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CBRE

FIGURESIELPASOINDUSTRIALIQ42025

strongfinishleavesnetabsorptionjustshyofrecordhigh.

Marketfundamentalsarestrong,butbreadthremainslimited.

v10.4%v873,6965,982,014v449,150

vacancyRateSFNetAbsorptionSFconstructionSFDeliveredconstruction

Note:Arrowsindicatechangefrompreviousquarter.

MARKETOVERVIEW

-

millionsq.ft.

-

2023whilethe2025totalannualgrossabsorptionof4.7millionsq.ft.isthelargestfigure

recordedfortheElpasoIndustrialmarket.[notethisdoesnotaccountfortwounusuafBTSprojectsin2021and2022]

-

downwardforthefirsttimesinceQ32022.

-

constructionattheendofQ42025.

TheElpasoIndustrialMarketclosedtheyearwithnearrecordnetabsorption,decliningvacancy,andareboundindemandforindustrialspace.DespitecontinueduncertaintiesaroundtariffsandtradewhichdirectlyaffecttheBorderplexregion,leasingactivityremainedsteadythroughouttheyearandincludedseveralmegadeals.Asthesetrendscontinuetostrengthen,theElpaso

IndustrialMarketisincreasinglypoisedforasuccessful2026.

FIGURE1:NetAbsorptionandvacancy

NetAbsorptionsF(Millions)vacancyRate(%)

6

5

4

3

2

1

0

16

14

12

10

8

6

4

2

0

aaQ2Q3Q4TotalAnnualNetAbsorptionvacancyRate

source:CBREResearch,Q42025.

FIGURES|ELPASOINDUSTRIAL|Q42025

2CBRERESEARCH?2026CBRE,INC.

AbsorptionandLeasingActivity

Q42025closedwith873,696sq.ft.ofnetabsorption,aquarter-over-quarterdeclineof72,000sq.ft.butasignificantimprovementcomparedtoQ42024whenabsorptionwasnegative5,172sq.ft.Excluding2021and2022whenbuild-to-suitsofover2.5millionsq.ft.weredelivered,2025

markedthesecondlargestyearofnetabsorption.2025felljustshortofthe3.0millionsq.ft.recordsetin2023.Alsoexcluding2021and2022,totalannualgrossabsorptionfor2025,4.7millionsq.ft.,isthelargestfigurerecordedsincecBREbegantrackingthemarket.

Q42025registeredeightnewleases,asublease,andthreerenewalstotaling1.8millionsq.ft.ofactivity,higherthanthepreviousquarter'sactivityandmorethandoubletheQ42024activity.

whileoverallactivityfortheyearwassolid,leasingactivitylackedarobustindustrymixandwascarriedbyafewmega-deals.About52%oftheyear'sleasingactivitycamethroughtheLogistics/3PLindustry.Asinglecomputermanufacturingleaseaccountedfor11%ofactivity.Noother

industryaccountedformorethan10%ofactivity.Threedeals,allabove400,000sq.ft.,

accountedfor32%ofallleasingactivityfor2025andoccurredinthefirsthalfoftheyear.

Themarket-widevacancyratewasdown30basispoints(bps)quarter-overquarter,trending

downwardforthefirsttimesinceQ32022.classAvacancywasdown170bpsquarter-ove「-

quarter.ThiswascausedmostlybythereclassificationofinventoryfromclassAtoclassB.ASthemarketgrowsandnew,higherqualityproductisdelivered,existinginventoryisreevaluatedasitbecomesavailableforleaseorsale.However,evenwithoutthesereclassifications,theclassAvacancyratewouldstillhaveseena40bpsquarter-over-quarterdecrease,markingitssecondquarter-overquarterdeclinesinceQ32022.Thefirstdeclinewasinthepreviousquarter.

