Q2 2024 Phoenix Industrial Market Report

A deluge of new development completions continues to drive Phoenix’s industrial vacancy rate higher, a condition that could persist into mid-2025. The second quarter
marked the fourth consecutive quarter with 10+ million square feet of net deliveries, bringing the total over the past 12 months to an unprecedented 40.2 million square
feet. For comparison, Phoenix averaged 8 million square feet of annual net deliveries in the three years leading up to the onset of the pandemic.

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