Q1 Industrial Total Vacancy Hit A Historic Low Of 1 Percent
The beginning of 2022 continued to see strong activity from large industrial users with 25 percent of Q1 deals being over 10,000 square feet. The rise in large deals in addition to limited vacancy has ultimately pushed net absorption to record breaking numbers the past three years as well as sparked bigger speculative developments throughout the valley. Between the years 2015 to 2019, there were five speculative buildings delivered that were over 80,000 square feet. Since 2020, six spec buildings have delivered over 80,000 square feet with an additional 22 buildings currently under construction or planned to be complete by 2023.
