Flurry of construction projects is good news for Valley

More than 4 million square feet of industrial-building space and at least 5,000 apartment units are under construction or in the planning stages in the Phoenix area, real-estate analysts said. There are even a handful of office-building projects under construction or scheduled to be built in the East Valley. That's positive news for the construction industry, which until recently had been limited almost entirely to government-funded projects and smaller, tenant-improvement jobs. It also is good news for the Phoenix area's unemployed, given that many of the projects, when completed, will add hundreds of jobs to the area. As businesses continue to sign leases on the remaining, large warehouse and distribution-center space in the Phoenix area, a growing number have chosen to have facilities built specifically for them, said Craig Henig, senior managing director of CBRE, a commercial real-estate firm in Phoenix.

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