{"id":1004706331,"date":"2024-03-20T04:24:06","date_gmt":"2024-03-20T12:24:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004706331"},"modified":"2024-07-25T03:51:33","modified_gmt":"2024-07-25T11:51:33","slug":"phoenix-leads-all-markets-for-industrial-development-activity","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/","title":{"rendered":"Phoenix Leads All Markets for Industrial Development"},"content":{"rendered":"\n<p>Driven by a growing economy, an influx of residents from neighboring markets and the increasing requests of the e-commerce industry, Phoenix\u2019s industrial market continues to thrive. Underneath, we&#8217;ve assembled CommercialEdge data for a rapid overview of the dynamic performance of Phoenix&#8217;s industrial market throughout 2023.<\/p>\n\n\n\n<p>Despite a notable cooling in the industrial real estate sector in 2023, some markets such as Phoenix\u2014which was the number one market for industrial development in the U.S.\u2014demonstrated their resilience. Maintaining its momentum from last year, the metro\u2019s industrial under construction pipeline accounted for 11.2 percent of existing stock, much higher than the national average of 2.4 percent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-phoenix-continues-as-the-unrivaled-leader-in-development\">Phoenix continues as the unrivaled leader in development<\/h2>\n\n\n\n<p>When talking industrial development,&nbsp;Phoenix&nbsp;remained the nation&#8217;s unchallenged leader. As of January, more than 42.6 million square feet of industrial space was under construction in the market, representing 11.2 percent of existing stock.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a31ebc0cce98&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004579262\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-plans-515m-megaproject\/luke-field-aerial-rendering\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/05\/Luke-Field-Aerial-Rendering-e1710417594147.jpg\" data-orig-size=\"800,600\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Luke Field Aerial Rendering\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Luke Field. Image courtesy of courtesy of Lincoln Property Co.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/05\/Luke-Field-Aerial-Rendering-e1710417594147.jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"225\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/05\/Luke-Field-Aerial-Rendering-e1710417594147.jpg?w=300\" alt=\"LPC Desert West acquired 140 acres in Glendale, Ariz., where it will build Luke Field, a 5 million industrial development.\" class=\"wp-image-1004579262\" style=\"width:303px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/05\/Luke-Field-Aerial-Rendering-e1710417594147.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/05\/Luke-Field-Aerial-Rendering-e1710417594147.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2022\/05\/Luke-Field-Aerial-Rendering-e1710417594147.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Luke Field will be developed in a single phase and will consist of the 695,750-square-foot Building A, the 454,761-square-foot Building B and the 1.3 million-square-foot Building C. <em>Image courtesy of Lincoln Property Co<\/em>.<\/figcaption><\/figure><\/div>\n\n\n<p>Some 32.5 million square feet of industrial space was delivered in the metro last year, encompassing 152 projects, or 8.6 percent of total stock, according to CommercialEdge data. Among peer markets, Dallas came in second place, accounting for 6.6 percent of existing stock.<\/p>\n\n\n\n<p>Last year, 106 properties broke ground within the Phoenix market, accounting for 6.2 percent of total stock\u2014significantly higher than the U.S. average of 1.3 percent. Construction starts were notably higher in Phoenix last year, with 23.6 million square feet of new industrial space being added to the development pipeline.<\/p>\n\n\n\n<p>In the last quarter of 2023, Lincoln Property Co. commenced construction on Luke Field, a Class A industrial <a href=\"https:\/\/www.commercialsearch.com\/news\/lincoln-property-breaks-ground-on-515m-megaproject\/\">project totaling 2.4 million square feet<\/a> in Glendale, Ariz. The $515 million development is slated for completion in the fourth quarter of this year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-q2-had-the-highest-sales-volume\">Q2 had the highest sales volume<\/h2>\n\n\n\n<p>With the national industrial sales totaling $52.1 billion last year, the figure is currently about half of the volume seen in 2022 and 60 percent lower than in 2021. Phoenix\u2019s transaction activity remained more than resilient last year, with the total sales volumes reaching $1.8 billion. A total of 160 industrial assets changed hands in 2023 in the metro, totaling more than 13 million square feet of space.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a31ebc0cde3b&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignleft size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004656428\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/crg-sells-phoenix-area-industrial-facility-for-83m\/the-cubes-at-glendale-building-e\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg\" data-orig-size=\"1062,798\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;6.3&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;L1D-20c&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1665248446&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;10.260000228882&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.0025&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"The Cubes at Glendale &#8211; Building E\" data-image-description=\"&lt;p&gt;Fundrise purchased The Cubes at Glendale &#8211; Building E from Clayco this year. Image courtesy of CRG&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Fundrise purchased The Cubes at Glendale &#8211; Building E from Clayco this year. Image courtesy of CRG&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"225\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg?w=300\" alt=\"Fundrise purchased The Cubes at Glendale - Building E from Clayco this year. Image courtesy of CRG\" class=\"wp-image-1004656428\" style=\"width:302px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg 1062w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg?resize=768,577 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg?resize=1024,769 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The Cubes at Glendale will encompass 5.5 million square feet of space at full build-out. <em>Image courtesy of CRG<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>The market had an average price per square-foot of $162 last year, higher than the $129 national average. Another strong-performing Sun Belt market, Dallas, came in under the national average, with its average price per square-foot at $126. Phoenix\u2019s average price was outpaced by markets such as the Inland Empire ($243 psf) and New Jersey ($216 psf).