Arizona has long been the recipient of businesses looking to expand or relocate from the West Coast, and new numbers show the trend is speeding up for companies looking for industrial space.
According to data compiled by CBRE and the Greater Phoenix Economic Council, 42 of the 151 industrial prospects tracked by the two firms — about 28% — that are considering Phoenix for a location are from California. That's a significant increase, considering California companies usually make up between 18% and 20% of companies eyeing the Valley for new sites.
The focus on Phoenix from international companies has also continued to tick up. Of the 151 prospects being tracked, 32 are international companies.
Even before the Covid-19 pandemic, there were pushes for companies to move their manufacturing and supply chains from overseas to the United States. John Werstler, senior vice president with CBRE in Phoenix, said the pandemic has only exacerbated that trend.