The Phoenix metro had nearly 45 million square feet of industrial/warehouse space under construction as of August.
The Phoenix metro industrial sector had the highest in-place rent growth in the nation across markets without a port over the past year, according toYear over year through August, Commercial Edge data shows that Phoenix saw a 7.2% increase in average rents ahead of Orange County, Detroit, the Bay area and Seattle, among others. It also ranked fifth in the nation for in-place rent growth of markets both with and without ports. In-place, or contract rent, is rent on existing leases at a property.
Phil Haenel, a director for Cushman & Wakefield in Phoenix, told the Business Journal that the Valley has been"fortunate" to see record industrial rate growth while overall vacancy is at an all-time historical low. The region has also experienced"substantial" employment growth, he said. In August, Phoenix's average in-place rent was $7.36 per foot, which is higher than the national average in-place rent of $6.64 per foot in August, or an increase of 5.5% in the past 12 months. In Phoenix, the average rate signed for new leases in the past year was $8.32 per foot, while the highest average rate for new leases in the U.S. was in Orange County at $16.38.
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