Market Trends
- Year-over-year industrial vacancy in the Phoenix area has fallen to 3.4% from 6.6% in Q4 2020, demonstrating continued heightened demand for industrial space.
- Developers are responding to strong interest from tenants and a record 32.7 million square feet (MSF) is now under construction. At the end of 2020, there was just 12.1 MSF under construction.
- The average asking rent has increased to $7.36 per square foot, rising 9% in the last 12 months.