Following a year of record setting absorption, low vacancy, and climbing asking rents, the Juarez Industrial Market cooled down in Q1 2020. The quarter closed with sluggish, but positive, net absorption of 116,656 sq. ft.
Despite a slight quarterly uptick, the market-wide vacancy rate sat at 2.0%, the second lowest rate seen in the market..
Year-over-year, the market-wide average asking rate grew by $0.19 per sq. ft. and Class B grew by $0.03 per sq. ft.
Q1 2020 closed with users seeking 2.5 million sq. ft. of space, 1.0 million sq. ft. more than total vacant sq. ft. in the market and three times the available Class A space.
At the end of the quarter, 12 spec projects, 1.6 million sq. ft., remained under construction and 10 spec projects, 1.5 million sq. ft., were in planning stages with various developers.