Although Laredo absorbed a healthy 2.5 million sf in its industrial market in 2001, there is a prevailing "wait-and-see" attitude by developers at this stage due to the nation's economy. Furthermore, vacancy shrunk by nearly half in 2001 due to a construction slowdown, say researchers.
"Laredo continues to be the largest inland port of entry in the US and by far the largest border crossing for goods coming from and into Mexico. Nearly 40% of the goods transported between the two countries pass through the port of Laredo, which equals over $93 billion in imports-exports crossing the Rio Grande," according to the research team.
The absorbed 2.5 million sf is located mainly in Northwest Laredo, an area close to the commercial international bridge, which opened in 2000. Grubb & Ellis says the space was almost entirely taken up by expanding third party logistics providers such as UPS, Expeditors, Federal Express and the Mallory Group.
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