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Market Report

Phoenix Industrial Market Report

Midyear 2022

West Coast Businesses Flock to Phoenix as Trio of
Submarkets Obtain National Recognition

Metro basks in standout demand. One of the nation's fastest-growing metros by population and an emerging regional distribution hub, Phoenix is attracting a host of logistics firms, suppliers and online retailers. Recent leasing activity reflects this, as from January through March of this year, the metro registered the most rapid net absorption of any major market west of the Mississippi. This activity added on to the metro's record year for demand, with tenants absorbing a net of 24 million square feet of industrial space through the 12-month period ending in March. The influx of industrial tenants from nearby metros is bolstering demand for state-of-the-art facilities, with California-based firms expected to move into a considerable amount of newer space during 2022.
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