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


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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