November 17, 2024 12:53 am
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Rose Law Group

Industrial development, new construction hit highest levels since 2007

By Mike Sunnucks | Rose Law Group Reporter

There are 11.9 million square feet of industrial space under construction in the Phoenix metro area.

That is the most industrial and warehouse space under construction in the Phoenix market since 2007, according to commercial real estate brokerage firm CBRE.

The bulk of the new industrial construction, including speculative space is happening in the West Valley where there is 9.1 million square feet of new space being built.

That is according to the third quarter data from CBRE.

The industrial vacancy rate in the region stands at 6.1 percent with 8.1 million square feet of industrial absorption (net leasing) so far this year.

Nike had the biggest industrial deal in the third quarter with its 901,700-square-foot manufacturing plant locating in Goodyear.

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© 2024 Rose Law Group Reporter

Rose Law Group Reporter, which provides Dealmaker’s content and service, is contracted by Rose Law Group. Rose Law Group is a full service real estate and business Law Firm practicing in the areas of land use/entitlements, real estate transactions, real estate due diligence/project management, special districts, tax law, water law, business litigation, corporate formation, intellectual property, asset protection, data breach/privacy law, ADA compliance, estate planning, family law, cyber-law, online reputation and defamation, lobbying, energy and renewable energy, tax credits/financing, employment law, Native American law, equine law, DUIs, and medical marijuana, among others. The views expressed above are not necessarily those of Rose Law Group pc or its associates and are in no way legal advice. This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.