Phoenix, Arizona | Wikimedia Commons
Phoenix, Arizona | Wikimedia Commons
Phoenix is seventh in the nation on the list for total square feet of industrial property deliveries for this year, according to the 2020 Industrial Pipeline study.
The valley has at least 8,348,599 square feet worth of space to be added in 45 buildings.
The study was led by California’s Inland Empire using data collected up until Feb. 27, according to Phoenix Biz Journals. The enterprise, in itself, is calculated to add upwards of 25,655,057 square feet worth of space through a total of 84 projects. This will boost the region by 66%.
Phoenix Valley ranks high on the list due to the construction of the Hub at Goodyear in the West Valley. The Hub has over 790,980 square feet developed by LGE Design Build and Clarius Partners LLC.
The reports further concluded that industrial development is rising in most market places as evident from the fact that 114 million square feet of industrial property were built across 441 properties throughout the United States in 2019 alone. Reasons cited included consumer demands, shifts in global supplies and lower interest rates for the increased warehouse and manufacturing space.
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