PHOENIX—While net absorption is down for the same period a year ago, leasing activity is significantly up, according to the second quarter industrial report released by Cushman & Wakefield of Arizona, Inc.

“Although net absorption is down year-over-year by almost 400,000 square feet, Phoenix is on track to finish 2015 strong, as leasing activity is up by 2.3 million square feet from this time last year,” says Jackie Orcutt, market leader, investor services with Cushman & Wakefield. “Cushman & Wakefield is tracking more than four million square feet that has been executed, but has yet to occupy, pushing for a strong third and fourth quarter in the latter part of the year.”

The largest lease signed in 2Q 2015 was Tuesday Morning, 593,600 square feet at the Liberty Logistics Center in Southwest Phoenix. Other notable leases included Mattress Firm 170,000 square feet, also in Southwest Phoenix; and Home Depot, 111,349 square feet, in the North Tempe submarket. Also moving in later in 2015 are Aligned Energy with 545,176 square feet and Hunter Douglas with 161,700 square feet.