PHOENIX — Over the past few years, industrial developers have flooded into the Phoenix market to take advantage of opportunities in fast-growing hubs around the Loop 303 and the Phoenix-Mesa Gateway Airport.
With an oversupply of warehouses on the fringes on the Valley, one commercial developer has decided to target largely built-out submarkets for a handful of projects totaling 2 million square feet.
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"Twenty-four months ago, we started to see the writing on the wall," said John Paul Mulhern, director of real estate development forRyan Cos.
The Minnesota-based firm is currently planning, developing or leasing five industrial projects along a central corridor of the Phoenix market, where vacancies are significantly lower than the outer-lying edges.
