Q1 2018 PHOENIX INDUSTRIAL MARKET REPORT
COMMERCIAL PROPERTIES INC./CORFAC INTERNATIONAL (CPI) RELEASES THE FIRST QUARTER INDUSTRIAL MARKET REPORT.
May 18, 2018 — Phoenix, Ariz: Commercial Properties Inc./CORFAC International (CPI) completed 311 Industrial transactions for a total of 1.54 million square feet at the end of first quarter 2018. The top CPI Industrial transactions for the quarter were the 32,045 SF sale of 15555-15575 N. 79th Pl. for $5.5 million in Scottsdale, AZ, and the 51,000 SF sale of 13770 W. Peoria Ave. for $4.5 million in Surprise, Arizona.
Phoenix’s average Industrial vacancy rate decreased to 7.2%, which is a decrease of 7.69% from last quarter’s 7.8% average vacancy rate. Absorption was positive 1,323,625 square feet, which is down from last quarter when absorption was reported at positive 2,684,912 square feet.
6,630,296 square feet were reported as still being under construction in Phoenix at the end of the first quarter for the industrial sector. Some of the largest projects still under construction were TEN - Warehouse I, a 1,100,000 SF building which is 0% pre-leased, and LINCOLN 40 Logistics, a 901,700 SF facility which is 0% pre-leased.
About Commercial Properties Inc./CORFAC International
CPI is a CORFAC International affiliate, full-service Brokerage and Property Management firm for all product types. Headquartered in Tempe, the company has more than 55 brokers and occupies two offices locally. Currently, CPI's listings include over 20 million square feet for sale/lease, and more than 190 projects under property management, totaling over 11.2 million square feet. Please visit our website at www.cpiaz.com.