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. FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU. Call me if you want to sell your property and need an estimated value. Phone / Prefer cell: 520-975-5207
Office: 480-948-5554 or email me walterunger@ccim.net. – What is a CCIM.
In Business and in Life you don’t get what you deserve, you get what you Negotiate.
contact me if you want the me to get you the value of your property.
CLICK HERE TO VIEW ALL MY LISTINGS.
Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
By Audrey Jensen – Reporter, Phoenix Business Journal Aug 9, 2021,
The West Valley saw the most industrial construction in the region in the second quarter as Phoenix hit records in new construction and low vacancy rates, Jones Lang LaSalle said in its latest industrial insight report.
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Of the more than 18 million square feet of new industrial product under construction in the Phoenix metro — a record high for a single quarter — about 75% occurred in the West Valley, according to experts.
“The level of construction that we’re seeing right now is definitely needed, because we also have a vacancy rate that’s near a historic low,” said Jessica Morin, senior director for market analytics at CoStar Group Inc.
The overall industrial vacancy rate reached a low of 5.5% in the Phoenix metro in Q2, Morin said.
The construction boom is driven by available land and “unique” infill opportunities, experts say, as well as continued demand for e-commerce and manufacturing needs, similar to what the rest of the nation has experienced during the Covid-19 pandemic.
“Industrial market growth all over the country is phenomenal and all markets are growing, but Phoenix is growing especially because I think we have room to grow. A lot of places don’t have room to grow,” said Rob Martensen, executive vice president for Colliers in Phoenix.
In Phoenix, about 3.6 million square feet of new product and 16 buildings, five of which were fully leased when delivered, were completed in the second quarter, according to Colliers.
More than 16.4 million square feet under construction during Q2 in the Phoenix metro, one of the hottest industrial midsized markets alongside cities like Atlanta and California’s Inland Empire, came from warehouse and distribution buildings across the market, JLL said.
Some of the largest leases signed in the second quarter and in the West Valley included MLILY, a Chinese mattress maker that leased 643,798 square feet of industrial space in Goodyear and UPS, which signed a 600,000-square-foot lease on the Loop 303 corridor, according to Colliers.
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Solid inventory
In the West Valley, more than 13.5 million square feet were under construction in Q2 while more than 50% of construction in the overall region occurred in Glendale, Goodyear and Tolleson, said CoStar. Total inventory in the West Valley also made up more than 50% of total inventory in the region, according to JLL data.
Tony Lydon, national director for JLL in Phoenix, said many buildings in the West Valley are “leveraging” off the ports of Los Angeles and Long Beach or providing services or products to 22 million people in Southern California in addition to the 7.5 million people in Arizona.
Most of the small amount of finite land has already been developed throughout Phoenix, Tolleson and Avondale, so “the reality is if you want to build something new on a vacant piece of land, you’re probably going to have to go out to the… Loop 303 submarket,” Lydon said.
Morin with CoStar said concerns about Phoenix overbuilding have yet to materialize. Some submarkets like Glendale, which will eventually deliver 9 million square feet to its existing 20 million square feet in inventory, may appear oversupplied, but Morin said she believes those buildings will lease up.
Along the Loop 303 corridor, there’s about 25 million square feet of occupied industrial space built within the last 10 years, which is estimated to grow to about 75 million square feet over the next five to seven years, according to JLL.
“That will be absorbed by global and/or national e-commerce companies, 3PLs (third-party logistics) on behalf of a corporate account, advanced manufacturers or traditional manufacturers, or transportation companies, food processors, cold storage warehouse operators — just a real cross section,” Lydon said.
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Cold storage heats up
Within the industrial supply chain sector, JLL said there’s a lot of activity in cold storage and food processing. Companies like Berlin-based HelloFresh, which leased a 440,000-square-foot distribution center in southwest Phoenix, couldn’t afford the “premium costs and the overregulation” in California, Lydon said.
Midsized regional companies also recognize they can serve California from the West Valley and reduce costs by 30 to 40%, “which is significant,” Lydon added.
Morin said the West Valley has more warehouses and food and beverage manufacturers due to factors such as affordability and more labor in the area.
Average total asking rent was 48 cents per-square-foot in the West Valley compared to 58 cents in Phoenix metro. Total availability was about 14.5% in the West Valley and 11.9% in Phoenix in the second quarter, according to JLL data.
Reliable energy, an educated workforce and infrastructure investment such as transportation corridors, which are key to logistics fulfillment and e-commerce activity, also make the Phoenix area and the West Valley attractive to companies, Lydon said.
