One exception was the Aurora submarket, where the vacancy rate increased 4.5 percentage points, climbing to 17%, the second highest metro area vacancy rate. It is topped only by the 17.8% vacancy rate along the southeast corridor.

The tiny Glendale industrial market has the lowest vacancy rate in the area, at only 3.1%.

Quarterly net absorption was 772,081 sf, nearly all of which occurred in new industrial products. More than 1.1 million sf was delivered in the second quarter, with more than 66% of the space leased at delivery.

The quarterly performance pushed year-to-date net absorption to 248,490 sf after a negative first quarter.

Meanwhile, the overall industrial average rental rate gathered a little ground, rising $0.10 per sf to end the quarter at an average of $7.33 triple net.

The Boulder submarket continues to command the highest average rate of $10.10 per sf, triple net, while the Montbello/I-70 submarket reports the lowest average at $4.88 per sf, triple net.

The majority of the product in the Boulder submarket is flex or high-tech, which translates into a higher rate. The Montbello area, by contrast, is mostly warehouse/distribution space that does not require extensive build out, Trammell Crow notes.