Q1 2021 Industrial Market
- Record level of product under construction<
- Scottsdale Airpark delivers 635,111 square feet of Class A office space
- Rental rate continued to increase, up 8.4% year-over-year
Direct vacancy decreased 80 bps quarter-over-quarter and 110 bps year-over-year to finish Q1 at 6.6%.
The market reached the lowest vacancy rate in over two years
2.9 MSF of new product were delivered with a low vacancy of 39%
Rental rates continuing to push higher, increasing 1.59% over-the-quarter and 8.47% year-over-year, settling at $0.64 PSF
Q1 closed with $831 million in sales volume
Median price per square foot increased 5.3% over-the-quarter and 14.8% year-over-year to $127 PSF.