The McAllen Industrial Market registered positive net absorption of 153,100 sq. ft. in Q3 2020, an increase of 145,100 sq. ft. compared to Q2 2020 and 66,800 year-over-year.
The market-wide vacancy rate was up by 20 basis points quarter-over-quarter.
At the end of Q3 2020, less than 20 buildings contained any vacant space.
Q3 2020 closed with seven projects, all BTS, still under construction. Five projects are new developments and two are expansions of existing buildings.
The market-wide average asking rate remained flat falling by just $0.01 per sq. ft. compared to the record high rate set in Q2 2020. During this same time, the Class A asking rate increased by $0.15 per sq. ft. to $5.28 per sq. ft.