In terms of inventory of industrial properties for sale, the number of available industrial properties has reached a new three year low in the Phoenix Metro Area in September. The previous, three year low in the Phoenix Metro Area for industrial properties was in July 2012. In the past year, the Phoenix Metro Area has seen a 14.8% decline in the number of available industrial properties according to LoopNet.
Demand, or interest on LoopNet for industrial properties listed for sale in the Phoenix Metro Area has fallen by 3.7% since June 2012. However, interest has risen 17.3% over the past year.
In the past five months, the median sale price per square foot for industrial properties in the Phoenix metro area has risen 11.9%. Prior to that, sale prices had fallen 14.8% over the six month period ending in May.
Sale prices per square foot for industrial properties have seen an increase to $50.04, up 9.2% from the last quarter. Sale prices are however down 1.9% from a year ago. However, the current price is 11.9% higher than the three year low of $44.71, of May 2012.
Industrial properties in the Phoenix Metro Area days on the market of 188 days, is 17.6% less than last year. Days on market in the Phoenix metro area reached a new low in September.
The drop in both the supply of properties and the average time on market could be a sign that prices are could move upwards.
The current market conditions are not favorable for buyers or sellers as prices are falling and sellers still do not seem willing to put more properties on the market due to the poor conditions.
In terms of leasing industrial properties, the number of industrial spaces available (inventory) in the Phoenix Metro Area fell, hitting its lowest point in September in three years. The previous low was set the previous month. There has been a 23.6% drop in available industrial spaces for lease over the past year in the Phoenix Metro Area.
When it comes to demand, interest on LoopNet for industrial properties for lease in the Phoenix Metro Area has fallen by 23.6% since June 2012, Demand is also down 13% from last year.
The days on market for industrial properties for lease in the Phoenix Metro Area is at 100 days in September, down a significant 53.5% from last year. September also represents a new low for days on market for industrial properties for lease in the Phoenix Metro Area.
In other commercial real estate related news, it was reported by the Phoenix Business Journal, from new data from Bureau of Labor Statistics That the Phoenix metropolitan area added 36,600 private-sector jobs in the past 12 months, good for the ninth most of any metro area in the U.S. The growth in jobs translated to a 2.44 percent increase.
Additionally reported by the Phoenix business Journal that Arizona is the No. 4 state for the number of jobs in the semiconductor industry, according to the Washington-based Semiconductor Industry Association.
With 18,800 workers, Arizona trails only California, Texas and Oregon.
This information is for informational purpose and not intended to be investment advise, and should be explained to you in detail. You should always feel free to consult an attorney and/or tax adviser to obtain further information you deem necessary. I want you to be prepared