From January to September, more than 270 industrial warehouses were built, equivalent to more than 3.9 million meters square.
Despite inflationin construction costs, increases in interest rates, the challenges of the scarcity of land with infrastructure, among other national and international economic difficulties; It seems that industrial warehouse developers the relocation of companies, known as will once again break records in activity this year for the third consecutiveyear. The reason? nearshoring .
From January to September of the year, the sectorspecified more than 270 industrial warehouses, equivalent to more than 3.9 million meterssquares; this implies that, on average, each quarter 1.3 million meterssquares of industrial space, according to data from the report “ Market Overview ”, prepared by SiiLA.
Based on these figures, Alejandro Delgado, regional manager for Mexico of the platform, projected that the sectorindustrial real estate could exceed 2022 record levels (when around 300 were delivered industrial warehouses, equivalent to almost 4.6 million meterssquares) at the end of the last quarter of the year.
“ Unprecedented growth is being experienced. At a time when the nearshoring and electronic commerce are driving the market, Mexico is in a unique position to consolidate its leadership in Latin America ”, said Delgado.
Sergio Pérez, CEO of Newmark, ahe added that the phenomenon of relocation of companies will last at least the next decade, since the ongoing trade dispute between China and the United States, Instead of being resolved, it will intensify, with no signs of an impending agreement.
Likewise, the geopolitical conditions derived from the armed conflict between Russia and Ukraine favor the arrival of new investments on Aztec land, as the European supply chain is seriously affected by the lack of automotive components from Eastern Europe and Russia’s energy dependency.
“It is very curious how the stars align in favor of Mexico. The sectorReal estate is experiencing a historic boom, with an immense opportunity. Mexicans are often the most skeptical about these opportunities; in the exteriorThey see us with much more future and optimism than ourselves ”, he stated during his participation in the 25th International Tax Forum.
Unbalance between supply and demand
But the success of sectorof the industrial real estateit is not without challenges, because although every year more are built meterssquares of these spaces, has been insufficient to meet the imminent demand; In addition, there is a need to improve strategic infrastructure and basic services.
Newmark manager noted absorption industrial real estatein the national market it was 142% superiorin 2021 and 220% in 2022, compared to 2020, unprecedented figures that demonstrate a strong imbalance between supply and demand, with vacancy rates below 1.5% nationwide.
“The country is well below the healthy vacancy standard (10 to 12%), companies wishing to establish themselves will have to consider building custom facilities, which is a complex issue due to technical and resource limitations by developers, “said Pérez.
For his part, Delgado stressed that delivery again industrial inventory increased by around 50% between 2019 and 2022, but the rebound in removals has left the market at minimum levels of availability, while exit prices per metersquare have reached maximum historical levels.
“ This phenomenon not only highlights the strength of the market, but also the challenges faced by developers and companies seeking to expand in the sectorindustrial Mexican, since there is an urgent need to build new projects, especially in the northeast of the country ”, said the expert.
The pre-lease trend
The nearshoring it has been characterized by concentrating in the center and north of the country, given the proximity to the United States; According to SiiLA, 56% of the new inventory delivered in 2023 was registered in Monterrey, Ciudad Juárez and Tijuana, with the arrival and expansion of large companies such as AGP Glass, Essilor Luxottica and Technimark.
“ Beyond the figures, the true story is in the details. On the one hand, at the national level more than 90% of the new inventory is pre-leased to the market, which highlights investor confidence and high demand for industrial spaces in the country ”, Delgado said.
On the other hand, he indicated, the demand is focused on spaces of 7,000 and 15,000 meterssquares, so it is recommended to build buildings that can be subdivided into modules with these proportions.
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