Phoenix now trails Savannah, Georgia and Dallas when it comes to industrial construction.
A recent Commercial Search reports while Phoenix still ranks among the best-positioned industrial markets in the nation, the latest data signals a potential slowdown for the Valley following an onslaught of demand for logistics space and new distribution and fulfillment centers to serve the wider Southwest region. At the start of 2020, the Valley had less than 10 million square-feet of industrial space under construction. By mid-2023, it had almost 60 million square-feet under construction.
Phoenix currently has a total of 17.7 million square-feet of industrial space under development, while Dallas Fort Worth has 22.6 million, and Savannah has 24.7 million.
Published reports speculate that some areas in the region may be overbuilt. But Phoenix is in good company; nationwide, industrial space under construction is down 25% year-over-year.
The post Survey Shows Dip In Phoenix Area Industrial Project Pipeline appeared first on Connect CRE.
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