Post on 11-Mar-2020
transcript
Q120172017
PHOENIX METRO PHOENIX METRO INDUSTRIALINDUSTRIAL
MARKETMARKETREPORTREPORT
Q1 2017 | Phoenix Industrial Market Overview
Valley Industrial Posts First Single-Digit Vacancy Rate Since ‘07
Total Sales:
$194.0MQ4 2016: $412.4M
No. of Transactions:
158Q4 2016: 119
Average PSF:
$79.09Q4 2016: $68.74
Actual Cap Rates:
7.51%Q4 2016: 7.17%
Q1 2017 Top Industrial Leases
Q1 2017 Top Industrial Sales
Sales by the Numbers: Q1 2017
The Phoenix industrial sector began 2017 in solid fashion, breaking a double-digit hold on vacancy rates in nearly 10 years. Vacancy, construction and net absorption were in positive territory this quarter. Speculative construction activity remained strong for multi-tenant warehouse space to meet the growing market demand of tenants. An example of this need was a surge in homebuilder-related businesses, such as cabinet makers, window and door manufacturing companies that are expanding their businesses.
The Phoenix market continues to be a viable alternative for out of state companies to relocate as rental rates and abundant availability of existing product and land to build continues to partially fuel the Valley’s industrial sector. Many out of state buyers are bullish on sales opportunities in Phoenix as cap rates are attractive compared to other
markets, such as Southern California. On the negative side, leasing activity (leasing deals signed this quarter for future occupancy) was below historic norms. Flex property absorption was negative in three of the four submarket clusters. In addition, asking NNN rental rates remained fl at in Q1.
Positive indicators moving forward show strong gross absorption fi gures (occupied space over a specifi c period) for the quarter, as this shows future occupancy trends. Net absorption was still strong, factoring all vacated space as well. This bodes well for 2017 going forward.
Industrial vacancy posted a 9.8% rate, 20-basis points less than the previous quarter and the lowest since Q4 2007. The Northwest and Northeast submarket clusters have the lowest vacancy rates. The Southeast Valley posted the highest. Net absorption was
calculated at 1,930,399 per SF with most of it concentrated in the SW Valley.
Deliveries to inventory totaled 2,031,308 SF. The Northwest Valley had 986,313 SF delivered this quarter, the most of any submarket cluster. Under construction activity is up nearly 1 million SF over last quarter to 4,809,131 SF. The Southwest Valley dominated construction inventory as most buildings are large distribution and logistics buildings.
The largest lease transaction for the quarter was the Essendant Co. lease of a 261,880 SF distribution facility at Liberty Logistics Center II, 1500 S. 71st Ave., Tolleson. The largest sales transaction was an 11-building portfolio of fl ex buildings at 9014 N. 23rd Ave., Phoenix. BKM Capital Partners paid $17,200,000 for a total of 226,645 SF. Price per SF was $75.89.
