In general terms, the average vacancy of the industrial market at the national level remained at a similar percentage to that reported at the end of 2022 of almost 2%, however this reflects the increase of 120 thousand meters distributed among the main industrial markets in the country.

This average represents two opposing trends, those of those markets that do not manage to reverse the decline and those that did achieve a significant recovery of the percentage reported at the end of 2022.

Check here: Santa Catarina, Ciénega de Flores and Escobedo focused industrial demand in 2023

Markets such as Mexico City, San Luis Potosí, Aguascalientes y Saltillo reduce their vacant spaces to end in 2023 with vacancies of 0.7%, 2%, 0.6% and 1.3%, respectively. On the contrary, markets such as Ciudad Juárez, Tijuana, Mexicali and Reynosa managed to reverse the downward trend and recover significant amounts of areas that can now be occupied by potential tenants.

Specifically, Ciudad Juárez recovers 258 thousand square meters if we compare the results as of December 2023 with respect to the same month in 2022, thus taking a vacancy percentage that reported 0.5% to 3.9% at the end of Q4 2023. This leads this market to account for the largest number of vacant spaces nationwide with 296 thousand square meters.

However, the average of this vacancy does not reflect a homogeneous distribution, quite the opposite. That is to say, 10.7% are located on the South submarket, in the rest of the submarkets the percentage is below 2%, while some submarkets do not have available spaces, such as the North, Center, Southeast, which in turn group together almost half of the entity's industrial inventory.

Of interest: Solili Industrial Report 4Q 2023, national demand in 2023 contracted 20% compared to 2022

If we compare these figures with the accumulated gross demand in Ciudad Juárez, the South and Southeast submarkets account for 47% and 35%, respectively, of the demand in 2023.

Therefore, the fact that the largest number of vacant spaces is located in the Southern submarket brings important advantages to this border market compared to other entities that are limited both in the future supply and in the growth of their respective industrial vacancies.

At the beginning of 2024, this market still has around thirty industrial spaces ranging from 4 to 35.8 thousand square meters of warehouses ready to be occupied, of which about a third correspond to projects under construction and the rest is complemented by existing industrial spaces.