McAllen industrial vacancy at record low

​​​​​​​​​McALLEN – The local industrial vacancy rate dropped to a record-low 3 percent in first quarter 2018, according to​ a CBRE market report. 

​​​Last quarter, 60,000 sf of industrial space delivered. Currently, 235,000 sf of space is under construction​. The market absorbed 78,779 sf, a 24,000-sf year-over-year increase. 

The average asking rate for local industrial space is $4.54 per sf, up $0.40 from first quarter 2017. ​