Tenant Name Property Name Address Submarket Type SF LeaseEssendant Co. Liberty Logistics Center II 1500 S. 71st Ave., Tolleson Southwest Distribution 261,880 NewLaMi Products, Inc. Buckeye Logistics Center 6913 W. Buckeye Rd., Tolleson Southwest Distribution 216,845 SubleaseEnclos Riverside Distribution Ctr. 2225 S. 43rd Ave., Phoenix Southwest Distribution 117,780 NewBurlington Mattress Co. Ancona Tolleson Center 8591 W. Washington St., Tolleson Southwest Distribution 91,811 NewCircle K Stores, Inc. Warner Crossing 1130 W. Warner Rd., Tempe Southwest Back Office 75,489 Renewal
Property Address Buyer Seller Type Sales Price SF PSF9014 N 23rd Ave., Phoenix (11) BKM Capital Partners TA Associates Flex $17,200,000 226,645 $75.894405 W. Roosevelt St., Phoenix MS International, Inc. Annaly Commercial RE Distribution $11,960,000 187,611 $63.75685 W. LaVieve Ln., Tempe Industrial Property Trust LBA Realty Manufacturing $9,500,000 101,641 $93.474150 S. Riverpoint Pky., Phoenix West Second St. Assoc. LNR Partners, LLC Flex $8,350,000 132,880 $62.842021 E. Jones Ave., Phoenix S&M Moving Systems Cohen Asset Mgmt. Distribution $7,068,932 94,885 $74.50
Absorption/Vacancyin SF, 2007-2017
7.9%
9.7%
16.9%
12.3%9.8%
0.0%
5.0%
10.0%
15.0%
20.0%
-5.00
0.00
5.00
10.00
Absorption Vacancy
Buyer TypeQ1 2017 Sales
16%
49%
22%
4%9%
User PrivateInstitutional Private Equity
Rental RatesPer month, 2007-2017
$0.66
$0.54
$0.49$0.52
$0.55
$0.57
$0.45
$0.50
$0.55
$0.60
$0.65
$0.70
07 09 11 13 15 YTD 17
NNN Asking Rates
Economic Indicatorsas of Q1 2017
Source: Bureau of Labor Statistics, Bureau of Economic Analysis of the U.S. Dept. of
Unemployment U.S. Down to 4.7% Arizona Steady at 5.0% Phoenix Metro Down to 4.5%
Consumer Price Index Up 0.2%U.S. GDP Up 2.2%
Q1 2017 Phoenix Industrial Market Stats
South Mountain Park
Usery MountainRecreation Area
Four PeaksWilderness
McDowell MountainRegional Park
Thunderbird ConservationPark
PapagoPark
Piestewa PeakPark
North MountainPark
PhoenixMountainPreserve
Buffalo RidgePark
Estrella Mountain Park
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Mesa-GatewayAirport
Falcon FieldAirport
ScottsdaleMunicipal Airport
GlendaleMunicipal Airport
Luke Air ForceBase
ChandlerMunicipal Airport
Deer ValleyMunicipal Airport
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Van Buren St.
Yuma Rd.
Van Buren St.Van Buren St.
Broadway Rd. Broadway Rd.
Southern Ave.Southern Ave.Southern Ave.
Estrella Dr.
Baseline Rd.
Broadway Rd.
University Dr.
Apache Blvd.
Broadway Rd.
Main St.
University Dr.
Rio Salado Pkwy.Rio Salado Pkwy.
Southern Ave. Southern Ave.
Broadway Rd.
Main St.
University Dr.
Brown Rd.
Southern Ave.
Baseline Rd. Baseline Rd. Baseline Rd. Baseline Rd.
Guadalupe Rd.
Elliot Rd.
Warner Rd.
Ray Rd.
Chandler Blvd.
Elliot Rd.
Warner Rd.
Ray Rd.
Chandler Blvd.
Frye Rd.
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Germann Rd. Germann Rd. Germann Rd.
Q C k Rd
Pecos Rd. Pecos Rd.
Pecos Rd.
Pecos Rd.
Elliot Rd.
Warner Rd.
Elliot Rd. Elliot Rd.
Warner Rd.
Ray Rd. Ray Rd.Ray Rd.
Williams Field Rd. Williams Field Rd.
Guadalupe Rd.
Houston Ave.
Guadalupe Rd. Guadalupe Rd. Guadalupe Rd.
Baseline Rd.
Dobbins Rd.Dobbins Rd.Dobbins Rd.
Carver Rd.
Baseline Rd.
Buckeye Rd. Buckeye Rd.
Southern Ave.
Lower Buckeye Rd.
Broadway Rd.
Indian Springs Rd.
Thomas Rd.
Indian School Rd.Indian School Rd.Indian School Rd.
Camelback Rd.Camelback Rd.Camelback Rd.
Bethany Home Rd.Bethany Home Rd.
