AUSTIN – The local industrial market defied expectations in 3Q2020, according to CBRE.
Strong tenant demand for distribution space drove the market to its 25th consecutive quarter of positive new demand. Net absorption increased to nearly 696,000 sf.
Average asking rates rose $0.24 over the quarter to $9.88 per sf.
Vacancy dropped 40 basis points to 9.7 percent.
The development pipeline also remained robust with 1.34 million sf under construction. There were no deliveries last quarter.
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