The Greater Phoenix industrial market posted an impressive third quarter, making it one of the nation’s leading cities for the quarter, according to a report released by Colliers . Net absorption nearly tripled from second quarter, totaling 7.87 million square feet. Vacancy continued to decline, falling 110 basis points quarter-over quarter to 9.8 percent.

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A decline in new supply of industrial space, combined with healthy leasing activity, drove the market to record two consecutive quarters of vacancy reduction – the first such improvement since third quarter 2022. Both direct and sublease vacancies fell during third quarter, reflecting sustained leasing demand. Sublease availability ended the quarter at 7.65 mi

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