Phoenix industrial outlook: Demand, vacancy, and deliveries
![Bar graph displaying Phoenix Commercial Real Estate Industrial Market Stats from 2019 to 2024 projection](/documents/191207401/193598866/Phoenix+Industrial+Data+Bite_Chart_05.23.2023.jpg/60372ba6-53bb-f4c1-66cd-089b34aa4d00?t=1684786657495)
In 2024 and beyond, it would appear Phoenix may be trending towards greater equilibrium or even a slight oversupply. We anticipate this could result in a softening of rental rates and offering more concessions such as free rent. All eyes are on absorption in the coming 12-18 months as record numbers of deliveries hit the market. Absorption as a percentage of deliveries totaled 93% in 2022, but is anticipated to fall to 63% in 2023.
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