Is This the Strongest Phoenix Industrial Market in Years?
The Phoenix industrial market has rebounded vigorously since the recession, and not just in a few spots, Lincoln Property EVP Dave Krumwiede tells us. The strength is marketwide.
"Phoenix industrial fundamentals are decidedly strong, and that strength is happening collectively," Dave says. Recently LPC leased the entirety of its 552k SF 7037 W Van Buren St, a distribution building in the Southwest Valley, to a single user. The undisclosed distribution user will fully occupy the property, using the building to service a major distribution-centric Fortune 50 company.
"Multi-tenant is doing very well, built-to-suit remains extremely active, and big box is gaining velocity—not just in one area of the Valley, but in virtually all of our submarkets based on their unique benefits," Dave says. JLL managing directors Marc Hertzberg and Anthony Lydon repped LPC, while Tom Louer of Lee & Associates repped the tenant. “Phoenix occupies one of the most strategic and cost-effective supply chain locations in the West,” notes Anthony.