Industrial vacancy rates returned to single digits for the first time since the third quarter of 2007 and the Valley’s market is expected to remain hot.

Cushman & Wakefield reports overall asking rent rates in the Phoenix Metro reached its highest rate of $0.56 since Q3 2009. According to the same report, 15 of the 17 defined submarkets have experienced improvements in overall vacancy rates since Q3 2015.

Experts predict continued increases in absorption, decreases in vacancy rates and the development of more built-to-suit industrial projects for 2017.

The submarkets experiencing the most industrial activity are the Southeast, Southwest and North parts of the Valley as well as the Sky Harbor International Airport area, says Jeff Cutburth, principal at Butler Design Group, which should also hold true for 2017.

The West Valley is positioned to see more construction of big box industrial projects spanning more than 500,000 square feet within PV 303, the 1,600-acre master-planned business park and industrial space located along Loop 303.

Experts predict more industrial activity to coincide with the rise of jobs and housing options in the Valley.