Glendale Ave.Glendale Ave.Glendale Ave.
Northern Ave.Northern Ave.
Olive Ave.
Peoria Ave.
Cactus Rd.
Indian School Rd.
Camelback Rd.
Bethany Home Rd.
Glendale Ave.
Northern Ave.
Olive Ave.
Peoria Ave.
Cactus Rd.
Thunderbird Rd. Thunderbird Rd.
Indian School Rd.
Camelback Rd.
McDowell Rd.
Mckellips Rd. Mckellips Rd.
Broadway Rd.
Main St.
University Dr.
Brown Rd. Brown Rd.
Southern Ave.
Broadway Rd.
Main St.
University Dr.
Southern Ave.
Mckellips Rd.
Curry Rd.
Mckellips Rd.
McDowell Rd. McDowell Rd. McDowell Rd.
Longbow Pkwy.
Thomas Rd. Thomas Rd. Thomas Rd.
Saddleback St.
Indian School Rd.Indian School Rd.
Camelback Rd.
Camelback Rd.
Chaparral Rd. Chaparral Rd.
Indian Bend Rd.
Mountain View Rd.Mountain View Rd.
Shea Blvd. Shea Blvd.Shea Blvd.
Via Linda
Palis
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Blv
d.
Golden Eagle Blvd.
McD
owel
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Shea Blvd.
Cholla St.Cholla St.
Lincoln Dr.
DoubleTree Ranch Rd.
McDonald Dr. McDonald Dr.Bethany Home Rd.
Glendale Ave.
Lincoln Dr.
Northern Ave.
Indian School Rd.
Camelback Rd.
Bethany Home Rd.
Glendale Ave.
Northern Ave.
Dunlap Ave. Dunlap Ave.
Hatcher rd.
Peoria Ave.
Cactus Rd. Cactus Rd.
Sweetwater Ave.
Cactus Rd.Cactus Rd. Cactus Rd.
Thunderbird Rd. Thunderbird Rd.
Greenway Rd.
Thunderbird Rd.
Greenway Rd.
Grovers Ave.
Greenway Rd.
Bell Rd.Bell Rd.
Greenway Rd.
Waddell Rd.
Cactus Rd.
Peoria Rd.
Olive Ave.Olive Ave.
Northern Pkwy.
Northern Ave.
Sun Valley Pkwy. Bell Rd.Bell Rd. Bell Rd. Bell Rd.
Raintree Dr.
Frank Lloyd Wright Blvd.
Bell Rd.
Union Hills Dr. Union Hills Dr.Union Hills Dr.
Union Hills Dr.
Beardsley Rd.
Yorkshire Dr.
Rose Garden Ln.
Deer Valley Rd.
Deer Valley Rd.Deer Valley Dr.
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Dr.
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Dr.
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ntite
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Stap
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Rd.
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Rd.
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d.
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aman
Rd.
Rittenhouse Rd.
McQ
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d.
Gilb
ert R
d.
Lind
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Rd.
Val V
ista
Dr.
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enfie
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Rd.
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d.
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d.
McQ
ueen
Rd.
Gilb
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d.
Lind
say
Rd.
Val V
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Dr.
Gre
enfie
ld R
d.
Hig
ley
Rd.
Pow
er R
d.
Haw
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d.
Ells
wor
th R
d.
Cris
mon
Rd.
Ells
wor
th R
d.El
lsw
orth
Rd.
Cris
mon
Rd.
52nd
St.
52nd
St.
7th S
t.7th
St.
Cen
tral A
ve.
83rd A
ve.
75th A
ve.
67th A
ve.
59th A
ve.
51st A
ve.
43rd A
ve.
35th A
ve.
27th A
ve.
19th A
ve.
7th A
ve.
12th S
t.
16th S
t.
7th S
t.
Cen
tral A
ve.
Cen
tral A
ve.
7th A
ve.
7th S
t.
Cen
tral A
ve.
