EL PASO – The local industrial market closed out the year with record-low vacancy and record-high rents, according to CBRE.
High levels of activity decreased vacancy to 4 percent. Class A vacancy fell to 8.2 percent, a record low for the current cycle.
Net absorption for the quarter fell to 222,734 sf but remained above the ten-year quarterly average.
Decreasing availability has pushed marketwide average asking rents to $5.07 per sf, a $0.69 per sf increase from last year.
There is 706,000 sf of space under construction.
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