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Net absorption keeps increasing while vacancies are decreasing among industrial product throughout the El Paso, TX region, according to CBRE’s Marketview report. Positive net absorption in Q1 2017 stood at 116,911 square feet (higher than the combined total of the previous two quarters), while the 8.7% vacancy rate represents the second-lowest quarterly vacancy rate in the current cycle. The average asking rate was $4.18 per square foot. The report noted that market activity was driven primarily by renewals which accounted for 70% of all market activity.
Meanwhile, across the Rio Grande in Ciudad Juarez in Mexico, net absorption was 497,533 square feet, with vacancy at 6.2%. The average ask was $4.57 per square foot. Though delivered space did somewhat boost the vacancy rate, CBRE analysts pointed out that vacancy rates remain below pre-recession levels.
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