October 9, 2018
Industrial space in McAllen, TX was back in positive territory during Q3 2018, following a quarter that had dropped briefly into negative territory. According to CBRE’s MarketView Report concerning McAllen Industrial product, net absorption was 246,642 square feet, while the vacancy rate hit a record low of 2.8%.
The asking rent of $4.34 per square foot was steady, mainly due to the fact that Class C is making up a larger portion of market availability, CBRE analysts note. Approximately 50% of all available space in the market was Class C.
Approximately 585,000 square feet is under construction, while the quarter closed with users seeking 1.3 million square feet. The figure is 546,000 square feet less than the current total available square footage, and almost double the total vacant square footage in the market.
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