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
AZBIGMEDIA REAL ESTATE | 19 Apr | AZRE
Greater Phoenix posted its strongest industrial market conditions during first quarter 2022, according to a report from Colliers. Vacancy fell to a historic low level of 4.0 percent during the first three months, as the market delivered 5.6 million square feet of new projects. Net absorption continues at a robust pace, posting 7.8 million square feet last quarter. Investors also remained active in the market, purchasing nearly $1 Billion in Phoenix industrial space last quarter.
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Strong tenant demand drove vacancy down 80 basis points last quarter and 260 basis points year-over-year to a historic low 4.0 percent. The Southwest submarket clusters felt the largest decrease, falling 100 basis points over-the-quarter and 450 basis points year-over-year, ending at 5.1 percent vacancy. This submarket has delivered more than 12.6 million square feet of product since 2020. The lowest industrial vacancy in Greater Phoenix was 1.8 percent, posted in the Northeast submarket , followed by the Airport Area with 2.7 percent vacancy.
Large blocks of space are in high demand and low supply. Only 15 existing buildings in the metro area have space available to accommodate a tenant of 150,000 square feet and just eight options have availability for a tenant over 300,000 square feet.
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READ ALSO: BET Investments breaks ground on massive Buckeye I-10 Logistics
First quarter 2022 was the third quarter in the past two years when the Valley posted more than seven million square feet of industrial absorption. This was the eighth consecutive quarter of absorption surpassing one million square feet. During the first three months of this year, 7.8 million square feet were absorbed, the second highest total in Arizona history. If activity continues at this pace, the market could reach nearly 30 million square feet of net absorption in 2022. First quarter posted the market’s largest number of new tenants leasing 150,000 square feet, with 15 new deals signed. Home improvement giant Lowes signed a lease to expand its footprint in the market by 1.2 million square feet at The Cubes at Mesa. Amazon agreed to 1.19 million square feet at Elliot 202, where construction should be finished in second quarter. LG recently announced plans for a $2.8 billion battery manufacturing plant in Queen Creek. That company joins other manufacturers coming to the area or expanding, including Intel, TSMC, KORE, and JX Nippon Mining and Metals.
Low vacancy and high demand have drive up rental rates, which have escalated 15.2 percent year-over-year and 7.5 percent over-the-quarter, reaching $0.74 per square foot. This marks the largest increase during a quarter and year-over-year, outpacing fourth quarter 2021 which had previously set the record. Industrial rental rates have increased an average of 7.2 percent annually since 2018. Rates have increased more than 26 percent since first quarter 2020. Southeast submarket posted the largest increase year-over-year at more than 14.3 percent to end at $0.80 per square foot. Southwest and Airport Area followed with 13.0 and 11.5 percent, ending at $0.55 and $0.93 per square foot, respectively.
Construction activity has set records each quarter since the pandemic began and 2022 has elevated the market to a new high point. Currently 33.9 million square feet of new industrial space is underway, a rise of 12.3 percent from the previous quarter. More than 35 percent of the new space under construction is pre-leased. Development of the West Valley as an industrial quarter is leading the way. Approximately 78 percent of buildings under construction are located in the Northwest and Southwest submarkets. First quarter brought delivery of 5.6 million square feet. Since 2020 the market has increased its inventory by 10 percent with the addition of 36 million square feet of new product.
The Greater Phoenix market is capturing the eye of investors throughout the country and abroad. Investment sales volume during first quarter 2022 was extremely active, but still fell behind fourth quarter 2021. Investment sales reached $934 million with an increased median price of $161 per square foot. Demand for our projects drove the median price per square foot up 28.3 percent year-over-year. The largest transaction of first quarter was the Landing Phase 3 portfolio, comprised of seven buildings in the Southeast valley totaling 525,342 square feet. Scottsdale-based Martens Development Company sold this to Cohen Asset Management for $130 million, striking a blended price per square foot of $244. Rapid increases in land prices are driving up rental rates and increasing investment sales. The former Big Surf Water Park in North Tempe was purchased by Overton Moore Properties for $49.9 million, $32.83 per square foot. The nearly 35 acres will be the site of a multi-building industrial park.
While the market is extremely strong, the pace of escalating rental rates is creating stress on tenants that need to renew leases, as well as new to market tenants looking for space. The majority of vacant spaces are receiving multiple offers. However, the price gap still exists between the Phoenix market and California, which continues to motivate developers, tenants and investors to seek opportunities in Arizona.
SEE IT ALL: https://azbigmedia.com/real-estate/phoenix-industrial-market-sees-historic-low-4-vacancy-rate/
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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
Click here to find out what is a CCIM:
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
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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