The Phoenix industrial market got off to a strong start for 2024, with net absorption surging to 4.5M SF in the first quarter, nearly double the amount in the previous quarter.
Leasing activity in the Phoenix metro totaled 9.3M SF, much of it driven by Amazon, which inked three leases each encompassing more than 1M SF in North Goodyear, according to CBRE's Q1 market report.
The vacancy rate continued to grow in Phoenix for the third consecutive quarter, rising to 8.9%, an increase of 150 bps.
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