<\/p>\n\n\n\n<p>Phoenix had the highest total sales volume in the second quarter of 2023, with $710 million recorded and more than 4.6 million square feet sold overall.<\/p>\n\n\n\n<p>One of the major transactions in the second quarter was the sale of <a href=\"https:\/\/www.commercialsearch.com\/news\/crg-sells-phoenix-area-industrial-facility-for-83m\/\">The Cubes at Glendale<\/a>\u2019s Building E, a 570,080-square-foot speculative industrial facility in Glendale, Ariz., to&nbsp;Fundrise&nbsp;for $82.6 million.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-industrial-vacancy-rates-slightly-lag-behind-national-average\">Industrial vacancy rates slightly lag behind national average<\/h2>\n\n\n\n<p>With a healthy construction pipeline and as one of the leaders for industrial completions in 2023, Phoenix ended the year with vacancy at 3.2 percent. As of January, the metro had recorded a slight bump, with the rate at 3.7 percent.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a31ebc0ce8da&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004645578\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/cubework-signs-916-ksf-lease-in-phoenix\/6801-n-cotton-lane-in-glendale-ariz\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/6801-N.-Cotton-Lane-in-Glendale-Ariz..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"6801 N. Cotton Lane in Glendale, Ariz.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;6801 N. Cotton Lane in Glendale, Ariz. Image courtesy of Colliers&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/6801-N.-Cotton-Lane-in-Glendale-Ariz..jpg?w=800\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"233\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/6801-N.-Cotton-Lane-in-Glendale-Ariz..jpg?w=300\" alt=\"6801 N. Cotton Lane in Glendale, Ariz.\" class=\"wp-image-1004645578\" style=\"width:303px;height:auto\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/6801-N.-Cotton-Lane-in-Glendale-Ariz..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/6801-N.-Cotton-Lane-in-Glendale-Ariz..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/6801-N.-Cotton-Lane-in-Glendale-Ariz..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Cotton 303 Logistics Center is within the Loop 303 corridor, a hot spot for industrial development and commercial real estate activity. <em>Image courtesy of Colliers<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Similar vacancy rates were reported last year in markets such as Atlanta (3.7 percent) and Indianapolis (3.3 percent), all below the national figure. The vacancy rate in Dallas reached 4.3 percent, much like Chicago (4.0 percent) and New Jersey (4.8 percent). The Inland Empire\u2019s vacancy rate was 40 points higher than the national figure, ending last year at 5.0 percent.<\/p>\n\n\n\n<p>Several major leases made headlines in the metro in 2023, such as Cubework.com Inc.\u2019s 916,150-square-foot, full-building lease at the <a href=\"https:\/\/www.commercialsearch.com\/news\/cubework-signs-916-ksf-lease-in-phoenix\/\">Cotton 303 Logistics Center<\/a> in Glendale, Ariz. The long-term lease marks the company\u2019s second large expansion last year, bringing its Greater Phoenix presence to almost 2 million square feet. Saddle Creek Logistics Services entered the Arizona market with the <a href=\"https:\/\/www.commercialsearch.com\/news\/saddle-creek-logistics-enters-arizona-signs-570-ksf-lease\/\">570,080-square-foot lease<\/a> at The Cubes at Glendale\u2019s Building E.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Phoenix sustained its position as the top U.S. industrial development market in 2023, CommercialEdge data shows.<\/p>\n","protected":false},"author":3014,"featured_media":1004656428,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,22251,21748,21783,52420,15],"tags":[51047],"class_list":["post-1004706331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-in-focus","category-industrial","category-investment","category-market-updates","category-west","tag-marketupdate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phoenix Leads All Markets for Industrial Development - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Phoenix sustained its position as the top U.S. industrial development market in 2023, CommercialEdge data shows.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix Leads All Markets for Industrial Development\" \/>\n<meta property=\"og:description\" content=\"Phoenix sustained its position as the top U.S. industrial development market in 2023, CommercialEdge data shows.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-20T12:24:06+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-25T11:51:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1062\" \/>\n\t<meta property=\"og:image:height\" content=\"798\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Diana Firtea\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/\",\"name\":\"Phoenix Leads All Markets for Industrial Development - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg\",\"datePublished\":\"2024-03-20T12:24:06+00:00\",\"dateModified\":\"2024-07-25T11:51:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/a0c04b9de1387474e28c9ebdb0444e59\"},\"description\":\"Phoenix sustained its position as the top U.S. industrial development market in 2023, CommercialEdge data shows.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-leads-all-markets-for-industrial-development-activity\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/04\/The-Cubes-at-Glendale-Building-E-e1681117176228.jpg\",\"width\":1062,\"height\":798,\"caption\":\"Fundrise purchased The Cubes at Glendale - 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