Cannabis Driving Industrial Demand In Denver
The state of the Denver industrial market in one word, according to the speakers at our Denver Industrial Investment & Development Conference: hot. Hot as it's ever been. Cannabis is one reason, but not the only reason.
A number of metrics show just how red-hot the market is, our speakers said. There have been 25 quarters of positive absorption in a row, vacancies below 5% since 2012, and every submarket is seeing record rental rates. Marijuana's been a piece of the story, but there's a diverse set of drivers, including population growth—after all, about 5,000 people a month are moving to metro Denver—and expanding ecommerce.
On the capital markets side, the demand for industrial is enormous. That's true nationwide, but especially Denver. There will be some sublease space coming on the market in the coming years, but not enough to disrupt the market.
CBRE research analyst Katie Murtaugh noted a number...
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