The Phoenix area market leads the nation for the most industrial construction during the first six months of the year.
The Valley had nearly 40 million square feet of space underway, according to a report by CommercialSearch, a real estate listing site.
It includes Lucid’s electric vehicle plant expansion in Casa Grande, distribution centers in Buckeye and Goodyear, and an industrial park bordered by Luke Air Force Base in Glendale.
Because some space is being built without confirmed tenants, a slowdown in new construction is expected to continue until buildings fill up. The report by real estate listing service Commercial Search says construction starts in metro Phoenix were down 8% in June compared to January.
The nation’s biggest industrial project expected to be completed this year is Hyundai’s electric vehicle assembly plant in Savannah, Georgia.
