The northern region of Mexico has positioned itself so far in 2023 as a benchmark for industrial demand. During the first two quarters of the year, the participation of the eight markets monitored by the Solili platform exceeds 1,840,000 square meters, which almost reaches 60% of the national total.

The percentage of participation in the same period of 2022 registered 55%, almost 5 percentage points below what was registered this year. 

Monterrey far exceeds the rest of the markets by registering 762 thousand square meters of gross industrial demand, doubling the amount reported by Tijuana, the market that occupies the second position of the northern entities. They are followed by Saltillo and Ciudad Juárez with 248 and 184 thousand square meters.

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In the case of Monterrey, industrial demand remained equally active, both in areas and in closures, during the first and second quarters of the year. 

The automotive, food and beverage, logistics and various manufacturing segments have set the standard in a variety of areas and corridors, which were mobilized so far in 2023. This market mobilized close to 35 transactions per quarter, being the most active at National level.

In the case of Tijuana, the closings of the second quarter of the year doubled those registered in 1Q 2023. During the second quarter of 2023, Tijuana registered more than 220,000 square meters of gross industrial demand. 

This market, due to its proximity to San Diego and Los Angeles, continues to maintain a lot of movement and registers the highest average rental price nationwide, with $7.6 dollars per square meter. At the end of July 2023, industrial vacancy is below 1%.

For their part, Saltillo and Ciudad Juárez maintain vacancy levels at 1.3% and 1.8%, respectively. In Saltillo, the predominance is maintained by the automotive sector and in the case of Ciudad Juárez, the logistical turn and electronics take the lead so far in 2023.

Of interest: BTS projects dominate the industrial demand of Saltillo in the first half of 2023

However, the greatest impact in the participation of the northern region is measured on the constructions in process that managed to register 70% of the national total, a figure that increased by almost 13 percentage points with respect to the warehouses that were built at the end of the 2Q 2022.

However, if the impact of nearshoring in the Mexican market is evaluated, it will be necessary to clarify the time horizon between the announcement of the investment, the start of construction of the new plant and finally the start of operations.

In the case of the Solili platform, the registration of the demand reflects when the investing company signs its rent commitment and the information is no longer confidential.