{"id":1004561810,"date":"2021-12-28T07:32:32","date_gmt":"2021-12-28T15:32:32","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004561810"},"modified":"2022-12-09T00:14:38","modified_gmt":"2022-12-09T08:14:38","slug":"qa-timothy-hanifin-on-phoenixs-booming-industrial-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/qa-timothy-hanifin-on-phoenixs-booming-industrial-market\/","title":{"rendered":"Q&A: Timothy Hanifin on Phoenix’s Booming Industrial Market"},"content":{"rendered":"
\"\"<\/a>

Timothy Hanifin, President, Graycor Construction Co. Image courtesy of Graycor Construction Co.<\/p><\/div>\n

Month after month, the Greater Phoenix industrial market ranks first in the U.S. for existing and planned developments. According to a recent CommercialEdge report<\/a>, the city had more than 29.7 million square feet of industrial space underway as of November, representing 10.8 percent of stock; the total pipeline, the one that also includes planned projects, amounted to a whopping 29.1 percent of stock.<\/p>\n

Graycor Construction Co., part of Graycor\u2019s family of companies, is one of the real estate firms capitalizing on The Valley\u2019s industrial boom<\/a>. The Illinois-based firm has been actively involved in various projects across the city in recent years, working in conjunction with high-profile developers like Trammell Crow, Hines and GID.<\/p>\n

In the interview below, Graycor Construction\u2019s Timothy Hanifin shares his views on the firm\u2019s recent activity and plans for Phoenix. Recently appointed president, Hanifin provides executive oversight and leadership for the Southwest Division, a targeted growth market for the company.<\/p>\n

Phoenix is one of the nation\u2019s leading markets in industrial development; in your opinion, how long can this boom last? Is there still room for more, literally?<\/strong><\/p>\n

Hanifin:<\/strong> Phoenix\u2019s geographic location, including its proximity to California, is its greatest asset. From a logistics standpoint, its position in the industrial buildings business won\u2019t change anytime soon. The type of buildings that this market needs will certainly evolve over time based on the needs of business. Right now, it is weighted heavily in logistics-related warehouse and distribution. In time that may shift to manufacturing or cold storage. Buildings may look and feel different. But the importance of Phoenix locationally will not change.<\/p>\n

For the foreseeable future, Phoenix also still has a lot of land and a strong labor pool. Corporate tax structures, infrastructure and things of that nature could be constraints in the long run, but based on current fundamentals, we are set up for long-term success.<\/p>\n

\"\"<\/a>

G303. Image courtesy of Graycor Construction Co.<\/p><\/div>\n

Tell us about some of the industrial projects you\u2019re working on in The Valley.<\/strong><\/p>\n

Hanifin:<\/strong> Fully leased by MLILY<\/a>, G303 in Glendale, Ariz., will total 1.25 million square feet at completion, making it the largest single-building Hines industrial development to date in the U.S. Our Rinchem project in Chandler, Ariz., expanded the company’s local campus with an almost 57,000-square-foot customized, temperature-controlled storage facility for high-purity chemicals and gasses used primarily for the semiconductor industry.<\/p>\n

Graycor is also actively building:<\/p>\n