Though big industrial lease signings dominate news headlines, demand for area at Phoenix’s smaller bay attributes is quietly top the nation. The median time to lease for nearby industrial spaces smaller than 50,000 square ft has plummeted from an typical of 7 months in the 10 years leading up to the pandemic to just two months in 2022. Phoenix ranks swiftest in the U.S. for this metric, forward of notoriously ultra-limited industrial markets like Los Angeles and Miami.
