Above: Hines, together with funds managed by Oaktree Capital Management, L.P., announced in March they have closed on the property for the future development of two speculative industrial buildings, each 569,520 square feet in size, in the City of Glendale.
By AZRE | Via AZ Big Media
Phoenix industrial market activity continued on record-setting throughout the third quarter, according to a report from CBRE. In Q3 2020, sixteen buildings delivered totaling 3,160,450 square feet. Year-to-date construction completions totaled 8,561,225 square feet and is on pace for the highest level of construction deliveries since 2008. Construction deliveries across the Valley are well- warranted as new users enter the market and vacancy has tightened to the lowest rate in fourteen years.
Net absorption remains strong amid current economic conditions as users outside of the market seek industrial space. Third quarter net absorption totaled 2,156,848 square feet, bringing the year-to-date total to 8,057,847 square feet. Several large move-ins in the Southeast and Southwest Valleys contributed to positive net absorption.
