One out of every 11 industrial buildings in the city of Denver is related to the marijuana market, according to the Denver Post. Whether it be a dispensary, a grow operation or a glass shop, these businesses are taking over the city.
In an article published in the Denver Post Tuesday, the Vice President of CBRE Paul Kluck said there is no need for more shops like this to open. CBRE is a local real estate company in Denver.
“Right now, we feel like the marijuana grow market, we call it overgrown,” Kluck said. “We don’t feel like there’s additional demand for grow facilities other than the normal in-and-out in existing facilities.”
On average, buildings leased to grow marijuana are three times more expensive, for no additional square footage or amenities. This combined with the hundreds of Americans flocking to Colorado to celebrate legal weed, has caused a problem for us locals.
Rent is continuing to rise, and people are willing to pay. To read more about the pot industry and how it is affecting real estate in Colorado, check out the full article published in Vol. 123, No. 293 of the Denver Post.