In the first quarter of 2019 the Metro Phoenix industrial market overall vacancy rate was 7.0%, down 40 basis-points (bps) from the fourth quarter of 2018. 11 of the 17 submarkets showed positive absorption in the first quarter of 2019 and six submarkets had positive absorption in excess of 100,000 square feet (sf). This was a light quarter for deliveries but the industrial pipeline is robust. Cushman & Wakefield is tracking 42 industrial properties that are currently under construction, with a combined area of 7.0 msf. 41 of these properties are currently projected to deliver in 2019, though some will likely be finished in 2020. Of that space, 15.6% is disclosed as pre-leased.