In addition to this number, 44.3 million square feet are under development. The Valley ranks number one in inventory under construction, followed by other leaders such as Dallas, Fort Worth, Atlanta, Charlotte, Las Vegas, and the Inland Empire, to name a few.
Net absorption declined slightly in Q4 from Q3 but remains positive at 2.3 million square feet. Overall net absorption for 2023 did decline compared to 2022 but continues to outperform pre-pandemic numbers.
At 8%, Q4 concludes 2023 with a spike in vacancy in contrast to the beginning of the year, which is largely due to new deliveries.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.