Querétaro ends the third quarter of 2023 at the forefront of industrial construction in the Bajío markets and registers 410 thousand square meters of projects in development. Of the total of these constructions, 64% began at the beginning of 2023 and the rest are made up of buildings that began in the previous year.

In turn, between January and September 2023, more than 370 thousand square meters of industrial buildings were completed, which became part of the inventory, although a good part of these buildings are already occupied, either because they are custom-made projects or due to the modality of pre-leases. As a reference at the end of Q3 2023, Querétaro's industrial vacancy is 2.8%, while the national average is 1.8%.

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In this quarter, projects made as they advance in the market total 45% of the buildings, leaving the remaining percentage for speculative projects.

Regarding the geographical distribution of the constructions, the México-Querétaro and Aeropuerto submarkets are in the lead with 173 and 159 thousand square meters, respectively. The remaining 78 thousand square meters are located on the Querétaro-San Luis Potosí submarket. Although it is the México-Querétaro submarket where the largest number of buildings is concentrated with 15 in process.

A year ago, in September 2022, this market reached its historical maximum of areas under construction with 519 thousand square meters, so the amount currently being executed continues to be one of the highest values of the last five years.

It also highlights that the highest concentration in terms of number of projects corresponds to surfaces less than 10 thousand square meters, while more than 65% of the surfaces belong to large-format projects, where 8 buildings between 20 and 50 thousand square meters would be planning his settlement in the next 6 months.

Regarding the private investments that have reached this market, the Secretariat of Sustainable Development of Querétaro indicated that the entity has made 40 investments for 20 billion pesos so far in 2023.

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As a reference, in 2022, 47 private investment projects were completed that represented capital for more than 26 million pesos, so this last quarter of 2023 they are committed to completing the figure to surpass the accumulated figure for 2022, where 89 investment projects brought the entity almost 53 billion pesos.

The regional government of Querétaro focuses on almost 50 investment prospects where 7 will be close to being announced in the last quarter of 2023, so we could be registering demands that drive the start of new industrial buildings.