EL PASO – The local industrial vacancy rate fell to a record low of 2.9 percent in 3Q2020, 60 basis points below the previous record set in the first quarter, according to a CBRE report.
Last quarter closed with nearly 646,400 sf of net absorption, more than double the net absorption in 3Q2019.
The average asking rate increased over the quarter to $5.38 per sf, a record high.
Over 222,700 sf of industrial space came online in 3Q2020. There are 11 projects totaling 3.4 million sf under construction, the largest amount seen since CBRE began tracking the market.
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