Phoenix is the fastest-growing industrial market in North America with a growth rate of 14.3% in 2022, ahead of Savannah, Georgia, and Houston. The growth is attributed to demand for buildings of 200,000 square feet or larger and a surge in development of warehouses of one million square feet or larger. Third-party logistics companies (3PLs) are the major drivers of the demand, accounting for 34.1% of total leasing in Phoenix. As a result of the high demand for industrial space, the vacancy rate in Phoenix is at an all-time low of 2.7%, resulting in increased rents.
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Frequently asked questions
A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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480.947.0600
4414 N. Civic Center Plaza #100 Scottsdale AZ. 85251
info@levrose.com
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480.947.0600
4414 N. Civic Center Plaza #100 Scottsdale AZ. 85251