Third-party logistics companies are also a “very important part of” both the West and East Valleys, said Lydon. “There’s a host of those groups in and throughout the West Valley,” Lydon said, adding that these 3PL companies’ warehouses have remained full.
Phillip Hernandez, a research manager for Colliers, said another nearly 2 million square feet kicked off construction over the past month in the Phoenix area, so it’s possible the third quarter will be even higher in construction, he said.
“We used to be more of a secondary market. I think because of the fast construction that’s happening right now, it’s drawing attention from the large institutional developers and buyers,” said Hernandez.
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Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
FROM ME: FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. Now is the time, if you are thinking of selling or purchasing your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County, Pinal County, Arizona / Office / Retail / Industrial / Multi-family / please call me on my cell 520-975-5207 or e-mail me walterunger@ccim.net. Investors and Owner / Users need to really know the market today before making a move. The market has a lot of moving parts. 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 your needs. I am marketing my listings on Costar, Loop-net, CCIM, CREXi, Catylist, and various other web sites. 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 international
What is a CCIM. In Business and in Life you don’t get what you deserve, you get what you Negotiate.
contact me if you want the me to get you the value of your property.
Walter Unger CCIM – cell: 520-975-5207 – walterunger@ccim.net
CCIM DEAL MAKERS FALL 2020 THE BIGGEST DEAL WALTER UNGER, CCIM, WITH WEST USA COMMERCIAL DIVISION IN PHOENIX REPRESENTED GCG HOLDINGS LLC IN ITS $29.43 MILLION SALE OF GOLD CANYON GOLF RESORT AND SPA IN GOLD CANYON, ARIZ., TO GOLD CANYON MJ LLC.
CCIM DEAL MAKERS FALL 2020 THE BIGGEST DEAL / WALTER UNGER, CCIM, WITH WEST USA COMMERCIAL DIVISION IN PHOENIX REPRESENTED GCG HOLDINGS LLC IN ITS $29.43 MILLION SALE OF GOLD CANYON GOLF RESORT TO GOLD CANYON MJ LLC.
Click here to find out what is a CCIM:
CLICK HERE TO VIEW ALL MY LISTINGS.
PRESS RELEASE: Gold Canyon resort sells for $29.4M. Walter Unger CCIM from West USA Commercial Division Brokered the Transaction.
http://walter-unger.com/gold-canyon-resort-sells-for-29-4m/
Are you ready to sell or purchase your Land or Commercial Building in Phoenix, Scottsdale, Maricopa County and Pinal County, Arizona, please call me?
Walter Unger CCIM cell: 520-975-5207 walterunger@ccim.net
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
History of Arizona from 900 BC – 2017 -Timeline.
WHY PHOENIX? AMAZING!!! POPULATION IN 1950 – 350 K PEOPLE; “NOW 5 MIL”. – “5TH. BIGGEST CITY IN USA”
- DEMOGRAPHIC FACTS ABOUT MARICOPA COUNTY:
Walter Unger CCIM – walterunger@ccim.net – 1-520-975-5207 – http://walter-unger.com
Timeline of Phoenix, Arizona history
Facts of Arizona – year 1848 to 2013
CLICK HERE: Arizona Opportunity Zones As We Understand /maps. Interested!!! Please contact me.
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.
Walter Unger CCIM
Associate Broker
West USA Commercial Division
7077 E MARILYN RD.
Suite 200, Building 4.
Scottsdale AZ, 85254
Phone: 480-948-5554
Cell: 520-975-5207
FOR OVER 20 YEARS, I HAVE WORKED EXTENSIVELY WITH OWNERS AND BUYERS IN LAND, COMMERCIAL AND INVESTMENT REAL ESTATE IN PHOENIX, TUCSON AND THROUGHOUT ARIZONA. PLEASE LET ME KNOW HOW I CAN HELP YOU PLEASE CALL ME
CLICK HERE TO VIEW ALL MY LISTINGS.
Also Call me if you need an estimated value of your Property.
Call me if you want to see a map with what is in the Construction Pipeline for Apartments.
Prefer cell: 520-975-5207, or email me walterunger@ccim.net. CLICK HERE TO VIEW ALL MY LISTINGS.
Check out my professional profile and connect with me on LinkedIn.
Walter Unger CCIM, CCSS, CCLS
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.
Please reply by e-mail walterunger@ccim.net or call me on my cell 520-975-5207
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