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DENVER-The local industrial market remains steady, but slowed from last year’s heady pace, shows a third-quarter report by CB Richard Ellis. A year ago, seven major developers were delivering distribution product in the northeast market, the largest industrial submarket in the area.

Today, there are five: Catellus, Majestic, ProLogis, Lowe Enterprises and Gateway Park, according to the report. Majestic and ProLogis continue to deliver high-cube space, while Catellus and Gateway are beginning to try to capture the ”flex” market as well.

Gateway, for example, signed a 28,000-sf lease with Paychex and 16,000-sf with Frontier Airlines in flex projects. Catellus is offering 89,00-sf in its D-5 flex space building.

”The challenges this product is currently facing is largely due to the slowdown in the economy and the unwillingness at this time for incubator companies to transition into new larger class A space,” the report notes.

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