Denver Industrial Market Report

Denver International Airport draws in corporate commitments. Over the last two years, organizations like Shamrock Foods Company, Lowe’s, Subaru Corporation and FedEx have taken up space near Denver International Airport (DIA). This comes as total cargo volumes at DIA remain 1.4 percent ahead of pre-pandemic levels. Long-term initiatives, including Vision 100 and Operation 2045, will continue to drive corporate commitments here moving forward. In 2024, Whole Foods Market, Dollar General and PepsiCo are set to occupy a collective 2.25 million square feet near DIA. This dynamic should maintain demand from supporting industries in Northeast Denver and Northern Aurora, which each recorded rent growth of over 15 percent in 2023. Marketwide, however, fundamentals are softening. Above market average rents in the South, Southwest and Western corridors contributed to net space relinquishments last year. An uptick in deliveries during 2024 also weighs on vacancy, causing total vacant stock to exceed 15 million square feet for the first time in more than two decades.