The Mexicali market closes 2023 with an accumulated demand of 283 thousand square meters, which allows it to exceed 1.8 times what it had reported in 2022.

The Mexicali-San Luis Río Colorado corridor accounts for 56% of the demand throughout the year. The surfaces demanded were from 600 to 34 thousand square meters. Companies in the electronics, automotive, food and logistics sectors were the spaces that managed to capture demand in 2023.

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At the same time, its industrial inventory grew by 7% above the national average of 6.7% and it added a large number of new industrial buildings. That is to say, even in the midst of a significant growth in demand, the number of spaces that were incorporated allowed it to reverse a decrease in vacancy that went from 0.9% in August 2022 to 4.3% by the end of the year.

With a vacancy rate of 4.3% Mexicali at the end of the last quarter of 2023, followed by Tecate and Guanajuato become the markets whose percentage exceeds 4.0% while the national average is around 2.0%. In the specific case of Mexicali, the vacant space in absolute terms is approximately 147 thousand square meters.

If at this time a tenant wants to locate his space in this market, he will find greater options within the existing buildings where around twenty industrial warehouses will be available with surfaces between 720 and 20.8 thousand square meters. If what this tenant is looking for is a building that is still under construction, there would be 4 options of sizes between 9 and 16 thousand square meters.

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Another determining factor that stabilizes rental prices and vacancies corresponds to the new projects that advance. At the end of 2023, 128 thousand square meters remain under construction, where 61% is concentrated in the Mexicali - Río Colorado Highway submarket and the remaining percentages are distributed between the Boulevard Lazaro Cardenas and Aeropuerto Garita 2 subrmakets with 32% and 7%. respectively.

While during the first half of 2023 there was a decisive participation in speculative constructions, towards the last quarter of the year we observed greater caution regarding the start of new projects, where a single project began under the custom-made project or BTS format. .

2024 begins and the market will continue to expand, mainly because it has new availability and could capitalize on the arrival of new tenants who cannot find properties in other frontier markets where low vacancy continues to reign.