Older industrial infill buildings around 100,000 to 3,000 square feet sit vacant at 6% to 6.5%, while industrial-only yard space runs much tighter at 2.5% vacancy. Zoning and replacement supply constraints keep usable yard inventory scarce.
Are you in the deal room, Blake? It means— and what it says is this matters because the buildings around the site are mostly older, smaller infill industrial products, not giant speculative boxes. And we have that out, out in off of the 303. So that's why you see a 6% and a 6.5% vacancy rate on buildings between 100,000 and 3,000, right? So open lot I.O.S. vacancy rates. Says that the I.O.S. vacancy rate averaged 2.5% in Q4 versus 6.7% for the traditional industrial space. I would treat that 2.5% as a directional signal, not as a Phoenix Grand Avenue fact, but it supports the idea that usable industrial yard inventory is usually, usually much tighter than the building inventory because zoning is limited and replacement supply is hard to create.
