Phoenix leads U.S. for industrial space construction

By Commercial Edge | AZ Big Media

Across the top 30 markets CommercialEdge surveyed for its newest report, asking rents for industrial space averaged $6.31 per square foot in July and Phoenix led the nation with 24 million square feet of industrial space under construction.

The highest average rent increases were recorded in port markets, with Southern California in the lead. Specifically, leasing rates grew fastest in the Inland Empire (6.9%), followed by Los Angeles (6.4%), which slipped to second place in July. At the same time, rents for industrial space in New Jersey climbed to the third spot by yearly growth, up 6.3% compared to July 2020. The northeastern port city was also home to the highest premiums, $2.19 more per square foot, or 28.3% higher than the average rate.

On the other hand, rents for Midwestern industrial markets remained relatively stable through July, especially in areas where high levels of industrial stock hit the market in recent years. In particular, industrial leasing rates in Kansas City grew 1.2% year-over-year, while asking rents in Indianapolis rose by 1.3% during the same period.

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