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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