Phoenix #2 for Industrial Development Growth

A recent report from CommercialSearch points to Phoenix as the number two ranking city for industrial development growth. The study only includes industrial properties larger than 25,000 square feet and only focused on properties “under construction”.

Phoenix has 36.3 million square feet of industrial space under construction. Low vacancies and the interest of major investors is contributing to the role of the area as a regional distribution and manufacturing center.

In addition, pending property tax legislation should enhance Phoenix’s opportunities moving forward.

Arizona Governor Doug Ducey signed a bill last month to lower the state’s commercial property tax assessment ratio. The new assessment ratio will be an extremely competitive 15%.