A 129,000-square-foot building at 5150 Colorado Blvd. is about to become Denver's newest option for small businesses that have outgrown their garages but aren't ready for a full industrial lease. WareSpace, a national provider of micro-bay warehouse space, will celebrate the grand opening of its Park Hill location on Thursday, marking the company's second Denver-area facility and pushing its metro footprint to roughly 200,000 square feet.
The opening comes more than a year after WareSpace quietly closed on the property in an off-market deal in July 2025, according to CRE Daily. As reported by Mile High CRE, the Park Hill site is positioned to serve a wide swath of the city, with reach into RiNo, Cherry Creek, Five Points, LoDo, Northfield, Central Park, Capitol Hill, Montbello, Commerce City and Aurora. The location sits about two minutes from Colorado Boulevard, seven minutes from I-70 and five minutes from I-25, with downtown Denver roughly 17 minutes away and Denver International Airport about 22 minutes out, per the same outlet.
A Second Foothold After Centennial
Park Hill follows WareSpace's existing Centennial facility at 360 Inverness Drive South in the Englewood/Centennial area, which already serves south metro businesses, according to WareCRE. Together, the two locations give WareSpace coverage across both the north and south Denver transit corridors. The company now operates two Denver-area locations as part of a broader national network of 32 locations, per Mile High CRE's report.
Co-founder Levi Cohen said the new site is meant to give the city's growing businesses room to operate without overcommitting financially. “The second Denver location creates infrastructure for businesses building the city's economy,” Cohen said, according to Mile High CRE's reporting. Co-founder Joseph Ely echoed that businesses need flexibility as they scale, adding that companies should be able to invest in inventory, staff and growth instead of paying for space they don't yet need — a point Cohen also emphasized in the same coverage.
Units Sized for Growth, Not Guesswork
Following a 2026 renovation, the Park Hill building features 28-foot clear heights, 39 loading docks and climate-controlled flex units ranging from 253 to 2,874 square feet, according to a LoopNet listing. Mile High CRE reports that private warehouse units at the site range from 200 to more than 2,000 square feet, with leases starting at $1,000 per month on six- to 12-month terms — well short of the multiyear commitments typical of traditional industrial leases. The facility includes year-round HVAC, loading docks, shipping areas and on-site support, and the pricing structure is designed to let a tenant lease 300 square feet today and scale up to 1,500 square feet a year later without switching buildings, per the outlet.
That flexibility addresses what the LoopNet listing frames as an all-inclusive model, with pricing that covers utilities, Wi-Fi, property taxes, daily maintenance, and access to shared conference rooms. It's a structure built for the kind of business that's too big for a garage but not yet ready to sign a five-year industrial lease.
A Tight Squeeze for Small-Bay Space
The timing lines up with a supply crunch that's been building across Denver's industrial market. The metro area's overall industrial vacancy rate stood at 9.6% in the second quarter of 2026, with average asking rents of $8.75 per square foot, as the market absorbed a wave of recent big-box construction, according to Savills. But that headline number masks a much tighter reality for smaller tenants: small-bay industrial vacancy sits closer to 5% because developers have focused on bulk distribution centers over 100,000 square feet rather than smaller warehouse space, per WareCRE data.
That imbalance is part of why co-warehousing operators like WareSpace have found room to expand so quickly. The company was formed in 2021 by Cohen, Ely and Jadian Capital, and the investment firm boosted its financial commitment in WareSpace to more than $500 million in July to support the company's national growth. WareSpace's national count of 32 locations and more than 1.5 million square feet includes a recent 441,000-square-foot, five-building portfolio acquisition spanning Austin, Southern California, San Diego and Miami.
Grand Opening Built Around Local Tenants
Thursday's celebration runs from 4 p.m. to 7 p.m. with a ribbon-cutting at 4:30 p.m., featuring local food vendors, digital headshots, chair massages and tenant showcases. Mile High CRE reports the event will spotlight Park Hill tenant businesses alongside vendors from the Centennial location, with tours, business resources, networking opportunities and interactive experiences rounding out the program. Rather than a standard corporate ceremony, the event is structured around the small businesses that will actually occupy the space.
WareSpace has built much of its national model around repurposing existing commercial buildings rather than constructing new ones. In August, the company converted a former 174,500-square-foot Fry's Electronics store in Plano, Texas, into a 160-tenant business campus, a project Hoodline covered in a recent report on the Plano conversion, according to CommercialSearch. Similar projects have played out in suburban Chicago and Santa Fe Springs, California, part of a pattern of turning vacant big-box and industrial real estate into small-business hubs.
For entrepreneurs weighing the jump from home office to warehouse, the economic case appears to be holding up. Industry survey data from 2025 found that 85% of small business tenants in co-warehousing facilities reported revenue increases within six months of moving in, according to Mile High CRE. Shared loading docks and fulfillment areas, the outlet notes, help home-based businesses scale operations without the overhead of a standalone facility. With Park Hill now open, WareSpace is betting that Denver's small-bay squeeze will keep filling its units for years to come.
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