Business & Tech
Phoenix 2nd Largest Market For Commercial Development in 2021
The city of Phoenix will rank 2nd in the country in industrial real estate development, behind Dallas, according to CommercialEdge.
That's the takeaway from a report from CommercialEdge, which found that the Valley of the Sun will add 18.44 million square feet of industrial space in 2021. Phoenix's ranking is second in the nation behind Dallas, which is projected to add 27.95 million square feet.
Phoenix's commercial real estate boom represents a 76 percent increase over the square footage built in 2020, CommercialEdge said.
Phoenix ranks ahead of the likes of Chicago (16.4 million square feet), the Inland Empire of Los Angeles (16.39 million square feet) and Denver (12.92 million square feet).
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A large part of Phoenix's rise in the commercial real estate rankings stems from development by E-Commerce giant, Amazon, including its 2.3 million square foot development in the West Valley, the survey said.
On the flip side, CommercialEdge's survey found that cities like Houston had the largest decrease (41 percent) from its commercial real estate square footage in 2020.
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