Cor
al G
ables
Dr.
L
Cav
e C
reek
Blvd
.
Mayo Blvd.
28th
Dr.
Metro
Pkw
y.
Lake Pleaseant Pkwy.
Beardsley Rd.
Verd
e Vi
sta D
r.
Indian School Rd.
Aco m
W. P
oint P
kwy.
Par k
view
Pl.
NW R
anch
Pk wy.
128t
h Ave
.
Mou
ntai
Ellio
t Rd.
Estre
lla P
kwy.
Thompson Peak Pkwy.
Le gacy Blvd.
Legacy Blvd.
Frank Lloyd Wright Blvd.
Hayd
en Rd.
McCormic k Pkwy.
Gal
vin P
kwy.
Founta
in H
ills B
lvd.
Sag
uaro
Blv
d.
Mohave Rd.
Fort
McD
owel
l Rd.
Mus
tang
Way
Para
dise V
illage Pkwy.
Lower Buckeye Rd.Lower Buckeye Rd.
Haw
es R
d.Rid g ecr
est
Eagle Crest Dr.
Ash
Ave.
Sara
toga
L indner Ave.
Soss
aman
Rd.
Indian School Rd.
Deer Valley Rd.
40th S
t.
Sunridge Dr.
Ray Rd.
Chandler Blvd.Chandler Blvd.
Pecos Rd.Pecos Rd.
48th S
t.
40th S
t.
Mountain Pkwy.
Ranch
Cir
Ray Rd.
Des
ert F
ooth
ills P
kwy.
17th A
ve.
Lakewood Pkwy.
TEMPE
SCOTTSDALE
PARADISE VALLEY
GOODYEAR
GLENDALE
PEORIA
SURPRISE
CHANDLER
GILBERT
FOUNTAIN HILLS
MESA
Southern AvSouthern Av
Estrella Mountain Park
El M
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Rd.
ElM
irage
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Bulla
rd A
ve.
Bulla
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Estre
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kwy.
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wy
Cot
ton
Ln.
Cot
ton
Ln
Cot
ton
Ln.
Cot
ton
Ln
McDowell Rd.McDowell Rd
Van Buren St.Van Buren StVan Buren St.Van Buren St
Southern AvSouthern AvSouthern Ave.Southern Ave.Southern Ave.Southern Ave.
Baseline RBaseline RBaseline RdBaseline Rd
Dobbins Rd.Dobbins Rd
Baseline Rd.Baseline Rd
BuckBuck k e RdRd
Indian Springs Rd.Indian Springs Rd
7575thth
Ave
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4343rdrd A
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3535thth A
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2727thth A
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Perry
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175
175thth
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e
Citr
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d.C
itrus
Rd
Citr
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Rd
187
187thth
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618
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Ave
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McDowell RdMcDowell RdMcDowell Rd.McDowell Rd
Van Buren St.Van Buren St
Yuma Rd.Yuma Rd
Southern Ave.Southern Ave
Lower Buckeye Rd.Lower Buckeye Rd.
Broadway Rd.Broadway Rd
Thomas Rd.Thomas Rd
dian School Rd.IndIndian School RdIndian School Rd.Indian School Rd
Camelback Rd.Camelback RdCamelback Rd.Camelback Rd
Bethany Home Rd.Bethany Home RdBethany Home Rd.Bethany Home Rd
Glendale Ave.Glendale AveGlendale Ave.Glendale Ave.
