McALLEN – The local industrial market registered positive net absorption of 153,100 sf in 3Q2020, according to CBRE.
That's an increase of 145,100 sf compared with 2Q2020 and 66,800 year over year.
The market-wide vacancy rate was up by 20 basis points quarter-over-quarter. At the end of last quarter, fewer than 20 buildings contained any vacant space.
Seven projects, all build to suit, are under construction. Five are new developments and two are expansions.
The market-wide average asking rate remained flat, falling by just $0.01 per sf. compared with the record-high rate set in 2Q2020. During this time, the Class A asking rate increased by $0.15 to $5.28 per sf.
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