Market Mondays: Denver, CO - March 31, 2025

MARKET OVERVIEW
Denver Overview

The Denver Metro area is home to over 3 million people and continues to experience strong population growth. With a thriving economy and a growing workforce, Denver attracts companies in technology, aerospace, logistics, and renewable energy.

Its central U.S. location, combined with Denver International Airport (DEN) and six interstate highways, makes it a key logistics and transportation hub.

Key Highlights

• Population Growth: Over ~20% increase in the last decade (US Census)

• Labor Force: More than 1.5 million workers within a 45-minute drive of Denver

• Industries: Tech, aerospace, logistics, financial services, and food production

• Infrastructure: 6 interstates, major rail connections, and DEN airport

• Freight & Trucking: Over 100 motor freight companies serve the metro area

Denver Industrial Submarket Map

IOS OVERVIEW
Denver IOS Summary

Industrial Outdoor Storage (IOS) demand in metro Denver is fueled by the region’s role as a logistics and construction hub, with major interstates supporting high volumes of freight movement and last-mile delivery.

The ongoing infrastructure buildout and strong construction activity sustain the need for yards to stage equipment and materials. IOS vacancy in Denver dipped below 3% by mid-2022 (GlobeSt), contrasting with industrial vacancy overall, which is around 8% (Matthews).

However, that broader figure can be misleading, as new supply has skewed toward large-format industrial while small and yard-zoned properties remain scarce. Submarkets like Commerce City and Aurora remain especially tight due to limited zoned land and strong access to transit corridors.

Investors and developers remain bullish on Denver’s IOS segment, citing sustained leasing velocity and outsized rent growth. One brokerage notes IOS “consistently stands out” as a top-performing asset class in the region (Newmark). Rents have risen in recent years amid constrained supply and land pricing for infill yards continues to climb.

One example of an IOS operator investing in this market is Industrial Outdoor Ventures. As of Q4 2024 IOV now controls more than 125 acres across 10 local sites, citing strong tenant diversity and high conviction in the market’s fundamentals (Mile High CRE).

Key Fundamentals Driving IOS Demand in Denver

• Strategic Transportation Corridors: Denver's IOS demand is heavily concentrated along major freight arteries — I-70 (east-west), I-25 (north-south), I-76 (to freight-heavy Commerce City), and E-470 — providing critical access for trucking, laydown yards, and fleet storage. The proximity to Denver International Airport (DIA) also attracts last-mile and logistics-related IOS users. ​

• Logistics Hub for the Mountain West: Denver serves as a central logistics and distribution point for Colorado, Utah, Wyoming, and New Mexico. This regional role drives IOS demand from trucking firms, equipment rental businesses, and e-commerce operators. ​

• Population & Business In-Migration: While residential in-migration has cooled slightly post-pandemic, Denver still sees steady inflows of businesses — especially construction, utilities, and energy-adjacent firms — that rely on yard space for operations. Infill IOS sites close to growth corridors remain in high demand. ​

• Tenant Profile: Typical IOS users in the region include civil contractors, utility providers, materials distributors, landscaping firms, equipment rental companies, waste/recycling operators, and transportation/logistics groups — all of which have a need for secured outdoor storage. ​

• Infrastructure & Public Spending: Major transportation and utility projects (CDOT, RTD, and DIA expansions) are fueling multi-year demand for construction staging yards and fleet parking, especially near I-70 and DIA. ​

CLOSED TRANSACTIONS
Acquisitions & Leases Signed

ACQUISITION: Kenai Capital Advisors announced the sale of 4701 Colorado Boulevard, a 27,716-square-foot industrial property situated on 2.18 acres in Denver, Colorado. Kenai represented the Seller, DoubleBay Partners, a Denver-based private investment firm that specializes in industrial assets, in the publicly marketed transaction and sourced the buyer—a California-based private equity firm. Built in 1968, the property is 100% leased to Winsupply, which leverages the site’s drive-in loading and extensive outdoor storage to optimize its distribution operations in the North Denver submarket.

