At the start of the third quarter, the overall vacancy rate forindustrial space in metropolitan Phoenix hit 6.9%, a drop of 1.2%since the start of the year, according to a new survey by analystsas brokerage CB Richard Ellis. It's the lowest rate since 1996,when the vacancy rate was 5.7%.
"When you've got a market with 190 million sf and a vacancy rateunder 7%, you've got a pretty tight market," Tom Louer, vicepresident of industrial properties with CB Richard Ellis, tellsGlobeSt.com. "Tenants are having a tough time, in some cases, infinding space."
Through the first half of the year, more than 7.1 million sf ofspace has been absorbed in the market, including more than 1million sf of new development, the CB report says.
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