The Greater Phoenix Industrial market could be poised for a surge in demand for warehouse/distribution space, according to the Q1 Industrial Market Report by Colliers International in Arizona. The “stay at home” orders resulting from the Coronavirus Pandemic have forced more people to shop online and those lasting habits will increase online retailer demand for distribution space in the city.
Net absorption in the industrial sector rose to more than one million square feet in first quarter, marking the fourth consecutive quarter of posting those levels. And construction activity reached a highpoint during first quarter of 14.3 million square feet — the largest amount of new industrial space under construction ever in the Valley.
