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El Paso Industrial Maintains Positive Streak
The second quarter saw El Paso’s industrial market continued the almost uninterrupted trend of positive quarterly net absorption that began in 2014, CBRE reported. While net absorption decreased quarter-over-quarter, total 2020 mid-year absorption was almost 120,000 square feet above 2019 mid-year absorption.
Average asking rents saw quarterly and annual increases across classes. Quarter-over-quarter, the market-wide rate increased by $0.19 per square foot, Class A by $0.02 per sq. ft. and Class B by $0.15 per square foot. All product classes marked new record highs, according to CBRE.
Q2 closed with 12 projects and 1.8 million square feet of industrial space under construction, the largest amount seen since CBRE began tracking the market. Nine projects, totaling 1.5 million square feet, are speculative. This is three times the number of existing spec buildings and almost four times the existing spec space in the market.
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