CBRE Group Inc. report finds younger inventory driving demand, more industrial projects to the Valley - Phoenix Business Journal

Developers are set to add millions of square feet of industrial space to the Phoenix market in the coming years, and all of that will join an already younger — albeit smaller — industrial inventory in terms of availability and total footprint.

The 251 million square feet of warehouse inventory locally, however, is smaller compared to the Inland Empire, Dallas, Atlanta, and Houston, among other major metropolitan areas.“Phoenix has added millions of square feet of the modern facilities that e-commerce companies and retail distributors covet,” said, senior vice president at CBRE in Phoenix, in a statement.

Strong demand has also driven rental rates up each quarter locally. Q2 saw average asking rates of $1.13 triple net per square foot. Leasing rates have increased over 12 months by 52%, CBRE data shows. Asking rates in Southern California, however, rose to an all-time high from $1.33 in Q1 2022 to $1.35 in Q2 2022. CBRE found the price increases to be primarily attributed to the fact that effectively no new supply is entering the market for lease in California.

United States United States Latest News, United States United States Headlines

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

Eataly Silicon Valley is the 2022 Structures honoree for Retail Project - Silicon Valley Business JournalThis unique food market/wine store/cooking school with two on-site restaurants and a cafe made a big debut as part of Westfield Valley Fair’s expansion.
Source: svbizjournal - 🏆 334. / 59 Read more »

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 »

Southwest Airlines flight attendants picket amid stalled contract talks - Phoenix Business JournalThe pickets took place as the TWU 556 and Southwest management continue to negotiate a new contract. Talks have moved slowly and the union has filed for federal mediation.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Newsom signs affordable housing bill package - Silicon Valley Business JournalGov. Gavin Newsom on Wednesday signed a package of housing bills aimed at tackling the affordable housing crisis, which Newsom called the “original sin” of the state.
Source: svbizjournal - 🏆 334. / 59 Read more »

3000 Hanover is the 2022 Structures honoree for Facades award - Silicon Valley Business JournalForm4 Architecture took what was a simple, nondescript back door at HPE's old Palo Alto headquarters and transformed it into an entirely new entry point for Guardant Health.
Source: svbizjournal - 🏆 334. / 59 Read more »