Phoenix has been gaining prominence as a top choice for individuals and businesses on the move. A study by PODS Enterprises, LLC, cited by ABC15, shows that the Valley climbed to become the seventh most popular city for relocations in the United States. Recording a noteworthy elevation up from 18th place just a year ago, Phoenix is witnessing an influx that aligns with the broader trend of migration to the Sun Belt region, where the climate often plays a pivotal role in decision-making.
Meanwhile, buying into the burgeoning industrial development momentum, Phoenix stands at the forefront of industrial real estate expansion. The city currently boasts the largest industrial pipeline across the nation, according to a report by Orion Property Partners. Despite various segments of the market evincing differing levels of growth, West Phoenix outstrips them with a significant 7.8 million square feet of industrial space currently under construction, demonstrably a deliberate stint to further industrialize high-demand markets.
The industrial swell in Phoenix is backed by hard figures, as West Phoenix alone has witnessed a 53% increase in industrial space over the past decade. This is no small feat, and with 49 million square feet of new space added between 2014 and 2023, the submarket holds a commanding second place among the United States’ largest 100 submarkets in terms of added square footage. The fact that 63.3% of West Phoenix’s total space is the sought-after 'Class A' space solidifies its rank as a heavyweight in the industrial property sector, as per details from Orion Property Partners.
What stands out is not just the quantity but the quality of industrial venues mushrooming in West Phoenix. Housing the third-largest inventory of 'Class A' industrial space amongst the major U.S. markets, the area continues to attract investors, eager to capitalize on the area's concurrence with both the spike in relocations and industrial growth. The statistics from Orion Property Partners clearly underscore Phoenix's retrieved spotlight as a market to watch, and one that businesses seem eager to robustly be part of. The data from both the PODS Enterprises report and Orion Property Partners conspicuously map a convergence of residential and industrial growth trajectories, positioning Phoenix as a hub of activity set for continued prominence in the U.S.
