Phoenix is expected to see a significant increase in major manufacturing facilities over the next few years, making it one of the leading markets in the country. According to research conducted by global real estate firm Newmark Group, Phoenix ranks first for projected job growth and manufacturing announcements exceeding $100 million. As of 2023, there are already nearly 75,000 advanced manufacturing workers in Phoenix.
Leading companies such as Taiwan Semiconductor Manufacturing Co. and LG Energy Solution have chosen Arizona as their location for expansion. The average size of these large investments is around 1.45 million square feet, while typical leases for manufacturing spaces average at about 45,000 square feet. The growth is being driven by four main sectors – high-tech and digitalization including semiconductors; automotive and transportation; energy; and biomanufacturing.
This news was originally published on Connect CRE’s website.
