The construction of industrial properties in the country does not stop and at the end of October 2023 it reports more than 5 million 250 thousand square meters. During the month of October alone, 485 thousand square meters began nationwide, while one year the figure was 176 thousand square meters, which represents an increase of 2.7 times more construction than in the same month of 2022.

Of interest: 50% of industrial demand is driven by three markets in the north of the country

In October 2023, the most active market was Mexico City, which started 140 thousand square meters of industrial warehouses, for a total of 536 thousand square meters, currently still under development. The country's capital remains at critical vacancy levels, reporting 0.85% when at the beginning of 2021 the level was 5.6%.

Between the months of January and October, the gross demand in Mexico City totals 893 thousand square meters, a figure that is still 28% below what was registered in the same period of 2023, and this is a product of the shortage in the supply of industrial ships.

Querétaro, Monterrey y Tijuana are the other three markets where developers took the initiative to start new industrial buildings with 94, 77 and 70 thousand square meters, respectively.

The constructions continue their course even in the midst of the growing scenario of construction costs that at the beginning of the year were estimated at 20% annually according to the Chamber of the Mexican Construction Industry. However, construction prices continue to soften their rise and in June 2023, general inflation in the sector stood at 1.89%, the lowest rate in three years.

Another determining factor is 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.

See also: Saltillo maintains the second position in industrial construction nationwide in October 2023

The Mexican Chamber of the Construction Industry has also highlighted the impact that relocations have generated in the main industrial markets of the country, which has echoed new trends for the creation of buildings and industrial warehouses.

This phenomenon has allowed smart and sustainable constructions to be part of the offer promoted by developers who build on Mexican lands. Issues of energy efficiency, decarbonization, use of green materials, and the incorporation of technology and robotics are the differentiating elements that attract industrial demand, on par with a market as diverse and developed as that of the United States.