Between January and April 2022, the Bajio has achieved a significant share of industrial demand, concentrating one fifth of the national total. 

Guanajuato and Querétaro have spearheaded this performance, accumulating 270 and 192 thousand square meters of gross absorption, respectively.

If we analyze the rental prices in Guanajuato and Querétaro, both markets have increased their average rental price since the beginning of the year by 0.8% and 3.7%, respectively.

In annual terms, the price adjustment has been more attenuated at the end of April 2022, reflecting in the case of Guanajuato a downward difference of less than 1% to close at $4.1 dollars per square meter per month and in the case of Querétaro it reflects a annual adjustment of 3.7% in the average rental price.

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What is striking is that the relative stability of rental prices is generated in the midst of a scenario where general price inflation in the country reports 7.68%, as of April 2022, and where significant price adjustments of the main inputs are anticipated. of construction as is the case of steel and cement.

The National Chamber of the Housing Development and Promotion Industry (Canadevi) estimated that, in the coming months, the cost of construction materials could increase by up to 50%.

The case of Guanajuato reflects a very homogeneous average rental price where the five submarkets that make it up manage a range of rents between $3.98 and $4.23 dollars per square meter per month, in the midst of a descending vacancy that went from 8.67% to 7%, between April 2021 and March 2022.

Querétaro at the end of the first quarter of the year registers the lowest average price on the Querétaro-San Luis Potosí submarket with $3.78 dollars per monthly square meter and the maximum of 5% on San Juan del Río, finding the rest of the submarkets between these two prices.

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San Luis Potosí, which accumulates in the first quarter of 2022 about 60 thousand square meters, also registers rental price increases of less than 0.6% per year, maintaining stable and homogeneous values around $4.11 dollars per monthly square meter.

As we can see, the existing vacancies in these markets of the Bajio for a year were well above the national average, which gave room for the available spaces to be occupied without prices being significantly impacted, as was the case in markets such as Tijuana, Tecate and Ciudad Juárez whose vacancies at the end of 1Q 2022 were around 0.5%.

Another factor that may be influencing the stability of rents is that a large part of the offer was executed when inflation had not yet reached the significant increases that it now registers, so developers had a significant margin that allowed them to maintain prices. and thus compete for the purchase of the potential tenant.