• The Phoenix industrial market’s momentum continued into the second quarter with 1,880,638 sq. ft. of positive net absorption, its 41st consecutive quarter of gains.
  • Phoenix industrial vacancy was 5.9% in Q2 2020, an increase of 40 bps after a dip in Q1 2020.
  • Currently, 13,096,560 sq. ft. of industrial space is underway across the Phoenix market. At the end of the quarter, 40.2% of the space under construction was committed to by tenants currently located in the market and new entries to Phoenix. 
  • Construction is heavily concentrated in the Southwest Valley due to the availability and affordability of land, where 11,765,914 sq. ft. of product is underway.