rthern Ave.NorthNorthern Ave
Olive Ave.Olive Ave
Peoria Ave.Peoria Ave
Cactus Rd.Cactus Rd
ol Rd.ol Rd
k Rd.k Rd
me Rd.me Rd
Ave.Ave
Ave.Ave
Olive Ave.Olive Ave
Peoria Ave.Peoria Ave
Cactus Rd.Cactus Rd
Thunderbird Rd.Thunderbird Rd Thunderbird Rd.Thunderbird Rd
Indian School Rd.Indian School Rd
Camelback Rd.Camelback RdC
Bethany Home Rd.Bethany Home Rd
Glendale Ave.Glendale Ave
Northern Ave.Northern Ave
Dunlap Ave.Dunlap Ave
Peoria Ave.Peoria Ave
Cactus Rd.Cactus Rd
Thunderbird Rd.Thunderbird Rd
Greenway Rd.Greenway Rd
Grovers Ave.Grovers Ave
Greenway Rd.Greenway Rd
Bell Rd.Bell Rd.Bell Rd.Bell Rd.
Greenway Rd.Greenway Rd
Waddell Rd.Waddell Rd
Cactus Rd.Cactus Rd
Peoria Rd.Peoria Rd
Olive Ave.Olive AveOlive Ave.Olive Ave
Northern Pkwy.Northern Pkwy
Northern Ave.Northern AveNorthern Ave
Sun Valley Pkwy.Sun Valley Pkwy Bell Rd.Bell RdBell Rd.Bell Rd.
Union Hills Dr.Union Hills Dr. Union Hills Dr.Union Hills DrUnion Hills Dr.Union Hills Dr
Yorkshire Dr.Yorkshire Dr
Rose Garden Ln.Rose Garden Ln
Deer Valley Rd.Deer Valley Rd.
Deer Valley Rd.Deer Valley RdDeer Valley Dr.Deer Valley Dr
5959thth A
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5151stst A
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4343rdrd A
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2323rdrd A
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1212thth S
t.St
1616thth S
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Camelback Rd.Camelback Rd
Camelback Rd.Camelback Rd
Chaparral Rd.Chaparral Rd Chaparral Rd.Chaparral Rd
Indian Bend Rd.Indian Bend Rd
Mountain View Rd.Mountain View Rd
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Camelback Rd.bCamelback Rd
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Cactus Rd.Cactus Rdu
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Cactus Rd.Cactus RdCactus Rd.Cactus Rd Cactus Rd.Cactus Rd
Thunderbird Rd.Thunderbird Rd
Greenway Rd.Greenway Rd
Thunderbird Rd.Thunderbird Rd
Bell Rd.Bell Rd Bell Rd.Bell Rd
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Broadway Rd.Broadway Rd
University Dr.University Dr
Apache Blvd.Apache Blvd
Broadway Rd.Broadway Rdw
Main St.Main St
University Dr.University Dr
Rio Salado Pkwy.Rio Salado PkwyRio Salado Pkwy.Rio Salado Pkwy
Southern Ave.Southern Ave Ave.AveSouthernSouthernn
University Dr
Brown Rd.Brown Rd
Baseline Rd.Baseline Rd Baseline Rd.Baseline Rd Baseline Rd.Baseline Rd
Guadalupe Rd.Guadalupe Rd
Elliot Rd.Elliot Rd
Warner Rd.Warner Rd
Ray Rd.Ray Rd
Chandler Blvd.Chandler Blvd
Elliot Rd.Elliot Rd
Warner Rd.Warner Rd
Ray Rd.Ray Rd
Chandler Blvd.Chandler Blvd
Frye Rd.Frye Rd.
Pecos Rd.Pecos Rd
Germann Rd.Germann Rd Germann Rd.Germann Rd. Germann Rd.Germann Rd.
