Such robust absorption indicates the 370-million-sf industrial market has rebounded, according to Ariel Guerrero, research services manager for Grubb & Ellis' local office. "Every submarket except for one posted absorption growth," he tells GlobeSt.com. "I haven't ever seen anything like this." In Q2 2004, the region absorbed 5.3 million sf.
The East Southeast Far submarket led the region with nearly 4.2 million sf, including Wal-Mart's four-million sf distribution center that came online in Cedar Crossing Business Park. "The record absorption was because of Wal-Mart," Guerrero says. "But, even if you take Wal-Mart out of the equation, it was still a great quarter for absorption." In the Northwest Far and Northwest Near submarkets plus Fort Bend County each surpassed the 300,000-sf mark. The trio accounted for 1.2 million sf of the quarter's positive reading.
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