Warehouse Sales Continue to Surge in Phoenix, While Suburban Flex Space Attracting Foreign Investors

Phoenix, AZ – October 26, 2011 – (RealEstateRama) — Resurgent economic headwinds have rattled the nation’s employment and industrial markets, as both hiring and industrial property sales volume eased in the third quarter. Nevertheless, the economic turbulence is not expected to lead to a double-dip recession. So far in 2011, national blue-collar employment levels have expanded by an estimated 361,000 positions, or 1.3%, and roughly $17 billion in industrial transactions have closed. During the same stretch last year, fewer than 3,000 manual-trade positions were added and industrial sales volume reached just $11.7 billion. Furthermore, several key hiring and industrial market indicators, including the Institute of Supply Management’s PMI index, showed improvement late in the third quarter, strengthening fourth quarter expectations. Total nonfarm employment is an ticipated to expand by 1.4 million new jobs in 2011, or 1.1%, after 940,000 workers were added last year. Manual industries will generate 451,000 positions, representing growth of 1.6%.