Phoenix sees industrial development boom with highest figures nationally - United States
Phoenix sees industrial development boom with highest figures nationally
The Phoenix Industrial market is leading the nation in new construction. In Q4 2023 Phoenix delivered 4.3msf and had 35.7msf under construction at year end. This 40msf represents 29% of all space delivered and under construction in all U.S. industrial markets.
Outperforming other markets in industrial development, Phoenix paves the way to attract large international companies and hubs. In November of 2023, Amkor Technology, Inc., a leader in the semiconductor industry, announced $2B of new construction for a packaging and test facility in Peoria, Arizona. This 500,000 sf facility is set to open in 2026 and estimated to bring over 2,000 new jobs to the valley (Arizona Commerce Authority, 2023).