During 3Q 2021 there was a significant increase in the gross demand for spaces, which totaled 362 thousand square meters, equivalent to more than 70 thousand square meters compared to the second quarter of 2021. In other words, the capital of the country has maintained a growing pace of industrial demand, quarter after quarter, so far this year.

In turn, unemployment has fallen in recent quarters, increasing the certainty of tenants and developers. The movement of these two indicators makes up the net absorption that has remained in the order of 200 thousand square meters.

Continuing with the trend of recent months, the occupants of industrial space for the third quarter are logistics, retail, e-commerce, and food and beverage companies.

Transactions have been mainly concentrated on the submarkets that make up the CTT (Cuautitlán, Tepotzotlán and Tultitlán) and Toluca.

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For their part, prices have risen, not only for new projects that are forecasting prices for the year 2022, since the rise in cost of some construction supplies such as steel and cement have raised rental prices, by increasing the replacement cost of the new buildings that are built.

The rental price went from $ 4.41 USD / m² / month in January of this year to culminate in $ 4.71 USD / m² / month at the end of September 2021.

The inventory had a growth of just over 114 thousand square meters, most of which were class A buildings that were incorporated.

Regarding new projects, they started 137 thousand square meters, highlighting the presence of important developers such as Parks, Hines, O'Donnell and Macquarie, as well as the beginning of the construction of the new Estafeta Hub located in “O'Donnell La Laguna”.

It is worth mentioning that the buildings that began construction during 3Q 2021 are mostly speculative projects, reaffirming the confidence of the developers in the investment.

Cuautitlán and Tepotzotlán are the submarkets that just started construction of projects in 3Q 2021, and together with Tultitlán and Toluca are the submarkets where the vacancy is currently concentrated.

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This is due to the fact that these submarkets are the ones that still have land to develop new buildings and, as they are traditionally industrial areas, growth is pointed mainly towards the north of the city, followed by the Toluca area.

Projections for the end of the year suggest that there will be a greater increase in demand focused on temporary activities associated with the storage of seasonal merchandise associated with Good End and Christmas season purchases.

This premise makes a scenario where rental prices continue to rise and vacancies continue to adjust downward, at levels such as those registered between 2018 and 2020.