The Phoenix area is going to see a lot less industrial construction in 2025 as developers wait for tenants to fill up the vacant boxes around the Valley. That shouldn't be an issue.
A fourth-quarter surge brought 2024 to a record 35.9 million square feet of overall gross absorption of space in the Phoenix metro, which surpassed the previous high of 33.2 million square feet in 2022, according to CBRE Group Inc. [bizjournals.com] research.
That shows that industrial users "are still moving to and expanding within Phoenix in a very big way," said Cooper Fratt, executive vice president with CBRE, in a statement.