Pecos Rd.Pecos Rd Pecos Rd.Pecos Rd
Pecos Rd.Pecos Rd
Pecos Rd.Pecos Rd
Elliot Rd.Elliot Rd
Warner Rd.Warner Rd
Elliot Rd.Elliot Rd Elliot Rd.Elliot Rd
Warner Rd.Warner Rd
Ray Rd.Ray Rd Ray Rd.Ray RdRay Rd.Ray Rd
Williams Field Rd.Williams Field Rd Williams Field Rd.Williams Field Rd
Guadalupe Rd.Guadalupe Rd Guadalupe Rd.Guadalupe Rd Guadalupe Rd.Guadalupe Rd
Baseline Rd.Baseline Rd
Dobbins Rd.Dobbins RdDobbins Rd.Dobbins Rd
Carver Rd.Carver Rd
Mckellips Rd.Mckellips Rd Mckellips Rd.Mckellips Rd
Broadway Rd.Broadway Rd
Main St.Main St
University Dr.University Dr
Brown Rd.Brown Rd Brown Rd.Brown Rd
Southern Ave.Southern Ave
Broadway Rd.Broadway Rd
Main St.Main St
University Dr.University Dr
Southern Ave.Southern Ave
Mckellips Rd.Mckellips Rd
Curry Rd.Curry Rd
Mckellips Rd.Mckellips Rd.
McDowell Rd.McDowell Rd McDowell Rd.McDowell Rd
Longbow Pkwy.Longbow Pkwy
Thomas Rd.Thomas Rd.
Saddleback St.Saddleback St.
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Chandler Blvd.Chandler BlvdChandler Blvd.Chandler Blvd
Pecos Rd.Pecos RdPecos Rd.Pecos Rd
4848thth S
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1. Airport Area Submarket N. Airport S. Airport N. of Roeser S. Airport S. of Roeser SC. N. of Salt River SC. S. of Salt River
2. Northeast Submarket Central Phoenix Scottsdale Airpark Scottsdale/Salt River
3. Northwest Submarket Deer Valley/Pinnacle Peak Glendale Grand Ave. N. Black Canyon N. Glendale/Sun City
W. Phx N. of Thomas Rd. W. Phx S. of Thomas Rd.
5. Southeast Submarket Chandler Chandler Airport Chandler N./Gilbert Falcon Field/Apache Jct. Mesa Tempe East Tempe Northwest Tempe Southwest
5. Southwest Submarket Goodyear SW. N. of Buckeye Rd. SW. S. of Buckeye Rd. Tolleson
Phoenix Industrial Submarket Map
veve
77 AA
ve.
Ave
Ave
77thth S
t.St
Cen
tral A
ve.
Cen
tralA
ve
ve.ve.
RdRd
77ththAv
eAv
eAv
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Rd.Rd
1
Mountain View Rd.Mountain View Rd.
McDonald Dr.McDonald Dr
Dob
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Rd.
Dob
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Rd
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aD
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260
9191stst A
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7575thth A
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Ave
6767ththth
Ave.
AAve
Indian School Rdian School Rd.Indian SSchool Rd
Camelback Rd.Camelback Rd
Glendale Ave.Glendale Ave
Northern Ave.Northern Ave
Indian SchooIndian Schoo
CammelbackCammelback
Bethanyy HomBethanyy Hom
Glenndale AGlenndale A
Northern ANorthern A
8383rdrd
7575thth A
6767thth
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Broadway Rd.Broadway Rd
Main St.Main St
University Dr.University Dr
Southuthern Ave.Southuthern Ave
BBaseline Rd.Baseline Rd.
Guadalupe Rd.Guadalupe Rd
Houston Ave.Houston Ave.
Cou
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keye Rd.keye Rd. Buckeye Rd.Buckeye Rd.
9191stst
ve.
AveeAve
9999thth A
ve.
Ave
8383rdrd A
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Lower Buckeyckeye Rd.d.LLower Buckkeye Rd.
Buckeye Re RdBuckeye RRdd.
