The city of Phoenix is projected to rank second in the country in 2022 in terms of the expansion of its industrial sector, according to a new report that was recently published by ComercialSearch, a commercial listing platform. The report was published by ComercialSearch.
The organization recently produced state-by-state projected industrial property growth rates by going through its massive collection of property data and sorting it out. The information was gleaned from various statistics concerning intellectual property.
The properties that fall under the purview of this report include commercial real estate, office space, retail space, mixed-use properties, and multifamily properties. The report’s scope is restricted to industrial properties that have a floor space that is greater than 25,000 square feet.
Because the report is primarily concerned with the pipeline of industrial development, its primary focus is on the properties that are listed as “under construction.” This means that its primary concern is with the properties that are currently in the process of being built. In order to take into account new properties that are situated on the same campus as other properties, the report takes into account the square footage numbers that are reflected by newly added space. This is done in order to take into account new properties.
The report projects that 2022 will most likely be “the strongest year yet for industrial development,” and it estimates that approximately 592.5 million square feet of industrial use space is currently under construction in the United States. Additionally, the report projects that 2022 will be “the strongest year yet for industrial development.” The report projects that 2022 will most likely be “the strongest year yet for industrial development.” These projections are based on the provisional estimates that were gathered for the report.
According to the findings of the report, Phoenix currently possesses 36.3 million square feet of industrial space that is in the process of being constructed out.
The findings of the report suggest that the metro area’s function as a regional distribution and manufacturing center can be attributed, at least in part, to the low vacancy rates and significant investments that have been made in the area.
It is likely that the state will see continued growth in industrial development as a result of Arizona’s continued passage of legislation that makes cities like Phoenix more competitive with regard to property taxation.
State Senator J.D. Mesnard, a Republican from Chandler, was the primary sponsor of Senate Bill 1093, which became a law one month ago after being signed by Arizona Governor Doug Ducey. Mesnard’s goal was to reduce the state’s commercial property tax assessment ratio. According to those who specialize in taxes, lowering the ratio is essential in order to guarantee that the state will maintain its economic competitiveness. It is anticipated that the full implementation will be completed by the year 2027, at which point the assessment ratio will be reduced to 15%.
Governor Janet Napolitano established the Citizens Finance Review Commission in the early years of the new millennium with the goals of figuring out how Arizona could better diversify its economy and determining the factors that were impeding the state’s ability to recruit new workers. The Citizens Finance Review Commission also had the goal of determining how Arizona could better diversify its workforce.
According to the findings of the commission, one of the most significant barriers to economic growth in Arizona was the state’s uncompetitive commercial property taxes. This was one of the most significant obstacles.
As a result of the gradual reduction in the commercial property tax assessment ratio that has taken place over the course of a number of years in Arizona, the state has been able to become more competitive in comparison to other western states.