Construction Output Drops Significantly
Source: Associated Builders and Contractors The U.S. economy contracted at an annualized rate of 32.9 percent during the second quarter of 2020, according to an Associated Builders and Contractors analysis of data by the U.S. Bureau of Economic Analysis. Nonresidential and residential fixed investment contracted by 27.0 and 38.7 percent, respectively, while investment in nonresidential fixed structures contracted by […]
Online Commerce Driving Growth in Industrial
Source: Colliers International The Greater Phoenix industrial real estate market remains healthy, despite business conditions during the pandemic. America’s growth in online purchasing is driving expanded demand for warehouse/distribution space. Net absorption of industrial space peaked at more than 2MSF in the second quarter. This marks the fifth consecutive quarter with net absorption exceeding 1MSF. Year-to-date the market has posted 3.7MSF of […]
Package Delivery Facility Planned for Surprise
By Tasha Anderson for AZBEX A new package delivery service facility is being planned at the NEC of Litchfield and Sweetwater Roads in Surprise. Applicant, Withey Morris, LLC, on behalf of real estate developer, BH DevCo, submitted a request for site plan approval to the city for the approximately 145.5KSF development, called Project Baxter. The Surprise Planning & Zoning Commission heard and recommended the project for approval at its […]
Glendale Annexes 234 Acres for Park 303
Source: Independent Newsmedia Glendale annexed its largest property in two and a half years, adding a 234-acre property that is planned to bring 4MSF of industrial space to the city. The Park 303 property is spread over three parcels east of Loop 303 and on either side of Glendale Avenue. An economic study estimated the property will net $860K […]
TSMC to Build Semiconductor Plant in Phoenix
Source: Arizona Commerce Authority Governor Doug Ducey has announced that following a national search, Taiwan Semiconductor Manufacturing Company has selected Arizona for its new U.S. advanced semiconductor factory. The project will create more than 1,600 new high-tech jobs and generate thousands of additional jobs in the state for suppliers and other companies within the semiconductor industry. TSMC’s total spending on this project, including capital expenditure, […]
74-acre Mixed-Use Development Proposed for Mesa
By Tasha Anderson for AZBEX A new mixed-use development proposed to include employment/light industrial, multifamily residential and commercial uses is making its way through the City of Mesa. On Wednesday, Mesa’s Planning and Zoning Board approved a request submitted by Beus Gilbert McGroder, PLLC, on behalf of Sun Belt Land Holdings, LP to rezone approximately 74.1 acres on the west side of Ellsworth Road north of […]
New Industrial Buildings Planned for Chandler
By Tasha Anderson for AZBEX Balmer Architectural Group, on behalf of owner, Hopewell Development, is requesting preliminary plat approval for site layout and building architecture for the development of two flex industrial buildings with office use at the NEC of Germann Road and Northrop Boulevard in Chandler. The approximately 9.6-acre site lies within the Chandler Airpark […]
Hines Announces New 2-Bldg. W. Valley Spec. Project
Source: Hines Hines, with funds managed by Oaktree Capital Management, L.P., has announced they have closed on the property for the future development of two speculative industrial buildings, each 569.5KSF in size, in Glendale. The project, located just off Loop 303 between Glendale Avenue and Bethany Home Road, will be known as G303 — short for Glendale 303. G303 will be a two-phase state-of-the-art industrial/logistics park, whose first phase will consist of 569.5KSF and feature 40’ clear height and 50’ by 56’ column spacing with 60’ […]
Warehouse Buildings Proposed Near PMGA
By Tasha Anderson for AZBEX BCMA Architecture, on behalf of owner, Abington Emerson Investments, has recently submitted plans to the City of Mesa for a new industrial development to be built north of east Ray Road and east of Power Road, near the Phoenix-Mesa Gateway Airport. The project, known as AEI Mesa Gateway, will consist […]
Low Vacancy Despite Lots of New Projects
Source: Colliers International The Greater Phoenix industrial real estate market has a healthy equilibrium in the midst of bringing millions of new square feet to its inventory. Vacancy remains below 10 percent after the city added 6.4MSF of new space in 2019 and has another 10.5MSF under construction. Greater Phoenix has a checkered history of […]