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Industrial Market to Finish Year Strong

PHOENIX-Despite sharp rise in construction, vacancy factor for industrial space in Metro area will end the year in single digits for the seventh time in a row.

By D.J. Burrough | Updated on December 27, 2000

PHOENIX-It looks as though the industrial market in Metro area will finish the year with a vacancy rate below double digits for the seventh consecutive time.

Although final numbers are yet to be posted, market experts expect that the vacancy rate for industrial properties in the Valley to be well below 10%. At the start of the fourth quarter, the vacancy rate was 7.7%.

“All of the indicators show that the fourth quarter will be strong,” says Mark Krison, an industrial and office specialist with CB Richard Ellis. Between 1 million and 2 million sf of industrial space was leased during the fourth quarter, adds: If it’s near the high end of that range, more than 11 million square feet will have been absorbed during the year.

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