Rankin Real Estate paid $32.5 million for a parcel on Citrus Road and I-10 last year and recently had the town of Goodyear approve zoning for industrial and business park use for the 267 acres.

The Phoenix Business Journal reports that the owner plans to wait for someone who would like some or all of the site.

This zoning approval comes at a time when industrial vacancy rates continue to rise. According to Cushman & Wakefield’s Marketbeat Phoenix Industrial Q1 2025 report, the first quarter ended at 13.3%.

At the end of the first quarter, the vacancy rate in the Southwest Valley was 15.9%, with a total inventory of 203.14 million square feet and another 5.5 million square feet under construction.

“After a record-high of over 42.5 million square feet of construction deliveries through 2024, developers have begun to cut back on new construction activity,” according to the report.