Tag Archives: phoenix area

Industrial Lease Rates Increase in Phx-East Valley and Greater Phoenix-area Overall.

While the Phx-East Valley’s Industrial property vacancy rate is higher than the Phoenix industrial buildings mesaarea overall, asking rental rates for industrial properties have increased in the Phoenix area overall, including the Phx-East Valley.

Despite the higher rental rates and higher vacancy rate in the Phx-East Valley than the Phoenix area at large, the Phx-East Valley is experiencing it’s share of growth in the industrial market.

The vacancy rate went from 11.9% in the previous quarter to 12.4% in the second quarter in the Phoenix area overall, 11.5% vacancy rate for warehouse space and 19.7% vacancy for Flex. The asking rental rates increased to $6.40 on average, with the warehouse rate at $5.52 and Flex rate at $11.34.

By comparison the vacancy rate of industrial property in the Phx-East Valley area for the second quarter of 2013 was 12.8%, 11.7% vacancy rate for warehouse property and 18.6% for Flex in the Phx-East Valley. The asking rental rates in the second quarter of 2013 were $7.52 on average, $6.46 for warehouse and $11.46 for Flex property in the Phx-East Valley.

The industrial market in the Phoenix area saw a net absorption of 471,635 in the second quarter of 2013 (372,306 of which was in the Phx-East Valley), compared to a positive absorption of 1,395,312 in the first quarter of 2013.

The Phx-East Valley also leads the entire Phoenix area in terms of industrial under construction RBA, with 1,641,234 RBA, 87.3% of which is pre leased.

 









This information is for informational purpose and not intended to be investment advice, 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.

 

Phx-East Valley Retail Vacancy Rate Higher than Greater Phoenix-area Overall.

While the Phx-East Valley’s retail vacancy rate is higher than the Phoenix area overall, thegilbert arizona water tower Phx-East Valley is experiencing it’s share of growth in the retail market.

The vacancy rate went from 11.1% in the previous quarter to 10.8% in the second quarter in the Phoenix area overall. With asking rental rates dropping to $14.23 on average.

 

By comparison the vacancy rate in the Phx-East Valley area decreased to 12.8% from 13.4% the previous quarter, with asking rental rates dropping to $13.37 on average.

 

It should be noted that 2 of the 3 largest lease signings in 2013 in the Phoenix area retail market have been in the Phx-East Valley.

 

The total retail market in the Phoenix area saw a net absorption or 1,032,400 in the second quarter of 2013, 434,000 of which was in the Phx-East Valley.

 

The Phx-East Valley leads the entire Phoenix area in terms of retail under construction, with 709,390 GLA, 98.8% of which is preleased.

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This information is for informational purpose and not intended to be investment advice, 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.

 

Phoenix No. 1 for Economic Growth, Office Vacancy Rate was down over the Previous Quarter

The latest Metro Monitor Report from the Brookings Institute shows an output increase ofanother office building chandler az 1.2 percent in Phoenix during the first quarter strong according to the Phoenix Business Journal.

 

“If output continues to grow at the pace it did last quarter, it could reach a full recovery by the end of 2013,” Kenan Fikri from the Brookings Institute said, adding “Since output recovery typically precedes a job recovery, companies make more sales before they hire more people, the recent progress on the output front does point to a potentially accelerating jobs recovery, as well.”

 

In a separate report this week, CoStar reported that the Phoenix Office market ended the second quarter 2013 with a vacancy rate of 19.4%, which was down from the previous quarter.

 

Commercial office rental rates in the Phoenix metro area, ended the second quarter at $20.05, an increase over the previous quarter.

 

This information is for informational purpose and not intended to be investment advice, 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.

 

Phoenix area Business Executives are growing more confident about Business Growth.

Phoenix-area business executives are optimistic about business growth in the third office condo gilbertquarter. This despite the bad news that the official national unemployment rate ticked up to 7.6% in May. The Bureau of Labor Statistics (BLS) did show, however 178,000 private sector payrolls were added in May.

 

The good news is there were minor increases in consumer spending, according to a self-reporting poll from Gallup, U.S. consumers spent more money in May than in any month since October 2008.

It was reported in the Phoenix Business Journal, according to the latest survey from Robert Half International in their  “Phoenix Professional Employment Forecast found that 83 percent of Phoenix chief financial officers expressed confidence in their company’s growth potential this quarter, with 42 percent saying they are very confident.”

 

While confidence in business growth potential in the Phoenix area is strong, Only 19 percent of Phoenix-area CFOs reported that they have plans to add new professional-level positions in the third quarter.

 

This information is for informational purpose and not intended to be investment advice, 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

 

Phoenix area Retail and Office Building Construction for the First Quarter of 2013

In the first quarter of this year, no new space was completed in the Phoenix area Office n gilbert low rise office buildingmarket, however there were seven buildings totaling 88,451 square feet completed in the Phoenix area retail market.

Additionally, 15 buildings with 542,958 square feet were completed in fourth quarter of 2012, 10 buildings totaling 138,438 square feet completed in third quarter of 2012, and 188,995 square feet in seven buildings completed in second quarter 2012. bring the total to 968,842 square feet of retail space that has been built in the Phoenix area in the past four quarters.

 

 

And while there was no new office space completed in the Phoenix area in the first quarter of 2013 there were 256,270 square feet of office space under construction at the end of the first quarter 2013. additionally, four office buildings totaling 234,079 square feet that were completed in the fourth quarter of 2012, five office buildings totaling 77,617 square feet were completed in the third quarter of 2012 and 160,738 square feet in three buildings completed in the second quarter of 2012.

 

 

Of the 8,090 office building inventory in the Phoenix area as of the end of the first quarter of 2013, 250 office buildings were Class A office buildings (3%). There were 4,469 Class B office buildings (55%) and 3,371 office buildings were Class C (42%). Within the Phoenix area office market there were 791 of the 8091 buildings were owner-occupied buildings (9.7%).

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This information is for informational purpose and not intended to be investment advice, 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

 

Commercial Office and Industrial Vacancy Decreases in Phoenix

The Phoenix commercial office and industrial markets each saw decreases in vacancies in the fourth quarter of 2012 according to CoStar.gilbert office condo

CoStar reported, the Phoenix Industrial market ended the fourth quarter 2012 with a vacancy rate of 12.4%,  compared to the U.S. National Industrial vacancy rate, which decreased to 8.8% from the previous quarter

Rental rates for industrial properties in the Phoenix area, ended the fourth quarter at $6.23, an increase over the previous quarter.

Costar had reported earlier in the week that the Phoenix area, Office market ended the fourth quarter 2012 with a vacancy rate of 19.4%, compared to the U.S. National Office vacancy rate, which decreased to 11.9% from the previous quarter.

Rental rates for office properties in the Phoenix area ended the fourth quarter at $19.95, an increase over the previous quarter.

 

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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