EL PASO – The local industrial market started the year strong with record-low vacancy and record-high rents in 1Q2020.
According to CBRE, net absorption doubled quarter over quarter to 461,747 sf.
Marketwide vacancy fell 50 basis points to a record-low 3.5 percent.
There is 652,189 sf of space under construction. Last quarter, 100,600 sf of space came online.
Record net absorption in 2018, two buildings holding half of total market vacancy, and a lack of new supply have put upward pressure on asking rates. The marketwide asking rent grew by $0.07 to $5.14 per sf.
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Source: CBRE