Phoenix industrial market is surging with activity

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“You miss 100 percent of the shots you never take, and if you think it’s expensive to hire a professional to do the job, wait until you hire an amateur “ . ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA,  CLICK HERE  AND PLEASE CALL ME.     520-975-5207 or email me walterunger@ccim.net

REAL ESTATE | 19 Oct | AZRE

The Greater Phoenix industrial market continues to surge with activity, posting strong net absorption and driving vacancy lower, according to a report released by Colliers International in Greater Phoenix.  You can access the full report by clicking Here.

The metro area continues attracting industrial tenants, resulting in a surge of leasing and a drop of vacancy.  Net absorption exceeded 1.8 million square feet during third quarter, which brought the year-to-date total of net absorption to more than 6.2 million square feet.  During the same three quarters of 2016, the market had posted approximately 4.5 million square feet of net absorption. More than a dozen tenants larger than 100,000 square feet have signed leases during 2017, accounting for nearly three million square feet of space.  The trend of large users has been occurring steadily since second quarter of 2016.

111 industrial

Phoenix industrial market vacancy continues to decline in response to robust tenant demand.  During the third quarter the vacancy rate dropped to 9.2 percent, which is 150 basis points below one year ago.  Vacancy is down 90 basis points since the beginning of this year.  The Southwest Valley has experienced a decline of 360 basis points year over year and the rate I that area is now just 8.9 percent.  The Southwest Valley is forecast to finish 2017 with a vacancy at an 11-year low.

Asking rental rates rose during third quarter, reaching $0.57 per square foot per month.  This is a 3.5 percent increase from a year ago. Rental rates rose vigorously in 2015 and 2016, but the pace has slowed so far in 2017.   Average asking rents in Greater Phoenix are forecast to rise between 3.0-3.5 percent in 2017.

Deliveries of new industrial buildings accelerated during third quarter, following a brief slowdown in the second quarter.  More than 1.5 million square feet were delivered during the past three months, bringing the year-to-date total to nearly four million square feet.  More than 4.7 million square feet of projects are currently under construction in Greater Phoenix.  The new Loop 303 freeway has been fueling new construction in the Northwest Valley submarket where nearly two million square feet of space has come on line this year.  New construction is forecast to total more than seven million square feet in 2017, up from about 5.5 million square feet last year. 

Sales of industrial buildings have gained momentum in 2017, rising five percent in third quarter.  Transaction activity is up 10 percent this year compared to 2016.  Prices are rising and the median price during third quarter was $90 per square foot, up eight percent over the first half.  The median price of sales in 2016 was $74 per square foot.  Cap rates are compressing as prices rise, dipping to 6.8 percent during third quarter. 

Momentum continues to build in the Greater Phoenix industrial market.  Businesses are expanding and moving into Greater Phoenix, occupying distribution and manufacturing space.   Robust tenant demand is fueling new development. Approximately seven million square feet will be completed this year.  New construction is forecast to slow down a bit in 2018, but the pipeline could open up for more projects in large users take sizable blocks of inventory.   

SEE IT ALL: https://azbigmedia.com/phoenix-industrial-market-surging-activity/

ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA,  CLICK HERE  AND PLEASE CALL ME.     520-975-5207 or email me walterunger@ccim.net

FROM ME:

Phoenix Commercial Real Estate and Investment Real Estate: Investors and Owner / Users need to really know the market today before making a move in owner user Commercial Properties, Investment Properties and land in Phoenix / Maricopa County, Pinal County / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land  Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties. I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group.  I also sold  hundreds millions of dollars’ worth of  Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with  brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also internationalClick here to find out what is a   CCIM:   https://en.wikipedia.org/wiki/CCIM 

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Timeline of Arizona from  900 BC – 2017                                              

ARE YOU READY TO SELL OR PURCHASE YOUR LAND OR COMMERCIAL BUILDING IN PHOENIX, SCOTTSDALE, MARICOPA COUNTY AND PINAL COUNTY, ARIZONA,  CLICK HERE  AND PLEASE CALL ME.     520-975-5207 or email me walterunger@ccim.net

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WEEKLY APARTMENT CLOSING UPDATE THROUGH October 13, 2017 /  Phoenix Arizona Metro cc

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WHY PHOENIX? AMAZING!!!  POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”

 

PHOENIX TOPS US IN POPULATION GROWTH (MORE THAN LA, NYC) AND WHY THAT’S GOOD FOR THE ECONOMY, BUSINESS

DOT – LOOP 202 / SOUTH MOUNTAIN FREEWAY / PHOENIX AZ – UNDER CONSTRUCTION

ARIZONA FACTS – YEAR 1848 TO 2013

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  • DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
  • The average age of the population is 34 years old.
  • The health cost index score in this area is 102.1. (100 = national average)
  • Here are some of the distributions of commute times for the area: <15 min (22.7%), 15-29 min (36.8%), 30-44 min (25.1%), 45-59 min (8.6%), >60 min (6.8%).

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PHOENIX PROJECTED AS NUMBER ONE US HOUSING MARKET FOR 2017

LIST OF ECONOMIC DEVELOPMENT PROJECTS IN PINAL COUNTY, REVISED 2-14-17

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2016 Official Arizona Visitors Guide

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Why Phoenix?  This is a very interesting article, you should read it, amazing, there were only 350 K people living in Phoenix in 1950

Timeline of Phoenix, Arizona history

Phoenix, Arizona

Facts of Arizona – year 1848 to 2013

Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.

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I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years.  If you have any questions about Commercial / Investment Properties in Phoenix or Commercial /  Investment Properties in Arizona,  I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us. 

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Walter Unger CCIM

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Kasten Long Commercial Group

5110 N 40th Street, Suite 110

Phoenix , AZ 85018

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