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Phoenix skylinePhoenix had a first quarter surge in warehouse activity, undeterred by the onset of the coronavirus pandemic and subsequent shelter-in-doors restrictions. According to a report from Colliers International, Phoenix had its third strongest quarter performance in industrial sales volumes since 3Q10 with $833 million in sales volume. Price-per-square foot increased to $106 and cap rates compressed to the low 7%. Overall, it was a tremendous quarter of activity even after the virus caused national business closures and stay-at-home orders in the final two weeks of the quarter.

“The stay home stay safe call was not activated until mid-March. Greater Phoenix has continued to bring in new companies and expanding existing ones,” Phil Hernandez, research manager for Colliers International, tells GlobeSt.com. “Following a very strong and healthy 2019, the first quarter continued with the same momentum.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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