Garcia: RGV needs a lot more industrial warehouse space
Description
MISSION, Texas – The CEO of Mission Economic Development Corporation has taken to LinkedInto sound the alarm bell about a lack of available industrial warehouse space in the Rio Grande Valley.
“We need more industrial and logistics warehousing in Hidalgo County but it’s not getting built,” said Teclo Garcia.
In an interview with the Rio Grande Guardian International News Service, Garcia said he was prompted to speak out after reading a CBRE report that said the vacancy rate for industrial warehouses in the upper Valley is only 1.3 percent.
Garcia said that is “unbelievably low.”
Soon after posting his message, Garcia said he received an inquiry from a developer who wanted to know if he had 500,000 to 700,000 square feet of warehousing available. He said he had to, unfortunately, say, “no.”
Here is what Garcia (pictured above) posted on LinkedIn:
“We need more industrial and logistics warehousing in Hidalgo County but it’s not getting built.
“The McAllen Industrial Market (McAllen, Pharr, Mission, Edinburg), in 2023 Q1 posted the lowest industrial vacancy rates in at least a dozen years and new record high price per square foot, according to real estate giant CBRE.
Editor's Note: Click here to read the full story in the Rio Grande Guardian International News Service.
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