Industrial production in Mexico registered an increase of 2.6% year-on-year in the first half of 2023, driven in particular by construction, according to figures reported by the National Institute of Statistics and Geography (Inegi). The year-on-year increase was led by construction with 4.2%, followed by the generation, transmission and distribution of electrical energy, water and gas supply with 3.2% and mining and manufacturing activities with 2.5% and 2%, respectively. .

In turn, the behavior of the Gross Domestic Product of the Mexican economy grew 3.7% year-on-year and 0.9% quarterly in the second quarter of 2023, according to the timely estimate of Inegi.

Check here: What is currently being built in the Bajío industrial market?

However, even with this recovery trend, the national industrial real estate market registered a significant shortage of industrial supply during Q3 2023, which limited the growth of demand. The accumulated figure at the national level was one million 30 thousand square meters, where 74% was concentrated in five markets, such as: Mexico City, Monterrey, Saltillo, Tijuana and Guadalajara.

Mexico City y Monterrey closed the quarter with a gross demand of 274 and 263 thousand square meters, respectively. In this case, the country's capital moves ahead of Monterrey just as it would do in Q3 2022, although very close to each other.

The gross demand for the quarter covers almost all sizes in the country's capital, which concentrated the 4 largest transactions in terms of surfaces nationwide, between 30 and 35 thousand square meters, were located in the Cuautitlan y Tultitlan submarkets. In the case of Monterrey, the gross demand for the period concentrates 46% of the surfaces in warehouses between 10 to 20 thousand square meters.

Saltillo and Tijuana recorded similar amounts of gross demand for 77 thousand square meters. In Saltillo, demand is in similar proportions between the Saltillo and Ramos Arizpe submarkets. While in Tijuana the demand is distributed between the Pacifico Nordika, El Florido-Boulevard 2000 and Otay-Alamar submarkets by 49%, 33% and 18%, respectively.

Of interest: Guadalajara Market projects an increase in the supply of industrial properties

In Tijuana, the surface areas demanded during Q3 2023 correspond to warehouses between 400 and 1,700 square meters, much smaller than those registered in Saltillo where the warehouses registered larger dimensions, between 2.9 and 18 thousand square meters.

Finally, Guadalajara is in fifth position nationally with 66 thousand square meters of gross demand, a figure that exceeds by 17% what was registered in the third quarter of 2022. It is the El Salto submarket that concentrates almost all of the demand and the Surfaces range from 1.2 to 25 thousand square meters. Four areas of more than 15 thousand square meters stand out in the logistics, pharmaceutical and automotive sectors.