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| Riley Gilbert |
PHOENIX, AZ – According to the
Q3 Industrial Insight report from the Phoenix office of JLL,
metro Phoenix now has more than 10 million square feet of industrial space
under construction – the highest level of year-to-date construction activity
since 2007.
Despite still-rising construction costs, the JLL report cites
in-migration and a growing pool of skilled labor as key factors driving the
growth.
“Companies have recognized the favorable operating conditions in
the Valley and they are not only driving new industrial construction but are
also committing to new spec projects prior to completion of their
construction,” said JLL Vice President Riley Gilbert.
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| Lincoln Logistics 40 -- Denver's largest industrial deal of the year |
“Phoenix has not traditionally been known as a pre-leasing
industrial market but we are seeing that now, and fully anticipate this trend
to continue as the market evolves.”
The largest industrial deal of the year was completed in
September with Nike’s purchase of Lincoln Logistics 40, a 901,700-square-foot
Class A industrial project in the Southwest Valley, for $69.8 million.
To access JLL research for Phoenix and across
the U.S., please visit the company’s research page at https://www.us.jll.com/en/trends-and-insights#research.
Contact:
Stacey Hershauer
Phone: +1 480 600 0195
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