Phoenix industrial market report
Q1 2025
17.2msf
Development activity (msf)
The industrial construction pipeline has fallen to 17.2 MSF, down from nearly 60 msfin 2023, as speculative developers become more cautious about bringing new product to market.
4.2msf
Net absorption (msf)
Net absorption in Q1 2025 reached 4.2 msf, reflecting a strong recovery after slower leasing activity in previous quarters.
13%
Vacancy
The Phoenix industrial market is still experiencing its highest vacancy rate in a decade, due to a surge in new deliveries.
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