Industrial construction in Phoenix reaches its highest level in 10 years
Ground-breaking activity reached over four million square feet in the third quarter, bringing the under-construction total to just over 10 million square feet
October 09, 2019
- Ground-breaking activity reached over four million square feet in the third quarter, bringing the under-construction total to just over 10 million square feet, a record in the current cycle as developers scramble to meet the need for additional industrial space.
- Sectors ranging from apparel to food and beverage are expanding, corresponding with strong population growth regionally. A well-known foot-wear apparel company just committed to a 900,000 square-foot warehouse in Goodyear along with Bang Energy, a new tenant, who signed a lease for 394,000 square feet in Phoenix.
- As the fifth largest city in the U.S., Phoenix represents a major population center with over 1.6 million residents. The city remains one of the fastest-growing metros in the country welcoming over 25,288 new residents between 2017-2018. This kind of growth, will continue to propel the need for industrial warehousing regionally to support a burgeoning population.
Source: JLL Research, US Census