Phoenix industrial market report

Q4 2024

8.5 msf

Development activity (msf)

In Q4 2024, 8.5 msfof new inventory was added, lowering the under-construction pipeline to 22.6 msf, down from 56 msfin Q2 2023.

1.4 msf

Net absorption (msf)

In Q4 2024, absorption remained positive but declined over the last two quarters from Q2 2024's above-average levels.

13%

Vacancy

In Q4 2024, vacancy rose to 13%, with a slight increase in sublease vacancy, while direct vacancy stayed steady.

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