Industrial developers in Mexico continue to advance in a timely manner to complete the projects that are in progress. The macroeconomic conditions where inflation has continued to grow, although at a slower pace, reporting 4.32% at the end of the first half of November, continues to be decisive in meeting execution schedules, without putting the percentage of profitability of the projects at risk.

At the end of October 2023, more than 5 million 250 thousand square meters of warehouses under construction continue to be built, where 67% is concentrated in four markets in the north of the country such as Monterrey, Saltillo, Tijuana and Ciudad Juárez, next to the capital. from the country.

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Monterrey not only occupies first place, but with the 1,600,000 meters of industrial buildings it has under development, it surpasses the closest competitor, Saltillo, with 497,000 square meters, by more than 3.3 times.

The number of industrial warehouses that completed construction in the month of October 2023 nationwide reaches 541 square meters.

Monterrey continues to lead in this indicator with the delivery of almost 160 thousand square meters that are added to the inventories of the country's main industrial market. Mexico City, Mexicali, Guanajuato and Guadalajara manage to complete 89 thousand, 75 thousand, 68 thousand and 62 thousand square meters of new industrial buildings.

The entry of these new industrial buildings was not enough to reverse the decline in vacancies in Monterrey and Ciudad de México, which maintained a 20 basis point drop in vacancies in the last month, allowing them to close the month of October with industrial vacancies of 1.1% and 0.8%.

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The opposite is reflected in Mexicali, Guanajuato and Guadalajara, which managed to recover their vacancy percentages during this month and closed with 5.7%, 4.1% and 2.2%, respectively.

These buildings are being completed by leading developers who incorporate the most innovative production processes that allow them to meet estimated delivery times mainly in custom-made projects, where contractual causes of penalties for delays in execution are established.

Likewise, the finishes and design of both the internal areas of the warehouses and the patios and maneuvering areas, along with other facilities, are the differentiating elements that allow them to compete when it comes to attracting potential tenants.