At the end of 2023, the indicator that has shown the greatest dynamism in the Mexican industrial market has been construction.

Throughout the year, more than 350 industrial projects were started in various submarkets nationwide, subject to incessant pressure from the demand for industrial buildings.

By the end of December, 5.6 million square meters of industrial warehouses continued to be executed nationwide, where the markets of Monterrey, Mexico City and Saltillo occupy the first three positions with 1.7 million square meters, 767 and 583 thousand square meters, respectively. 

See also: Speculative projects dominate the industrial construction of Guadalajara

Monterrey, with more than a hundred projects, exceeded one and a half million new warehouses that started during 2023, with the second quarter of the year being the busiest with 31 new projects in execution.

Very evenly followed in the distance by Mexico City, Saltillo and Tijuana, where 37, 34 and 33 new projects began, respectively. Once again, the northern region and the border specifically is where the phenomenon of expansions and production relocations was most marked, seeking Mexico as an ideal destination due to its proximity to the United States and the advantages of better production and labor costs than historically. They have been present in our territory.

In the case of Mexico City, the situation of the lowest historical vacancy in the last 6 years, which reaches a percentage of 0.7% by the end of Q4 2023, subjects this market to greater pressure during the last quarter of the year. In this period, more than 480 thousand square meters of new industrial buildings began, a figure that represents 58% of what construction began in 2023.

In the case of Saltillo, the last quarter of 2023 was the most active, while in Tijuana the first quarter of 2023 was where the activity was greatest.

Another important market in the north of the country is Ciudad Juárez, where 356 thousand square meters are currently under development and during the year that just ended, 22 buildings were started, totaling 458 thousand square meters.

Of interest: Driven by demand, FIBRAS report growth during 2023

The two most prominent markets in the Bajío, Querétaro and Guanajuato, are also not far behind, both in inventory and demand and which will achieve the start-up of 519 and 344 thousand square meters, respectively, throughout 2023.

The year that has just begun will bring new challenges to developers and investors who continue with an appetite for industrial areas that have been evolving with improvements in both infrastructure and the layout of spaces and the rest of the facilities associated with industrial activity.