At the close of the fourth quarter of 2018, the industrial market showed an overall vacancy rate of 7.4 percent, a 50 basis-points reduction from fourth quarter of 2017 (7.9 percent). Current trends are showing that space competition, previously uncommon, is increasingly frequent for tenants and the low vacancy rates in Phoenix have sustained in the face of heavy building. In the fourth quarter of 2018, developers in the Phoenix industrial market delivered 1.7 msf of new product in eight buildings. Cushman & Wakefield is tracking 41 industrial properties that are currently under construction, 6.6 msf. All 41 of these properties are currently projected to deliver in 2019, though some will likely be finished in 2020. Of that space, 21.4% is disclosed as pre-leased.