5
Industrial Total Under Asking Rent ChangeSubmarkets Inventory Total SF Q1 2017 Q1 2017 YTD Total Construction Q1 2017 YTD Total NNN Rate from Q4 2016
Sky Harbor AirportDistribution/Warehouse 34,453,173 4,035,105 11.7% 260,416 260,416 358,737 411,051 411,051 $0.58 3.6%
Manufacturing 8,746,991 619,231 7.1% 221,069 221,069 - - - $0.52 4.0%
Flex 5,426,953 1,317,975 24.3% (10,075) (10,075) - - - $1.15 1.8%
Total 48,627,117 5,972,311 12.3% 471,410 471,410 358,737 411,051 411,051 $0.68 1.5%
Northeast ValleyDistribution/Warehouse 6,758,388 619,044 9.2% (79,148) (79,148) 151,728 54,372 54,372 $0.89 5.9%
Manufacturing 2,999,748 101,821 3.4% (7,636) (7,636) - - - $0.86 -1.1%
Flex 5,258,419 476,979 9.1% (16,735) (16,735) - - - $0.96 -1.0%
Total 15,016,555 1,197,844 8.0% (103,519) (103,519) 151,728 54,372 54,372 $0.92 1.1%
Northwest ValleyDistribution/Warehouse 39,366,650 3,139,523 8.0% (181,741) (181,741) 1,413,458 618,350 618,350 $0.56 -3.4%
Manufacturing 11,474,108 382,722 3.3% (64,112) (64,112) 66,612 - - $0.54 -5.3%
Flex 6,215,282 590,553 9.5% 7,254 7,254 50,937 - - $1.08 33.3%
Total 57,056,040 4,112,798 7.2% (238,599) (238,599) 1,531,007 618,350 618,350 $0.60 5.3%
Southeast ValleyDistribution/Warehouse 49,783,039 4,270,135 8.6% 118,614 118,614 206,312 147,225 147,225 $0.58 0.0%
Manufacturing 24,254,141 3,189,801 13.2% 10,705 10,705 146,832 - - $0.58 -1.7%
Flex 15,158,313 2,036,545 13.4% (131,551) (131,551) 161,470 - - $1.11 -1.8%
Total 89,195,493 9,496,481 10.6% (2,232) (2,232) 514,614 147,225 147,225 $0.72 0.9%
Southwest ValleyDistribution/Warehouse 77,020,470 7,513,145 9.8% 1,225,991 1,225,991 1,850,653 432,347 432,347 $0.37 0.0%
Manufacturing 10,702,545 853,434 8.0% 518,414 518,414 402,392 - - $0.38 0.0%
Flex 1,338,887 156,956 11.7% 58,944 58,944 - - - $0.75 15.4%
Total 89,061,902 8,523,535 10.0% 1,803,349 1,803,349 2,253,045 432,347 432,347 $0.36 1.4%
Total SubmarketsDistribution/Warehouse 207,381,720 19,918,098 9.6% 1,344,122 1,344,122 3,980,888 1,663,345 1,663,345 $0.48 0.0%
Manufacturing 58,177,533 5,147,009 8.8% 678,440 678,440 615,836 - - $0.53 3.9%
Flex 33,397,854 4,579,008 13.7% (92,163) (92,163) 212,407 - - $1.09 1.9%
Phoenix Metro Total 298,957,107 29,644,115 9.8% 1,930,399 1,930,399 4,809,131 1,663,345 1,663,345 $0.57 0.0%
When inaccurate or newly updated information is discovered, it is incorporated into current reporting which may negate comparison to previously published market reports.
Vacancy Building CompletionsNet Absorption
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Q120172017
The information and details contained herein have been obtained from third-party sources believed to be reliable; however, Lee & Associates Arizona has not independently verifi ed its accuracy. Lee & Associates Arizona makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and fi tness for a particular purpose.
Interested parties should perform their own due diligence regarding the accuracy of the information. The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice, by third-party data source providers.
The Lee & Associates Phoenix Industrial Market report compiles relevant market data by using a third-party database for the proprietary analysis of specifi c warehouse, distribution, manufacturing and fl ex properties in the Phoenix Metropolitan Area.
© Copyright 2017 Lee & Associates Arizona. All rights reserved.
Market report analysis by: Matt DePinto, Senior Research Analyst
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