By Real Estate Daily News
Phoenix, Arizona – The Greater Phoenix industrial market posted its largest amount of net absorption in history during 2020. The city posted 13.9 million-square-feet of net absorption during 2020, 7.0 million of which were absorbed in fourth quarter. The surge in demand has been created by out-of-state companies entering the Arizona market, as well as increased need for industrial space due to a shift to online purchasing during the pandemic.
In addition, Greater Phoenix posted its largest delivery of new product in a single quarter during fourth quarter 2020,a remarkable 6.5 million-square-feet of new industrial space came online. This included the Valley’s first speculative project larger than 1 million square feet, which was developed by Tratt Properties in the West Valley.