As of late, Denver seems to be passing every other city in each sector of real estate. Residential sales are off the charts, home prices are skyrocketing, and now, even the industrial sector of the local market is getting some attention. According to the Denver Business Journal, vacancy rates stood at 4.6 percent in the quarter, down 0.4 percent from a year earlier, the report said. And lease prices are finally climbing towards pre-recession levels, with Q1 rates up 9 cents from the previous quarter, to $6.19 a square foot. The industrial momentum is expected to last well through the remainder of 2014.
Industrial real estate in Denver is really growing along interstate 70, and there is 3.1 million square feet of new industrial space under development in the area. The lowest vacancy rate, as always, was central Denver at 1 percent (there’s only 13.5 million leaseable square feet), and Longmont recorded the highest average vacancy rate at 17.5 percent.