The Phoenix industrial market is beginning to normalize as the sector transitions from the boom seen in the years following the onset of the pandemic to a more typical trajectory. Phoenix maintains its position as a relatively affordable market for its size. Rents average $12.68/SF, which is near the national level and 30%-40% below asking rents in California markets.
Phoenix remains one of the nation’s better-performing markets for employment growth recording more than 48,700 job additions in the trailing 12-month period ending June 2023. The labor market now has 158,000 more jobs than before the pandemic, the fourth-largest gain in the nation. Click below to learn more!