Phoenix industrial market report
Q3 2024
5.7msf
Development activity (msf)
In Q3 2024, 5 million square feet (msf) of new inventory was added, half of what was delivered in the prior quarter.
1.9msf
Net absorption (msf)
Absorption dropped from over 5 msf in Q2 to 1.9 msf in Q3, below the 3.9 msf average. Relative to new deliveries, leasing appears to be declining.
$1.06 psf
Direct asking rents (psf/NNN)
Average monthly asking rents in Q3 2024 have leveled out, slightly down from the $1.07 recorded in Q2 2024.
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