Mexico City has been the main recipient of investment, mainly due to the relocation of companies, with 59% participation of the national total , which represents the income of 12 thousand 043 million dollars (mdd), according to data to the first quarter of 2024 of the Ministry of Economy (SE) .
In this context, CBRE , a real estate investment and services company, announced that, at the end of the first semester (1H) of 2024, the industrial market of Mexico City and the Metropolitan Area registered a gross demand of 854 thousand m2 , the highest historically in this market, driven primarily by pre-leasing.
“Logistics had a very active, strong and dynamic first semester, and it has been the basis for continuing the second semester, which we hope will have the same pace ,” explained Francisco Muñoz, Executive Vice President of CBRE Mexico Industrial and Logistics sector.
In the second quarter (2Q) 2024, Mexico City and the Metropolitan Area have recorded the highest figure reported since 2Q 2022 in gross demand operations with 473 thousand 252 m2 marketed , of which, 63% belong to transactions from pre-leasing and 14% from renewals.
CBRE indicated that the dynamism in the market has motivated developers to invest in land reserves for build to suit developments , leaving aside speculative buildings or converting these spaces spec to suit (n birds that maintain the configuration of their construction , but with the possibility of customizing certain aspects according to the needs of your clients).
That said, as of 1H 2024 there is a construction pipeline of 1.1 million m2, of which 65% belongs to build-to-suit developments and 74 % is pre-leased.
The corridors with the most construction activity are: Cuautitlán (45%), Zumpango-AIFA (28%) and Tultitlán (18%), with estimated charitable deliveries during this year and the first quarter of 2025.
Likewise, CBRE predicts that by Q3 2024, more than 400 thousand m2 are expected to be incorporated , of which 42% will be incorporated in Tultitlán, 34% in Cuautitlán and 10% in the new Zumpango-AIFA corridor.
Regarding inventory , during 1H 2024 more than 110 thousand m2 were added , so much so that the class A inventory of CDMX closed the semester with 10.80 million m2d distributed in the 10 submarkets, with the CTT being the one with the largest existing inventory distributed the following way: Cuautitlán with 40%, followed by Tepotzotlán with 20% and Tultitlán with 18 percent.
Furthermore, according to CBRE, it is expected that at the end of Q3 2024, at least 400 thousand m2 will be added, closing the inventory with almost 11.2 million m2.
On the other hand, the vacancy rate in this market reached 2% in Q2 2024, with 215 thousand m2 vacant and a difference of 0.8 percentage points above the figure recorded at the end of Q2 2023.
At the corridor level, the CTT maintains minimum vacancy rates; Tepotzotlán with 1.1%, Tultitlán with 1% and Cuautitlán with 0.7%, and it is expected that this indicator will remain downward due to the lack of industrial spaces and the trend of pre-leasing of spaces under construction.
At the end of 1H 2024, gross absorption operations (which include renewals and pre-leases) have accumulated 853,985 m2 marketed in this market.
The logistics sector remains at the forefront of activity in the market, contributing 50% of transactions, followed by e-commerce (23%), manufacturing (7%), food (5%) and pharmaceuticals (2%). .
It is expected that the logistics sector will continue to capture activity in the market considering the projects that remain in the pipeline and that due to their configuration are especially aimed at this industry.
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