2018 closed with the highest annual net absorption recorded for the El Paso Industrial Market registering 2.5 million sq. ft. of net absorption.
The market-wide vacancy rate fell by 160 basis points (bps) quarter-over-quarter and by 230 bps year-over-year, making it the lowest vacancy rate recorded for the El Paso Industrial Market.
Market-wide average asking rates grew by $0.20 per sq. ft. quarter-over-quarter and by $0.35 per sq. ft. year-over-year. Class A product had the highest growth rate, increasing by $0.21 per sq. ft. since Q3 2018 and by $0.39 per sq. ft. year-over-year.
The market registered over 1.7 million sq. ft. of activity across 28 transactions during the quarter. New leases and users sales accounted for 75% of activity.