The construction of industrial warehouses in the country has accelerated so far in 2023, reaching more than 5.2 million square meters (m2) under construction throughout the country, according to data from the Solili real estate platform.
In October alone, 485,000 m2 of development space began nationwide, while in the same month of 2022 the figure was 176,000, that is, an increase of 2.7 times more construction.
Construction continues despite the growing construction cost scenario, which at the beginning of the year was estimated at 20% annually, according to the Chamber of the Mexican Construction Industry (CMIC).
Check here: Guadalajara's industrial vacancy rate exceeds 2% during October 2023
However, an analysis by the National Cost Engineering Center reflects that construction costs for the construction of warehouses and industrial plants softened in September of this year, declining 1.04% annually.
On the other hand, Solili highlighted the exchange rate of the peso with respect to the dollar which, although it strengthens the national currency, is an element that increases the costs of building in Mexico for developers and builders who have their original budgets in dollars.
Despite the challenge in costs, both in construction and financing, the CMIC has highlighted the impact that company relocations (nearshoring) have generated in the country's main industrial markets, which has increased the demand for spaces.
The market with the greatest activity in the development of industrial warehouses in October 2023 was Mexico City, where the construction of 140,000 square meters began, to total 536,000 m2 in total construction process, according to Solili.
Of interest: Industrial demand in Querétaro doubles compared to October 2022
It is worth mentioning that the country's capital remains at critical vacancy levels of 0.85%, compared to 2021, when the level was 5.6 percent.
Querétaro, Monterrey and Tijuana are the other three markets where developers took the initiative to start new industrial buildings with 94,000; 77,000 and 70,000 square meters, respectively.
The market with the greatest activity in the development of industrial warehouses in October 2023 was Mexico City, where the construction of 140,000 square meters began, to total 536,000 m2 in total construction process, according to Solili.
At Solili you can consult industrial warehouses available in Monterrey and Guadalajara