CBRE has released the Q3 2017 El Paso Industrial MarketView, which is available for download at cbre.com/research. Below is a summary of key Q3 highlights.
The local market saw positive net absorption of 162,664 sq. ft. 2017 year-to-date net absorption of 815,000 sq. ft. surpassed 2016 annual net absorption. Renewal accounted for more than 750,000 sq. ft. of leasing activity with an average size of 63,000 sq. ft. Warehousing and distribution purposes comprised 85% of the quarter's leasing activity.
The vacancy rate decreased 40 basis points (bps) quarter-over-quarter and 120 bps year-over-year, ending at 7.5%.
The market asking rent increased by $0.05 per sq. ft. quarter-over-quarter.
Following the start of the first speculative industrial development in the previous quarter, a new 89,000 sq. ft. speculative project began moving dirt in Q3 2017.
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