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McAllen Industrial Goes Strong in Q3
The McAllen Industrial Market registered positive net absorption of 153,100 square feet in the third quarter, an increase of 145,100 square feet compared to Q2 and 66,800 square feet year-over-year, CBRE reported. Additionally, the year-to-date absorption total through Sept. 30 was 13,800 square feet above the 11-year average for the market.
The market-wide vacancy rate was up by 20 basis points quarter-over-quarter, caused by a single building in the McAllen submarket. As Q3 ended, fewer than 20 buildings contained any vacant space.
The market-wide average asking rate remained flat, falling by just $0.01 per square foot compared to the record high rate set in Q2. During this same time, the Class A asking rate increased by $0.15 per square foot to $5.28 per square foot.
Q3 closed with seven projects, all build-to-suit, still under construction. Five projects are new developments and two are expansions of existing buildings.
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