The Sperry Van Ness survey ranked top industrial seller and buyer markets during the first six months of 2002. Seattle, with industrial sales averaging $85.15 per sf, and an 8.5% yield, topped the sellers' list. The 10th-place Phoenix had a 9.38% yield and sales averaging $65.70 per sf.

Bill Hahn, vice president and sales manager for Sperry Van Ness, tells GlobeSt.com that cities ranked on the sellers' list will see a lower yield for buyers and a lower per sf cost than cities listed among the top 10 buyers' markets. Columbus, OH, took the first place as the top buyers' market with a12% yield and a price of $29.75 per sf.

"What it means for people who want to buy here (in Phoenix) is that they're buying into a new and growing market and they're probably going to get a greater return," when they sell the property, Hahn said. "New buyers are going to have lower short-term yields and will have to buy for the long-run.