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Industrial market continues to show steady activity. Nearing the end of the fourth quarter the vacancy rate has remained at 5.4% from this time last month. Year-to-date net absorption continues to rise, up 16.7% from last month to 8.6 million sq. ft. Additionally, there has been 22.8 million sq. ft. of leasing activity year-to-date. All the while, the average asking rate of renting industrial space stayed at $0.61 in December, remaining steady during the last 30 days.
Southwest Houston picking up the pace. Plans for a 97-acre logistics center is proof that large-scale industrial demand is picking up in the southwest submarket. Logistics Property Co. is entering the Houston market with CityPark Logistics Center, located near the intersection of the Sam Houston Tollway and Highway 90, bordering both Harris and Fort Bend counties. The project will add 1.7 million sq. ft. across seven buildings when completed. CityPark is scheduled to begin construction in Q1 2019 with planned completion by the end of the year.
Foreign trade update. Houston ranked first in tonnage and seventh in value among U.S. customs districts during the first ten months of 2018, holding the top spot in seven of the past 10 years. During that period, 240.1 million metric tons in goods and commodities passed through the Houston-Galveston Customs District, a 9.1% increase over the same period in 2017.
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