Phoenix Industrial Market Report Q1 2026

Mar 31, 2026

The Phoenix industrial market in Q1 2026 experienced declining vacancy rates to 12.4% (down 120 basis points year-over-year) with 7.5 million square feet of leasing activity and 4.4 million square feet of direct net absorption, while new construction slowed significantly to only 1.2 million square feet delivered. Average direct asking rents increased 5% year-over-year to $1.18 per square foot NNN for spaces 10,000 square feet and larger, driven by demand from advanced manufacturing, semiconductor expansion, and logistics users across submarkets including Glendale, North Chandler/Gilbert, and Goodyear.

Industrial & Logistics Phoenix Arizona United States

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Publisher: Kidder Mathews
Obtained from: Kidder Mathews
Published: Mar 31, 2026
Last updated: Jun 28, 2026 (1 month ago)

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