Developers are taking action in Phoenix’ industrial market, constructing on land that has been held in wait. This is according to the first quarter industrial report released by Cushman & Wakefield of Arizona, Inc.
“Mid-sized spaces are in short supply and developers are stepping up to fill the need,” says Jackie Orcutt, Senior Director with Cushman & Wakefield. “The Deer Valley and Southeast Valley submarkets are particularly active with planned projects and construction. Developers are benefitting from significant pre-lease commitments.”
Throughout the Metro Phoenix area, nearly three million square feet of space are under construction. Approximately 1,855,179 square feet have already been completed and delivered to the market in 2015.
The majority of the new space delivered in first quarter is found in Southwest Phoenix, known for its sizable warehouse/distribution facilities.