The McAllen Industrial Market registered negative net absorption of 88,533 sq. ft., only the third time the market has had negative quarterly absorption in the past five years.
Activity during the quarter consisted of five new leases, three renewals, and a user sale.
The market-wide vacancy rate was up by 140 basis points quarter-over-quarter.
The market-wide average asking rent increased by $0.03 per sq. ft. quarter-over-quarter and by $0.06per sq. ft. year-over-year.
Q2 2021 closed with over 1.7 million sq. ft. of user demand for industrial space.
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