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Industrial Absorption Could Hit 8M SF by Year's End

PHOENIX-A newly released report says the region will end the year on a high note. Just in the second quarter, new and expanding companies snapped up 3.1 million sf and developers kicked off work on 573,008 sf for the 250-million-sf inventory.

By Jennifer D. Duell | Updated on July 22, 2005

(To read more on the industrial market, click here.)

PHOENIX-Demand for industrial space across the Valley has created positive absorption in nearly all submarkets. In the second quarter, 3.1 million sf of industrial space was absorbed, eclipsing the absorption recorded for 2004, according to a recent report by Cushman & Wakefield of Arizona Inc.

According to Cushman & Wakefield director Pat Harlan, demand is coming from new companies entering the market and existing companies that are now growing. “We anticipate that 2005 will end with direct net absorption of at least eight million sf,” he says. The Valley’s industrial inventory totals 250 million sf.

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