• The Phoenix industrial market’s momentum continued into the third quarter with 2,156,848 sq. ft. of positive net absorption, its 42nd consecutive quarter of gains.
  • Phoenix industrial vacancy was 6.1%% in Q3 2020, an increase of 20 bps quarter-over-quarter.
  • Currently, 11,824,910 sq. ft. of industrial space is underway across the Phoenix market. At the end of the quarter, 54.2% 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 11,090,636 sq. ft. of product is underway.