentially “kick-started the recovery of the industrial market in Denver,” leading to nearly record-high rents and low vacancy rates, according to Jessica Ostermick, director of research and analysis for CBRE in Denver, the firm that conducted the study. From 2009 to 2014, marijuana cultivation accounted for more than a third of all industrial space leased in Denver, and one in every 11 industrial buildings in central Denver reportedly was full of marijuana.
The majority of commercial cultivators have been pushed to industrial areas because grows are not allowed within 500 feet of residential areas and many light-industrial areas are too close to homes, the Denver Post quoted a city spokeswoman as...
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