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McALLEN – The market-wide vacancy rate declined to 2.8 percent, a new record low, according to CBRE.
Class A and B vacancy rates also hit record lows, falling to 2.4 percent and 2.8 percent, respectively.
Market-wide average asking rates dipped compared with second quarter 2018 as Class C has continued to make up a larger portion of market availability. At the close of third quarter 2018, 50 percent of all available space in the market was Class C.
The quarter closed with users seeking 1.3 million sf of space. This is only 546,000 sf less than total available sf and almost double the total vacant sf in the market.
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