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  • - [Narrator] This is a strip of Arizona Highway,

  • five years ago.

  • These rooftops are warehouses.

  • Then two years ago, more warehouses.

  • And here's that area today.

  • On this 17 mile stretch of road,

  • there are now close to 40 warehouses with more coming soon.

  • This strip has become one of the fastest growing markets

  • for industrial real estate in the country,

  • as companies look to shift how they move goods

  • to avoid supply chain bottlenecks.

  • But why are companies picking this

  • desert lined highway specifically?

  • - To my right would be the new Walmart Distribution Center.

  • - [Narrator] Amazon, REI, Dick Sporting Goods, UPS and more

  • fill out this strip known as Loop 303,

  • which sits about 20 miles west of Phoenix,

  • and follows an arc

  • that connects Interstate 10 to Interstate 17.

  • But much of the development is happening here

  • between I-10 and US-60, an area that was once farmland.

  • - Everything from cotton to other types of feed stock

  • were were grown out here.

  • And over time the land became increasingly valuable

  • and so many of these farmers would sell

  • to industrial developers or residential developers.

  • And they'd come in

  • and build the kind of product you see today.

  • - [Narrator] That product, massive warehouse spaces

  • like this building that will soon be a distribution center

  • for sportswear brand Puma.

  • - - We are trying to be prepared for the future

  • and therefore we decided to go to Arizona,

  • and we will build there 1.1 million square foot facility.

  • - [Narrator] Companies through the second quarter

  • had leased a net total of 16 million square feet

  • of industrial space in the greater Phoenix area.

  • That put it up there with Chicago and Dallas Fort Worth

  • as one of the country's busiest sites

  • for new logistics activity this year.

  • Many of these buildings were built

  • before they even had a tenant,

  • including Puma's future space.

  • - Developers are confident that there are more companies

  • that wanna locate along this corridor.

  • And they're saying, "We're gonna make a bet

  • that this is gonna pay off

  • if we build more warehouse space."

  • - [Narrator] Another 19.8 million square feet

  • of industrial space is now under construction

  • in the Phoenix region which includes the Loop 303 corridor.

  • To see why companies are doing this,

  • look about 300 miles west where there is a bottleneck

  • at the West Coast traditional freight hub,

  • Southern California's Inland Empire.

  • Many of the shipments from the ports of Los Angeles

  • and Long Beach stop here after leaving the docks.

  • But space here is tight.

  • - In the Inland Empire,

  • the warehousing market has a vacancy rate

  • that's fallen below 1%.

  • So that has forced companies

  • that otherwise would've been leasing space there

  • to look for alternatives.

  • - [Narrator] Before picking the 303,

  • Puma considered adding more space in Torrance

  • where it has its existing Southern California facility.

  • But there was a problem.

  • - There is no space available right now in Torrance

  • and you have to look into the future

  • and I don't expect it's getting better out there.

  • - [Narrator] So for Puma, that meant looking east,

  • but not too far east.

  • The company said about 95% of its product

  • is imported from Asia, so it needed a facility

  • that was still within driving distance of the ports.

  • - You have six, eight hours to the time in transit.

  • You go overnight anyway so I don't think it's a big deal.

  • - [Narrator] Trucking goods over 350 miles to Phoenix

  • versus 15 miles to Torrance can carry a cost.

  • Some company's and developers say however

  • that cheaper leasing rates

  • along the 303 make it more cost effective overall.

  • That's especially true when the consumer

  • is in or near Phoenix.

  • - Phoenix for years has been really a hotbed

  • for industrial growth,

  • but I think what's namely different today

  • is these global brands, these well known consumer brands

  • need to service the Southwest.

  • It's the growth belt, it's where people are moving to.

  • - [Narrator] Phoenix has a population of nearly 5 million

  • and like other Sun Belt cities, it's been growing rapidly

  • but it still pales in comparison to the 24 million

  • person market in Southern California.

  • - The reality is though many

  • of these products now are serving the Sun Belt.

  • So they're brought in, whether it's through the port

  • of LA Long Beach into Phoenix,

  • and now you can service West Texas, Colorado,

  • New Mexico, Nevada, all from a central hub.

  • - You can be either close to the port

  • or close to the customer.

  • So I think with the investment in Phoenix,

  • we can actually serve for a certain area both.

  • - [Narrator] So given the advantages companies

  • and developers see in Phoenix,

  • some hope it'll be the next Inland Empire,

  • but for now it still has a long way to go.

  • - What I envision over the next 30 to 40 years

  • is you're gonna see a shift westward closer into California,

  • but still be in Arizona,

  • and servicing the Southern California basin from here.

  • - [Narrator] Currently the Inland Empire

  • has one and a half times the industrial space

  • of the entire Phoenix market

  • and Loop 303 is just one part of that.

  • But this highway does still have a role to play.

  • - I think Loop 303 is exactly the kind of solution

  • companies are looking for

  • with the end goal of helping all of us

  • get that little package on your doorstep

  • or pick up whatever it is at the store

  • that much quicker and faster and cheaper.

  • (mellow music)

- [Narrator] This is a strip of Arizona Highway,

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Why Amazon, UPS and Others Are Filling Warehouses Along This Arizona Highway | WSJ

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    Kelly Lin に公開 2023 年 06 月 29 日
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