Valley No. 1 for big-box industrial

Above: BKM Capital Partners, an institutional fund manager, acquired a portfolio containing 11 industrial properties, including a $157.5 million Phoenix portfolio.

By AZRE | AZBig Media

Phoenix was named the top growth market in North America for large-warehouse leasing activity in the industrial sector, with 9.1 percent of its inventory absorbed in 2020, according to a new report from CBRE.

Transaction activity reached a record level for big-box warehouses – those of 200,000 sq. ft. or larger – amid user demand stoked by growth in online shopping and retailers stockpiling inventory due to the pandemic.

Transactions in this category cumulatively spanned 349 million sq. ft. in the top 22 North American markets last year, up significantly from 280 million sq. ft. in 2019. The study includes markets with more than 75 million square feet of big box product.

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