In the last decade, six different industrial submarkets have more than doubled in size, while an additional seven grew between 50% and 100%. But as we stand today, Phoenix is No. 1 in the nation with the largest active industrial pipeline.
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A wave of industrial development — the result of prolonged investor appetite and government subsidies — are starting to open their doors, promising to further concentrate the advance of new industrial stock into small areas of high-demand markets as well as marking a resurgence in others. Naturally this expansion isn’t uniform across the country — or even within individual markets.
Therefore, to understand the nuances, we zoomed in on the top 100 largest industrial space submarkets by total square footage, which represent roughly one-third of all U.S. industrial space.
- West Phoenix boasts the largest active industrial pipeline among the top 100 largest U.S. submarkets, with over 7.8 million square feet of space under construction representing 5.6% of its existing inventory.
- West Phoenix added 49 million square feet of industrial space between 2014 and 2023 — a 53% increase — which was the 2nd-highest addition among the top 100.
- The submarket placed 4th among top 100 for its total industrial space of 141 million square feet.
- 63.3% of West Phoenix’s total stock is made of Class A industrial space – or 89.3 million square feet, which is the 3rd-largest inventory of Class A among the top 100.
You can find more information about this topic in our full report: https://www.commercialsearch.com/blog/fastest-growing-industrial-submarkets/
