CBRE has released the Q4 2016 Chihuahua City Industrial MarketView, which is available for download at cbre.com/researchgateway. Below is a summary of key Q4 highlights.
Total gross absorption for 2016, nearly 2 million sq. ft., was at a record high. Despite negative net absorption in Q4 2016, annual net absorption reached nearly 1.4 million sq. ft.
Robust activity pushed vacancy down to a new cycle-low of 2.7%. The market vacancy rate increased by 40 basis points (bps) quarter-over-quarter and decreased by 10 bps year-over-year.
Space under construction includes two new build-to-suit projects--both are expected to deliver by mid-2017. One build-to-suit expansion project was delivered in the trailing six months.
IMMEX employment in Chihuahua City saw a November year-to-date growth of close to 5.0%.
Asking rents decreased quarter-over-quarter, but increased year-over-year due to continued tightening across the industrial market.
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