The Phoenix industrial market’s momentum continued into the fourth quarter with 5,085,688 sq. ft. of positive net absorption, its 43rd consecutive quarter of gains. Year-end net absorption totaled 13,143,535 sq. ft., a record year for the market.
Phoenix industrial vacancy was 6.0%% in Q4 2020, a decrease of 20 bps quarter-over-quarter.
Construction deliveries totaled 4,741,872 sq. ft. in Q4 2020. Completions for 2020 set a new record for the Phoenix industrial market totaling 13,303,097 sq. ft.
Currently, 11,132,558 sq. ft. of industrial space is underway across the Phoenix market, primarily concentrated in the Southwest Valley.