The Phoenix metro has been named a top three industrial market to watch in 2023, according to a JLL tenant demand study released that evaluated 60 U.S. markets.

This is thanks to the region's proximity to other strong markets like Southern California, its population growth and robust pipeline of product under construction amid ongoing demand for space.

With more than 33 million square feet under development, JLL says Phoenix is one of the fastest-growing industrial markets in the country and is known for being business friendly with lower costs compared to other major markets.

Steve Larsen, a senior managing director for JLL, told the Business Journal that when companies are evaluating the Southwest, Phoenix and Dallas are always in the mix due to their workforces.

"Labor is the biggest thing," Larsen said. "We're in the middle of something that's pretty special, and we're not exactly certain how this whole thing is going to pan out but we believe there's going to be a lot of runway for Phoenix."

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By Audrey Jensen - Reporter, Phoenix Business Journal