A recent Kidder Mathews survey reports that Phoenix continues to be a hotspot for industrial development. It has maintained a strong construction pipeline, averaging 8 million square feet in annual deliveries since 2022. This trend will continue well into 2025, with 21.8 million square feet of new projects currently underway. Year-to-date deliveries reach 37.6 million square feet, 19% higher than the total deliveries in 2023, which will continue to intensify the demand-supply imbalance as vacancy rates continue to rise.
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