October 17, 2024 7:07 pm
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New construction, Amazon highlight industrial market

By Mike Sunnucks | Rose Law Group Reporter

The industrial real estate market ended 2019 with a record amount of new space under construction.

That is according to fourth-quarter data released by Lee & Associates Commercial Real Estate Services.

There are 52 buildings under construction totaling 13.05 million square feet across the Valley, according to Lee. Three largest construction projects are in Goodyear and Tolleson.Amazon.com (Nasdaq: AMZN) had the largest industrial lease deal in the fourth quarter taking 553,500 square feet in the West Valley.

The industrial vacancy rate in metro Phoenix ended last year at 7.10 percent. That compares to a 7.5 percent rate to end 2018.

The average asking industrial rent stands at $7.68 per foot up from $7.32 per square foot at the end of 2018.

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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.