AZRE
The Greater Phoenix industrial real estate market posted a strong fourth quarter finish to 2017, which was one of the city’s historically best years. Net absorption was the strongest in a decade, absorbing robust construction completions and pushing the vacancy rate to a 10-year low.
Net absorption of industrial space topped 2.1 million square feet in the fourth quarter, bringing the 2017 total to approximately 9.2 million square feet. Large tenants drove up absorption during the past year, including Conair with its 800,000-square-foot space and UPS taking occupancy of more than 600,000 square feet in the Northwest Valley. The Southwest Valley posted more than 1 million square feet of net absorption in the last three months of the year.
