Through my day job, I had a meeting and lunch with one of the largest industrial real estate owners in Arizona earlier this week. He owns over 12 million square feet of industrial real estate projects. He’s beginning to do a lot of development projects this year. And he even has more cash on the side waiting to use to buy failed projects, but no opportunities have really shown yet.
He shared with me an awesome report from CBRE on the Phoenix industrial real estate market. It is a tight market. Rental rates have increased almost 15 percent and 45 million sf of construction is underway while tenants have a demand of roughly 46 million sf. Hot hot market.
I’m not generally a big proponent of REITs, but $EGP
seems to be the only reit that I can find that has a focus on industrial RE in Arizona. Do with this information what you will. I’m looking into EGP and may start a position 🧐