Direct vacancy reached 6.6% in H1 2021, up 76 basis points (bps) year-over-year, but down 20 basis points compared to the record high recorded at year-end 2020.
The average direct asking lease rate posted in the first half of 2021 remained stable year-over-year at $10.15 per sq. ft. triple net (NNN).
Positive net absorption of over 157,000 sq. ft. was recorded in H1 2021, almost identical to the figure recorded in the second half of 2020, and almost triple the amount recorded through the first half of 2020.
Industrial space under construction reached 1.2 million sq. ft. at the end of H1 2021, surpassing the highest total recorded in 2012. The Northern Colorado market also saw nearly 109,000 sq. ft. of new industrial deliveries in H1 2021.
The Northern Colorado industrial market continued to post strong sales numbers with a total volume of $104.1 million in H1 2021. Over $100.0 million in sales were recorded for the second straight half-year period, an unprecedented achievement.