The West Valley saw the most industrial construction in the region in the second quarter as Phoenix hit records for new construction and low vacancy rates, Jones Lang LaSalle said in its latest Industrial Insight Report.
Of the more than 18 million square feet of new industrial products under construction on the Phoenix metro – a record high for a single quarter – about 75% came from the West Valley, according to experts.
“The level of construction we are seeing is definitely required as we also have vacancies that are close to an all-time low,” said Jessica Morin, senior director of market research at CoStar Group Inc.
The overall industrial vacancy rate in Metro Phoenix hit a low of 5.5% in the second quarter, the report said.
The construction boom, according to experts, is being driven by available land and “unique” infill opportunities, as well as continued demand for e-commerce and manufacturing needs, much like the rest of the nation did during the Covid-19 pandemic.
Read more about this story from the Business Journal.
[ad_2]
