• The Phoenix industrial market’s momentum was solidified by 3,932,801 sq. ft. of positive net absorption in the third quarter, its 38th consecutive quarter of gains and  the  second-highest quarterly total since Q4 2013.
  • Phoenix industrial vacancy was 6.1% in Q3 2019, down 40 bps after a moderate increase in the second  quarter.
  • The overall average asking lease rate of $0.66 per sq. ft. NNN  in  Q3  2019  was  a  slight  increase  from  both the previous  quarter  and  year  over   year.
  • In Q3 2019, 2,825,445 sq. ft. of industrial product delivered in the Phoenix market, with 75% dedicated to speculative space. Currently, 11,906,784 sq. ft. of industrial space is underway—the highest quarterly total since  Q3  2007.