Phoenix sees highest industrial rent increases in US across non-port markets - Phoenix Business Journal

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.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

New Canadian airline, Lynx Air, starts U.S. service with flight to Phoenix - Phoenix Business JournalStarting Feb. 7, 2023 and going three times a week, Lynx Air will fly between Phoenix and one popular Canadian city. Lynx will be directly competing with Air Canada and WestJet on the route.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Largest Phoenix-Area Employment Law Practices - Phoenix Business JournalSurveyed list with the following information points: Number of local labor & employment attorneys, number of labor & employment attorneys firmwide, total number of local attorneys, total number of attorneys firmwide, and Phoenix office managing partner
Source: phxbizjournal - 🏆 254. / 63 Read more »

From remote work to rising pay, Covid-19 ushered in changes for businesses - Phoenix Business JournalFrom pay hikes to remote work, the pandemic and its fallout sparked a ton of change from businesses — but why did it take a crisis to unlock so much progress?
Source: phxbizjournal - 🏆 254. / 63 Read more »

Arizona's semiconductor sector has been a decades-long growth catalyst - Phoenix Business JournalSince the announcement that Taiwan Semiconductor would build a massive chip factory in Phoenix, the Valley's semiconductor supplier network has seen about 15 new semiconductor-related commercial projects, representing $12.4 billion in investments, according to the Greater Phoenix Economic Council.
Source: phxbizjournal - 🏆 254. / 63 Read more »