Commercial Properties Incorporated (CPI) completed 210 Industrial transactions for a total of 1.17 million square feet at the end of fourth quarter 2017. The top CPI Industrial transactions for the quarter were the 151,112 SF sale of a portfolio deal for $12.3 million in Tempe, AZ, and the 34,470 SF sale of 2210 S. Roosevelt Street, for $3.375 million in Tempe, AZ.
Phoenix’s average Industrial vacancy rate decreased to 7.8%, which is a decrease of 12.3% from last quarter’s 8.9% average vacancy rate. Absorption was positive 2,684,912 square feet, that number is up by 270,577 square feet from last quarter when absorption was reported at positive 2,414,335 square feet.
6,888,332 square feet were reported as still being under construction in Phoenix at the end of the fourth quarter for the industrial sector. Some of the largest projects still under construction were FAB 42-Intel Corporation, a 2,145,757 SF building which is 100% pre-leased, and PV/303 Bldg C, a 960,000 SF facility which is 0% pre-leased.
Click here for the full report: Phoenix Industrial Market Report.