PHOENIX (October 28, 2024) -- CBRE Research tracked 43.2 million square feet of tenants in the market and is reporting Phoenix Q3 2024 industrial figures.
Key Takeaways:
- Forty-three buildings were delivered for a total of 8.3 million sq. ft. in Q3 2024, with 29.8% preleased or built to suit.
- Net absorption reached 2.6 million sq. ft. in Q3 2024 as Ross Stores moved into their 1.7 million sq. ft. space in the Southwest Valley.
- Construction volume decreased in Q3 2024 with 18.5 million sq. ft. under construction, as the 8.3 million sq. ft. of product delivered heavily outpaced the 1.6 million sq. ft. started.
- Quarter-over-quarter, the vacancy rate increased 110 basis points (bps) to 11.2%.
- The Phoenix industrial market registered 2.6 million sq. ft. of net absorption in the third quarter.