Phoenix still tops the nation in industrial construction
Aug 17, 2024, 5:45 AM
Lincoln Property Co. is developing a massive industrial park near the Phoenix Goodyear Airport in the West Valley. (Jim Poulin/Phoenix Business Journal)
(Jim Poulin/Phoenix Business Journal)
Phoenix continues to outrank the rest of the nation in industrial construction with nearly 40 million square feet of space underway by the end of June, according to a new CommercialSearch report.
Several massive projects were contributing to that amount and are soon set to deliver, such as Lucid Group Inc.’s electric vehicle factory expansion totaling nearly 3 million square feet and the new Ross Stores Inc. distribution center totaling 1.7 million square feet in Buckeye.
The Valley’s supply of construction has remained high in part because of manufacturing projects but also because developments that were previously delayed are now getting closer to being completed.
Phoenix has five of the top 20 largest industrial projects that are expected to be delivered in the second half of 2024, including speculative developments such as the Prologis 303 business park, Goodyear Airpark and Luke Field.
The largest project under construction in the U.S. that’s set to deliver in Q4 is the Hyundai electric vehicle manufacturing plant in Savannah, Georgia, expected to total 16 million square feet at buildout.
The nearly 40 million square feet of space is poised to expand Phoenix’s supply by nearly 10%, the second-highest expansion compared to current supply in the U.S.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
