CBRE Group Inc. found that the average age of Phoenix's warehouse is 33 years old, which is second only to the Inland Empire in Southern California.
Developers are set to add millions of square feet of industrial space to the Phoenix market in the coming years, and all of that will join an already younger — albeit smaller — industrial inventory in terms of availability and total footprint.
The 251 million square feet of warehouse inventory locally, however, is smaller compared to the Inland Empire, Dallas, Atlanta, and Houston, among other major metropolitan areas.“Phoenix has added millions of square feet of the modern facilities that e-commerce companies and retail distributors covet,” said, senior vice president at CBRE in Phoenix, in a statement.
Strong demand has also driven rental rates up each quarter locally. Q2 saw average asking rates of $1.13 triple net per square foot. Leasing rates have increased over 12 months by 52%, CBRE data shows. Asking rates in Southern California, however, rose to an all-time high from $1.33 in Q1 2022 to $1.35 in Q2 2022. CBRE found the price increases to be primarily attributed to the fact that effectively no new supply is entering the market for lease in California.
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