ACQUISITION: Hooper Corporation acquired 4475 East 74th Avenue, a 33,660 SF industrial building situated on 4.28 acres of I-2 zoned land in Commerce City, Colorado for $6.5M. Mark Dwyer and Sam Slaton at Lincoln Property Company Denver facilitated the sale.

ACQUISITION: Henry Group Real Estate represented the seller in the sale of a 2.2 acre site in Denver for $3.2M! The IOS property was located at 2101-2133 S Wabash St and included a vehicle service building and storage space. Patrick Henry, Boston M. Weir, Christopher (C.J.) Toohey represented the seller in this transaction.

ACQUISITION: IOV has acquired its 10th Denver property—a 4.94-acre IOS facility at 3750 Nome St, featuring 31,116 SF of warehouse/office space and a secured yard. Sam Dragan and Mike Camp at CBRE represented the buyer and the seller in the deal.

ACQUISITION: Flywheel Capital sold its IOS property at 17805 S. Golden Rd. in Golden, CO, for $7.3 million, reflecting its strategy of enhancing underutilized real estate. The 5.3-acre site, featuring 24,904 SF across three buildings, was repositioned through key improvements and leased to Alpine Civil Construction, which later exercised its purchase option. Patrick McGettigan of JLL represented Flywheel Capital, while Robby McClure of McClure and Associates Real Estate represented the buyer.

DISPOSITION: Bento Property Group sold 6 acres in Colorado. Looks like a great comp for the market in CO!

ACQUISITION: Congrats to the Cushman & Wakefield team on the successful closing of 11331 Dillon Road, a 27,116 SF IOS site on 5.07 acres in Broomfield, CO. Key contacts here are Matt Trone, Steve Hager and Joey Trinkle.

LEASED: The Cushman & Wakefield team including Matt Trone, Steve Hager, and Joey Trinkle represented Imperium Capital in a recent lease in the Denver market. They leased that site at 409 W 66th Way, which featured 10,570 SF industrial building on 6 acres.

LEASED: Remember that Nome St deal above? Well it was acquired and then leased in less than 30 days to Lakin Tire. The site is 4.94 acres with approximately 31,000 square feet of warehouse and office space.

Want to chat? Send an email to [email protected]. We answer every email you send our way!

CASE STUDY
Semi-Stow Case Study

Semi-Stow acquired a large truck parking lot in Commerce City, marking its first Denver-area purchase. The site saw rapid appreciation, with Hampton Yards buying it for $6.94 million in 2021 and selling it for $18.5 million after rezoning and cleanup efforts (let’s go!).

Located near I-270 and Brighton Blvd., the 20-acre property offers prime access to Downtown Denver and the airport.

LOCAL EXPERTS
Denver, CO Brokers and Representatives

Colorado IOS: Ben Swanson, John Witt
Kenai Capital Advisors: Garrett Neustrom, Jules Sherwood
Lincoln Property Company: Mark Dwyer, Sam Slaton
Henry Group Real Estate: Patrick Henry, Boston Weir, CJ Toohey
CBRE: Sam Dragan, Mike Camp
JLL: Patrick McGettigan
McClure and Associates: Robby McClure
Bento Property Group
Cushman & Wakefield: Matt Trone, Steve Hager, Joey Trinkle, Drew McManus, Bryan Fry, Ryan Searle, Shannon McBroom
Colliers: Barry Young, Cody Sheesley, David Hazlett, Jacqueline Marks, Nick Nasharr, Nick Rice

RESOURCES
Denver IOS Resources

Reports:
Cushman & Wakefield Industrial Report
Matthews Industrial Report 
Avison Young Industrial Report
Colliers Industrial Report
JLL Industrial Report
CBRE Industrial Report

Zoning Resource:
Colorado IOS Zoning Resource