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Q3 El Paso Industrial Numbers Way Up
The El Paso Industrial market continues to impress. A recent CBRE survey indicated that new records were recorded for both construction activity and rental rates. Q3 2022 recorded 197,318 sq. ft. of net absorption and registered 9 new leases, 8 renewals, and a user sale totaling over 996,000 sq. ft. of activity.
The market-wide vacancy rate was unchanged quarter-over-quarter. During this same period, the Class A vacancy rate declined by 50 basis points.
The market-wide asking rent marked a new record high of $7.39 per sq. ft. while the Class A rent rose to a new high of $7.80 per sq. ft.
Over 7.4 million sq. ft. of industrial space was under construction, the largest figure recorded for the market.
- ◦Economy
