The exponential growth of industrial space in Greater Phoenix, which has crested in a tidal wave of more than 23M SF in new warehouse deliveries in the past six months, is beginning to overwhelm the still robust fundamentals of the market.
The overall industrial vacancy rate in Phoenix surged to 7.6% in the fourth quarter, while net absorption dipped to 2.4M SF, according to Transwestern's latest market report.
The unfolding impact of this record-breaking surge in deliveries comes into focus when you compare these two data points to Q4 2022, when the vacancy rate stood at 4.7% and positive net absorption was nearly 7M SF.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
