The demand for industrial space was primarily driven by e-commerce and logistics companies seeking to expand their space, the accumulated of net absorption recorded at the end of 2020 was 3.2 million Sq. Ft., 1.6 million Sq. Ft. less than in the previous year.
Due to the new supply recorded of more than 269,100 Sq. Ft. which entered vacant at the end of Q4 2020, the vacancy rate closed at 5.3% with an annual increase of 20 basis points over Q4 2019.
Toward the second half of the year, the new supply was concentrated in regions considered the last mile, accumulating in 2020 more than 2.3 million Sq. Ft.