FIGURE2:ElpasoIndustrialMarketstatistics

190,488526,026

583,442

west

6.3

Northeast

3.9

5.6

636,465

(133,521)

91,238

central

1.1

3.8

(34,500)

(128,939)

East

15.2

16.0

1,385,604449,150

856,169

1,394,888

Lowervalley

12.8

15.1

864,788

923,354

HorizonEast

88.5

88.5

2,511,715

78,151

ElpasoTotal

104

121

5,982,014449,150

2,884,718

classA

16,9

18,2

5,982,014449,150

824,人98

2,968,190

classB4.45.4--83,698(48,972)

source:CBREResearch,Q42025.

construction

Totalspaceunderconstructionincreasedby727,800sq.ft.quarter-over-quarterandby1.3millionsq.ft.year-ove「year.TwospecprojectsintheNortheastsubmarketandoneintheHorizonEastsubmarket,totalingover1.1millionsq.ft,beganmovingdirtduringthequarter.Newspecstartsbetween2021to

2024averagedinsizefrom234,000sq.ft.to267,000sq.ft.specstartsin2025haveexceededthat

averagewithQ42025averaging380,000sq.ft.Thequarterclosedwith24projectsandjustunder6.0millionsq.ft.ofindustrialspaceunderway.5.0millionsq.ft.ofthespaceunderconstructionisspec.

FutureActivity

CBREtracksuserdemandforspaceintheElpasoIndustrialMarket.Q42025closedwithusersseeking3.1millionsq.ft.,anincreaseof1.5millionsq.ft.comparedtoQ32025andequaltodemandfromayear

ago.Industrialusersareseekingspaceranginginsizefrom10,000sq.ft.to500,000sq.ft.withamediansizeof100,000sq.ft.currentdemandforspacereflectstheleasingactivityseenin2025.About40%ofcurrentdemandisthroughLogistics/3PLusers.computerandpartsmanufacturingandrelated

industriesaccountfor30%ofdemand.Fourusers,twoLogistics/3PLandtwocomputerandpartsmanufacturers,makeupcloseto45%ofdemandforindustrialspace.

FIGURE3:construction

FIGURE4:ActiveusersintheMarketSF(Millions)

4.8

3.2

2.4

Average

source:CBREResearch,Q42025.

wunderconstructionDeliveredconstructionsource:CBREResearch,Q42025.

FIGURES|ELPASOINDUSTRIAL|Q42025

MarketAreaoverview

HORIZONCITY

HorizonEast

CLINT

Lower

valley

Definitions

Total

Availablesq.Ft.dividedbythetotalbuildingArea.AverageAskingLeaseRate:Acalculatedaverageweightedbytheir

correspondingavailablesquarefootage.BuildingArea:Thetotalfloorareasq.ft.ofthebuilding,typicallytakenatthe"dripline"ofthebuilding.NetAbsorption:Thechangeinoccupiedsq.Ft.fromoneperiodtothenext.TripleNetLeaseRate:Rentexcludesthe"net"costs(realpropertytaxes,buildinginsurance,andmajormaintenance)typicallyincludedinaGrossLeaseRate.occupiedsq,Ft:BuildingAreanotconsideredvacant.vacancyRate:Totalvacantsq,.Ft.dividedbythetotalBuildingArea.vacantsq.Ft:spacethatcanbeoccupiedimmediately.

surveycriteria

Includesallindustrialbuildings30,000sq,.ft.andgreaterinsizeingreatermetropolitanareaofElpaso,TxandsantaTeresa,NM.Buildingswhichhavebegunconstructionasevidencedbysiteexcavationorfoundationwork.

contacts

ElisabethDowns

seniorFieldResearchAnalystelisabeth.downs@cbre.com

MarcMiller

ResearchDirector

marc.miller1@cbre.com

CBREELPASOOFFICE

221N.kansas,suite2100EIpaso,TX79936

?Copyright2026.Allrightsreserved.Thisreporthasbeenpreparedingoodfaith,basedonCBRE’scurrentanecdotalandevidencebasedviewsofthecommercialrealestatemarket.AlthoughCBREbelievesitsviewsreflectmarketconditionsonthedateofthispresentation,theyaresubjecttosignificantuncertaintiesandcontingencies,manyofwhicharebeyondCBRE’scontrol.Inaddition,manyofCBRE’sviewsareopinionand/orprojectionsbasedonCBRE’ssubjectiveanalysesofcurrentmarketcircumstances.Otherfirmsmayhavedifferentopinions,projectionsandanalyses,andactualmarketconditionsinthefuturemaycauseCBRE’scurrentviewstolaterbeincorrect.CBREhasnoobligationtoupdateitsviewshereinifitsopinions,projections,analysesormarketcircumstanceslaterchange.

NothinginthisreportshouldbeconstruedasanindicatorofthefutureperformanceofCBRE’ssecuritiesoroftheperformanceofanyothercompany’ssecurities.Yousho

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