CBRE recently released its report on the area, and both border towns are experiencing record growth. During the second quarter of 2022 El Paso recorded 350,000 square feet of net absorption and registered 11 new leases and 11 renewals totaling over 2.5 million square feet of activity.
The market-wide rent went to a record high of $7.35 per sq. ft. Nearly 6.3 million sq. ft. of industrial space was under construction, the largest ever recorded for El Paso.
Juarez also enjoyed unprecedented growth, closing the quarter with 1.3 million square feet of net absorption, the largest second quarter since CBRE began tracking the data. The vacancy rate fell to a record low of 0.2%. Juarez had 24 spec projects under construction.
The two towns make up the worlds largest international border metroplex.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.