EL PASO – Despite the COVID-19 pandemic, the local industrial market remained strong in 2Q2020, according to CBRE.
The market closed the quarter with 134,955 sf of net absorption. Although net absorption fell quarter over quarter, total 2020 mid-year absorption was 120,000 sf above 2019 mid-year absorption.
Vacancy rose by 20 bps quarter over quarter, but fell by 100 bps year over year.
Average asking rates increased $0.19 per sf quarter over quarter.
The quarter closed with 12 projects and 1.8 million sf of space under construction. The market delivered 176,210 sf.
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