Nearly 49 million square feet of new industrial construction is underway in metro Phoenix, with an additional 6.6 million square feet added in Q2 2023, according to the JLL Phoenix Industrial Insight report. This growth includes pre-commitments for 17% of under-construction space and 56% of completed space. While logistics, e-commerce, and advanced manufacturing remain key drivers, food and beverage companies are increasingly active. Despite a 20% YoY increase, Phoenix’s industrial rental rate of $0.79 per-square-foot remains competitively low compared to regional counterparts.
