Record-low industrial vacancy increases El Paso rents
EL PASO – The local industrial market experienced record-low vacancy and increasing rents in third quarter 2019, according to a CBRE report.
Vacancy fell to 4.4 percent, down 30 basis points from the previous record low set last quarter.
Net absorption fell to 300,179 sf, below the record high set last year but still above the 50-quarter trailing average and historical third-quarter average.
The continuous trend of strong positive net absorption and demand for space has pushed marketwide industrial asking rents to $4.91 per sf. That’s up by $0.27 per sf from last quarter and $0.73 per sf from last year.
There is 305,600 sf of industrial space under construction across the metro. Last quarter, 210,733 sf of space came online.
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