November 15, 2024 4:44 am
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Phoenix region a top market for 2019 industrial development, report says

The first phase of the Ten Distribution Center in west Phoenix completed construction. / Provided by Graycor Construction Co.

West Valley a driver in new development

By Corina Vanek | Phoenix Business Journal

The Phoenix region is on track to have 6.5 million square feet of industrial space constructed in 2019, the sixth-largest expected delivery of commercial real estate markets nationwide.

According to a study by Commercial Café, the Valley has 34 developments of at least 90,000 square feet scheduled to come online this year.

Most industrial development underway in the Valley is speculative, according to Rusty Kennedy, senior vice president at CBRE. Valleywide, the vacancy rate for industrial properties was at 6.6 percent at the end of 2018, the lowest year-end rate since 2005, according to CBRE, which set high expectations for industrial construction and absorption in 2019.

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