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NE Industrial Market Takes a Breather

DENVER-The latest Grubb & Ellis report predicts this year will bring continued strong net absorption and an increase in new construction in the northeast industrial submarket. The call comes on the heels of two quarters with no construction completions in the submarket.

By John Rebchook | Updated on January 29, 2001

DENVER-The northeast industrial market, by far the largest industrial submarket in the metro area, had taken a breather in the fourth quarter of 2000, after frantic absorption activity in the first nine months of the year, shows an analysis by the Denver office of Grubb & Ellis.

“The Northeast Industrial Market gorged itself in the first three quarters of 2000 and then pushed back form the table and enjoyed that fully satiated feeling in the fourth quarter,” according to the report. “Net absorption swallowed up space at over 1 million sf per quarter in the first, second and third quarters and experience no new absorption in the fourth quarter.”

Quite a bit of space had been leased in the fourth quarter, although it didn’t impact absorption, as tenants took over a number of second generation space that became available, so there was no net change. The report predicts “continued strong net absorption for the first three quarters and an increased in new construction” by the end of this year.

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