Market Trends
- Vacancy ticked up to 9.3% in 2025, but deliveries slowed to 3.8 million square feet (msf). While 4.5 msf remains under construction, starts have moderated. Market conditions are expected to stabilize in 2026.
- Total net absorption in 2025 reached 2.1 msf, slightly below the 2.4 msf recorded in 2024. Food Bank of the Rockies led Q4 2025 absorption with a 270,000-square-foot build-to-suit in the East submarket.
- Asking rents declined 8.1% year over year to $8.65 per square foot amid moderating demand. Tenants continue to hold leverage but with less new supply and steady leasing, rents are projected to rise in 2026.