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Industrial absorption activity was up significantly from last quarter posting a negative 2.7 million square feet (msf). Overall vacancy rates are up as well, although modestly, to 16.8%. New construction activity is down for the fourth straight quarter to 1.4 million square feet (sf). Deliveries, as expected, were down significantly from last quarter at 140,365 sf. The rate of new supply is slowing as a result of decreased demand and heightened vacancy rates. In short, as the Phoenix industrial market continues to find its way through these complex times, relying on quality information, market fundamentals and realistic expectations, should provide a sober, yet accurate look toward the future.
Contact Matt DePinto at 602.222.5029 for more information.
  Phoenix Industrial Market Report 1Q09.pdf
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