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Red Flag's Up With Triple-Hit Industrial Losing Streak

PHOENIX-The region's industrial market takes a significant hit, posting a 9.1% vacancy and up from 6.6% just a few months ago. The red flag's up although a three-quarter losing streak could end this quarter, says a C&W director.

By Connie Gore | Updated on November 08, 2001

PHOENIX-Three consecutive quarters of negative net industrial absorption are a “wake-up call to everyone,” says Jason Klonoski, Cushman & Wakefield of Arizona Inc.’s director of the industrial properties division.

It’s been nearly a decade since a sting like this has been felt in many regions of the country and Phoenix is no different. One quarter of negative net absorption is one thing, but three pushes a red flag up the pole on lending practices and construction while sounding a call for belt-tightening practices.

Klonoski predicts to GlobeSt.com that the third quarter could be the end of the losing streak in the Phoenix region. Some of the market, he believes, will return this quarter and significant gains will surface by Q1 2002 or shortly thereafter.

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