By Margaret Jackson / NewsBreak Denver
(Denver, Colo.) By now, most people are familiar with co-working office space, and warehouse space will get the same treatment under a new concept offered by FlexHQ.
FlexHQ recently paid $10.8 million for a 76,000-square-foot building at 5180 Fox St. The property is primarily warehouse space with 6,200 square feet of office. It’s located just west of Interstate 25, less than a mile north of its intersection with Interstate 70.
“It was important to FlexHQ to select a location easily accessible to metro Denver’s growing population,” said Tyler Carner of CBRE, who, along with Jeremy Ballenger and Jessica Ostermick, represented FlexHQ in the acquisition. “As expectations move toward quicker delivery times, more companies are looking to hold their inventory closer to the end customer.”
FlexHQ will renovate the office space into a co-working layout with shared and private desks, conference rooms, call booths, copying and printing services and a communal kitchen. The warehouse space will be partitioned into rentable units ranging from 300 square feet to 3,000 square feet.
“FlexHQ meets a specific need for businesses that require more sophisticated logistics support than self-storage without the long-term commitment of traditional warehouses,” said Laurent Opman, co-founder of FlexHQ. “We offer tenants flexibility, amenities and convenience in targeted locations. Denver is home to a growing population not easily served by another large metro area, and we view it as an essential market in our national growth strategy.”
FlexHQ focuses on major metro areas with high demand for last-mile delivery and low availability of existing warehouse space. Metro Denver’s industrial availability declined to 6.5% in the second quarter, according to CBRE research. That’s down 220 basis points year-over-year and is approaching the lowest rate in the last 20 years, 6.4% in 2014.