April 23, 2024 3:49 am
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2017 proves to be year of growth for Phoenix industrial market

A notable 2017 industrial building delivery was a 618,350-square-foot lease signed by UPS at 16601 W. Sells St./AZRE

AZRE

Out-of-state relocations, an ongoing economic recovery and job growth were all contributing factors in lowering the Phoenix industrial vacancy rate to 9.2% while rental rates ended the second quarter at $.59, which is an increase over the previous quarter, according to DAUM’s second quarter market report.

During the quarter, net absorption for the overall Phoenix industrial market was 1.2 million square feet, which compares to positive 3.1 million square feet in the first quarter of 2017. Eleven buildings totaling more than 810,000 square feet were completed in the Phoenix market area, while new construction activity increased with 4.2 million square feet currently underway.

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© 2024 Rose Law Group Reporter

Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.