Direct vacancy reached 5.8%, up 120 bps year-over-year.
The average direct asking lease rate in H1 2020 increased slightly to $10.22 per sq. ft. NNN, up $0.13 from H1 2019.
Negative net absorption of 107,541 sq. ft. was posted in H1 2020—the first time the Northern Colorado industrial market has posted negative net absorption since H2 2018.
Industrial space under construction reached 389,686 sq. ft. in the first half of 2020, the highest total since 2017. The Northern Colorado market also saw over 285,000 sq. ft. of new industrial deliveries in H1 2020.
The Northern Colorado industrial market continued to post strong sales numbers with a total volume of $65.2 million in H1 2020, up 64.5% over the total this time last year.