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July 15, 2016

Warehouses in Chandler see most vacancies

Phoenix Business Journal

Mike Sunnucks

The region's industrial sector is most vacant in the southeast Valley and least empty in the areas south of the Salt River and Phoenix Sky Harbor International Airport.

Chandler has the highest vacancy rates for industrial space, according to second-quarter figures from Seattle-based Kidder Mathews commercial real estate firm and CoStar data.

The Phoenix region has a 10.7 percent vacancy rate for industrial space, according to Kidder.

The tightest industrial submarkets are south of Phoenix Sky Harbor International Airport (3.3 percent), south of the Salt River (2.9 percent) and on Grand Avenue (3.3 percent).

The areas with the highest industrial vacancy rates are in Chandler, where between 18.7 percent and 29.8 percent of space is empty, and the southwest Valley south of Buckeye (15 percent).

Chandler has seen new office developments as well as apartments but its industrial space is the emptiest in the Valley.

The average asking rent for industrial and warehouse space is 56 cents per square foot regionally, according to Kidder.

For the full story, go to Phoenix Business Journal.

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