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Warehouse, Distribution Fueled '02 Market

PHOENIX-More than 2.97 million sf were absorbed last year, with 1.5 million sf compliments of Target Corp. with its West Valley project. Other sectors weren't so lucky, but overall vacancy is 9.9%, up just 0.2% from the previous year.

By Beverly Ford | Updated on January 09, 2003

PHOENIX-Strong activity in the warehouse and distribution sector helped buoy the Valley’s industrial market in 2002, more than doubling the overall net absorption of industrial space over the same period a year earlier.

According to a year end report by Cushman & Wakefield of Arizona Inc., 2.97 million sf of industrial space were absorbed in 2002 in comparison to slightly more than 1.3 million sf in 2001, with 1.5 million sf of that space taken by a single user, Target, for its West Valley distribution center.

“Net absorption has improved this past year, but it is primarily due to the warehouse/distribution factor,” said Jim Wilson, senior director for Cushman & Wakefield, noting that a continuing demand for durable goods has secured the Valley as a shipping hub for the southwest.

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