PHOENIX – (May 17, 2024) – According to a new report from CBRE, third-party logistics (3PL) providers leased the most big-box warehouse space in Phoenix, accounting for 32.6% of all transactions.

Phoenix is still considered a top big-box growth market. Down from 14.3% in 2022, Phoenix fell second to Savannah (12.9%) with a 6% growth rate in 2023.

Around 23 million sq. ft. of space is currently under construction, with only 26.4% preleased. Phoenix has the second-highest construction activity in North America, which is expected to further increase vacancies in 2024.

National Trends

Nationally, retailers and wholesalers dethroned 3PL providers with 36% of all transactions. In addition to retailers & wholesalers, automobiles, tires & parts, and building materials & construction also saw an increase in the share of leasing activity, which overall fell 15.8% in 2023.

Industrial construction peaked in 2023, with a record 413 million sq. ft. delivered to the market, doubling the vacancy rate to 6.6%. However, construction in progress dropped to 208.4 million sq. ft. by year-end, half of the previous year’s total.

CBRE forecasts a 5% increase in big-box leasing volume in 2024 as current market conditions favor tenants. This indicates a potential rebound in demand as the market strives to catch up with the robust deliveries of newly constructed industrial spaces.

“There was naturally going to be a period of cooling in big-box leasing, which had reached unsustainable levels in recent years, due to e-commerce demand and companies electing to warehouse to more inventory,” said John Morris, CBRE’s President of Americas Industrial & Logistics. “This cooling represents a move toward stabilization, and we expect a modest increase in lease transaction volume this year as the market settles.”

CBRE analyzed “big-box” warehouses of 200,000 sq. ft. and larger because they are crucial for extensive national and international product distribution. The big-box report, which encompassed the United States, Mexico, and Canada, found that industrial facilities had higher taking rents than in years past. Rent growth remained robust at 15.9%, but it was down from 25.1% in 2022.

Of the leasing activity that took place, demand was driven primarily by a desire to boost supply chain resilience, increase access to growing population centers, modernize space to accommodate increased automation, and support continued e-commerce growth.

North America’s Top 25 Core Markets

CBRE’s report examined 25 big-box markets in North America. The top 10 markets in North America, ranked by square feet leased, were:

To read the full report, click here.

Sahuarita, Ariz. – May 17, 2024 – Jungle Fruit Raspados, co-owned by Lourdes Angelica Perez and Yasmin Renova, has officially opened its doors at the Rancho Sahuarita Marketplace. This vibrant new business brings delightful, refreshing treats to the Sahuarita community.

Jungle Fruit Raspados offers a diverse menu featuring refreshing Aguas Frescas, sweet raspados (a shaved-ice-type treat), and a variety of prepared chips.

“After being a stay-at-home wife and mother for seven years, I dreamed of ‘bringing the jungle to the desert.’ I’ve always loved fruits and vegetables since I was a child—the smell of cut cucumber and the sweet scent of watermelon on a hot day is awesome to me,” said Lourdes Angelica Perez, co-owner of Jungle Fruit Raspados. “The idea for Jungle Fruit Raspados was born after I connected with my friend Yasmin Renova and felt supported by the community.”

“Our raspados shop is the very first of its kind in the area. Our goal is to ‘Bring the Jungle to the Desert’ and create a fun and tasty environment where everyone in the Sahuarita community can enjoy delicious treats without having to travel far,” said Yasmin Renova, co-owner of Jungle Fruit Raspados. “We hope to build great relationships with the members of the Sahuarita community and gain their trust and respect. Angelica and I are super excited and anxious to embark on this adventure with our new woman-owned business and cannot wait to see how the members react to our fun and tasty flavors!”

Jungle Fruit Raspados is open seven days a week, operating from 11:00 a.m. to 8:00 p.m. on weekdays and from 10:00 a.m. to 9:00 p.m. on weekends. The new business also plans to stay open later for special occasions and game nights to serve guests looking for a late-night snack.

“We are thrilled to bring a taste of the Jungle to the Town of Sahuarita!” Perez added. “Together, we are excited to provide the community with delicious and refreshing treats. Get ready to embark on a flavor-filled adventure at Jungle Fruit Raspados.”

About Jungle Fruit Raspados: Jungle Fruit Raspados, located in the Rancho Sahuarita Marketplace, is a vibrant new establishment offering a variety of refreshing Aguas Frescas, sweet raspados, and delicious prepared chips. Co-owned by Lourdes Angelica Perez and Yasmin Renova, this woman-owned business aims to “Bring the Jungle to the Desert” by providing a fun and tasty environment for the Sahuarita community.

Open seven days a week, Jungle Fruit Raspados is dedicated to serving the freshest flavors and building strong relationships with its guests.

To learn more about Jungle Fruit Raspados, stop by their new location at 15920 S Rancho Sahuarita Blvd Suite 150, or call (520) 372-8477.

About Rancho Sahuarita: Rancho Sahuarita is located within the municipal boundaries of Sahuarita, Arizona, just 9 miles south of Tucson. A master-planned community of more than 18,000 residents, Rancho Sahuarita has gained consistent national recognition as one of the top master plans in the country and is one of Arizona’s fastest-growing communities.

To learn more about Rancho Sahuarita, visit ranchosahuarita.com or call (520) 207-7730.

MESA, ARIZ. (May 17, 2024) – EHS Restoration, Arizona’s leading water damage, fire damage, natural disaster clean up, and mold remediation firm, is proud to announce the hiring of Kendra Vadnal as Business Development Specialist.

Vadnal will be responsible for establishing relationships with clients, onboarding of new clients, business-to-business sales, and marketing. She possesses more than 7 years of experience in customer service roles.

“Kendra is part of the driving force behind our company’s expansion and success. Her strategic vision, tireless dedication, and passion for fostering new opportunities make her an amazing asset to our team,” said EHS President Keith Pomonis.

A native of Texas, Vadnal was raised in California and Arizona. She studied communications at Ottawa University Arizona in Peoria. Away from the office, Vadnal enjoys spending time with her three dogs and three cats, enjoys the outdoors going on walks, and is an avid reader. She was a competitive gymnast for almost 10 years.

EHS Restoration, which celebrated its 15th anniversary in 2023, is Arizona’s primary restoration company to partner beyond state lines when natural disasters such as hurricanes and wildfires wreak havoc across the country.

Its highly-trained catastrophe response team jumps into action multiple times each year to provide emergency relief to states including California, Florida, Louisiana, Virginia, Oregon, and Texas when they are exposed to substantial fire, water, storm, and ice damage from natural disasters.

Founded in 2008, EHS Restoration embraces a dedicated philanthropic mission as a supportive member of the community. The company as a whole takes part in supporting non-profit and charitable organizations such as the Special Olympics, Habitat for Humanity, St. Jude’s Children’s Research Hospitals, Phoenix Children’s Hospitals, and the Arizona Burn Foundation.