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Industrial Market in Phoenix Getting Tighter

PHOENIX-Vacancy rate drops to 6.9% and could go even lower, despite the 5 million sf under construction.

By D.J. Burrough | Updated on August 21, 2000

PHOENIX-The industrial market here is stronger than it has been in five years and should remain healthy despite the fact that more than 5 million sf is under construction, a new report says.

At the start of the third quarter, the overall vacancy rate for industrial space in metropolitan Phoenix hit 6.9%, a drop of 1.2% since the start of the year, according to a new survey by analysts as brokerage CB Richard Ellis. It’s the lowest rate since 1996, when the vacancy rate was 5.7%.

“When you’ve got a market with 190 million sf and a vacancy rate under 7%, you’ve got a pretty tight market,” Tom Louer, vice president of industrial properties with CB Richard Ellis, tells GlobeSt.com. “Tenants are having a tough time, in some cases, in finding space.”

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