Colliers
- Industrial vacancy in Greater Phoenix improved slightly in the third quarter, dipping to 11.9 percent. Despite some fluctuations, the overall vacancy rate has been fairly stable over the past 18 months.
- Net absorption gained momentum in the third quarter, topping 1.3 million square feet. With several large leases signed during the third quarter, net absorption should be strong in the final three months of this year.
- Construction of industrial buildings is slowing, with fewer than 800,000 square feet coming online during the third quarter, compared to more than 1.6 million square feet in the second quarter.
- Sales of industrial buildings rose approximately 5 percent from the second quarter to the third quarter. Despite the recent uptick, sales activity year to date is 10 percent behind last year’s pace.
- The median price in industrial sales thus far in 2015 is $71 per square foot, 6 percent higher than the 2014 median price.
View the full 3Q 2015 Greater Phoenix industrial report
