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2022 Q3 Denver Industrial Market Report

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The Denver industrial market is full steam ahead.

Key Takeaways

  • Net absorption rebounded substantially from the second quarter, recording nearly 1.8 MSF. 
  • Asking rates pushed new record highs this quarter, closing at $11.13/SF for industrial overall and $9.50/SF for warehouse product specifically.
  • The pipeline continues to grow as 3.4 MSF delivered during the third quarter and 10.2 MSF remained underway. 
  • Investment activity remains high, nearing the $2.0B mark through three quarters and trailing only last year as the largest figure in metro history.

3Q2022Industrial Denver Quarterly Market Report

2022 Q3 Denver Industrial Market Report

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Related Experts

Brad Calbert

President

Denver

Brad Calbert is currently President of Colliers International Denver Office.  In this capacity, Mr. Calbert oversees over 70 associates in various capacities while maintaining an active investment brokerage/ finance/consulting business. Mr. Calbert is involved in fee development for Colliers International.

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Nick Rice

Vice President

Denver

Nick is a Vice President at Colliers and a member of the CISG group. He is an experienced broker with a diverse skill set that comprises landlord/tenant representation, land development, and capital markets expertise. Nick is able to leverage his understanding of market dynamics, tenants, developers, and owners with financial underwriting to maximize value for his clients. In doing so, he has been a consistent top 10 performer in terms of production for the Denver Industrial Market in the past several years. Nick has been involved in the lease of over 3.3 million square feet of industrial space and over 1.1 billion in sales volume since 2016.

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TJ Smith

Principal

Denver

Mr. Smith is a principal at Colliers International and works primarily in the company’s Investment and Leasing divisions. T.J. is widely recognized as a leader in the brokerage community. He provides a full range of services to his clients, including but not limited to: acquisition and disposition services, tenant representation, landlord representation, strategic planning and scheduling, market information and product consultation, negotiation support, analysis of offers and identifying comparables.

In recent years, T.J. has completed over 1,000 transactions consisting of more than 12 million square feet with an estimated transaction volume in excess of $1 billion.

Approximately 80% of Mr. Smith’s business is Investment Sales and Landlord Representation with individual owners and large institutional investors. T.J. currently leads and manages a four person transaction team which handles over 100 properties equaling 4 million square feet of projects for sale or lease.

1996 – Present
Colliers International, Denver, Colorado

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David Hazlett

Principal

Denver

Mr. Hazlett has been a Corporate Services specializing in office/industrial and land since 1985.  He has played an instrumental role in the sales and leasing of more than 25 million SF with a total dollar volume in excess of $750 million. 

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Tom Stahl

Principal

Denver

Mr. Stahl is a thirty year veteran of the industrial real estate brokerage business in Denver and has completed in excess of 1,100 lease and sale transactions totaling approx. 25 million SF with a total value of approx. $622 million.  Mr. Stahl was awarded the SIOR designation from the Society of Industrial and Office Realtors in 1991 and has held various positions within the organization continuously since 1994, including Colorado Chapter President in 1995 &1996 and Treasurer from 1998 to 2008.  Mr. Stahl is a shareholder of Colliers International – Denver and will celebrate his 25th anniversary with the firm in March 2012.

 

Industrial real estate expertise includes portfolio leasing, tenant representation, user building sales, land sales and investment sales.  Brokerage activity in 2006, 2007, and 2008 included 200 transactions totaling 6,950,000 SF with a total value of $257 million.  Major transactions include the sale of a 300,000 SF vacant industrial building located at 200 Bromley Business Parkway in Brighton, Colorado to an investor and the subsequent long term lease of the entire building to Staples.  This was the largest industrial lease transaction to take place in Denver in 2006.  Total consideration of the 200 Bromley transactions was $23.5 million.  Another major lease transaction was with Nestlé Waters for 200,000 SF at Mile High Business Center which was the largest industrial lease transaction to take place in Denver in 2007.  Other major transactions included the two largest tenant relocations to take place in Denver in 2008, which totaled 224,000 SF to Western Paper Distributors and Alstom Power at Mile High Business Center.  Mr. Stahl also participated in the two largest industrial investment sale transactions to take place in Denver in 2008, which included Dartmouth Industrial Park and the Denver Business Center portfolios totaling 1,178,000 SF with an aggregate value of $68,150,000.

 

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Tim Shay

Principal

Denver

Mr. Shay joined Colliers International in 2001 and works primarily in the company’s Industrial Division both in sales and leasing.  In the last 21 years, Tim has completed over 2,400 transactions consisting of more than 14 million square feet with an estimated transaction volume in excess of $1.3 billion.

Tim has assisted many individual owners in the sale and purchase of their own facilities and has done multiple investment transactions.  In 2018 through 2021 Mr. Shay has closed on over 100 sale properties to date both to Owner/Users and Investors.

Mr. Shay currently represents over 2,500,000 square feet of flex/industrial space for lease in the Denver Metro Area.  He also has done numerous leasing transactions from 1,000 SF up to 250,000 SF over the last 20 years.


2001 – Present
Colliers International

1999 – 2001
Phil Foster & Company

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Cody Sheesley

Principal

Denver

Cody’s real estate career started in 1998 at CB Richard Ellis in the San Francisco Peninsula office.

After relocating to Denver, Cody became a Sales Associate focused on servicing industrial users in the Denver Metro area.  Cody joined Colliers International in 2007 and has become an integral part of the industrial team currently marketing over 1 million square feet in the Denver Metro area.  Cody has completed over 500 transactions with an estimated transaction volume in excess of $200 million.

First Industrial Realty Trust – 2005 to 2007

Colliers International – 2007 to Present

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Matt Keyerleber

Principal

Denver

Matt joined Colliers Bennett & Kahnweiler, Inc. in 2006 and worked primarily in the Company's Industrial/Flex and Office divisions. Matt’s well-rounded knowledge of real estate markets and excellent prospecting, planning, and relationship building skills make him a highly effective real estate professional. 

Matt is focused on Industrial and Flex properties throughout the Denver market.

Currently, Matt handles the leasing and sale disposition of multiple investment portfolios and individual buildings The majority of Matt’s Landlord Representation is larger institutional investors and individual owners. 

When relocating companies, Matt excels in defining, identifying and implementing his clients’ real estate needs.  In Matt’s tenure at Colliers, he helped hundreds of companies relocate to buildings that better fit their requirements.

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Steve Serenyi

Principal

Denver

Mr. Serenyi joined Colliers International in 1998, and has played an active role in numerous industrial, and investment transactions earning him the title of the Colliers Rookie of The Year.  Since joining Colliers International, Steve’s aggressive approach to marketing properties and representing clients has brought him numerous accolades and designations such as CoStar’s Annual List of Power Brokers and the Denver Business Journal’s Heavy Hitters List of Top 20 Commercial Real Estate Brokers.  In 2006, Mr. Serenyi was promoted to Vice President of the Industrial Division of Colliers International, and in 2007 was made Partner.

When Steve isn’t working he’s chasing, wrestling, and being humbled by his 1, 3, 6, and 7 year old children.

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Tyler Ryon

Vice President

Denver

Tyler grew up in the San Francisco Bay Area before moving to Colorado to attend the University of Colorado at Boulder. He earned his bachelor degree in Communication, and began working in Commercial Real Estate in 2010.

Tyler is an aggressive, methodical and results-driven Commercial real Estate Professional in the Denver Metro area. He specializes in the Industrial and Office spheres exhibiting superior relationship building, organizational and presentation skills. He has a proven ability to secure property listings, deliver results, and build lasting relationships.

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