The Juarez Industrial Market closed Q2 2020 with 567,198 sq. ft. of net absorption, a 450,000 sq. ft. increase quarter-over-quarter.
A BTS and three fully pre-leased spec projects were completed, adding 576,000 sq. ft. to the quarter’s absorption.
The market-wide vacancy rate increased by 90 bps compared to Q1 2020, due in part to delivered, unoccupied spec and vacancies that had been anticipated for almost a year.
Average asking rents saw quarterly and annual growth across all product classes. Market-wide and Class B rents hit new record highs and the market-wide rent surpassed $5.00 per sq. ft. for the first time
At the end of the quarter, 12 spec projects, 1.3 million sq. ft., remained under construction. Seven of the spec projects underway, a total of 786,500 sq. ft., began moving dirt during Q2 2020.