The Industrial Revolution

Article originally posted on Phoenix Business Journal on July 23, 2021

Even before the Covid-19 pandemic, industrial construction and leasing was moving full steam ahead in Phoenix and other large metros around the country. Once the pandemic hit, that energy was kicked into overdrive.

“Industrial didn’t just pick up with the pandemic, it got launched off a battleship,” said John Orsak, vice president of Lincoln Property Co. in Phoenix.

The Phoenix metro has seen a record-breaking amount of industrial construction get underway in the first half of 2021, according to CoStar Group Inc. research. At the end of the second quarter, 25 million square feet of industrial space was under construction across the Valley.

CoStar data also shows the amount of industrial space under construction right now will add 6.7% to the existing inventory. This places Phoenix second in the nation for industrial space under construction as a percentage of inventory.

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