At the end of November 2023, the Guadalajara industrial market advanced with 247 thousand m2 of industrial projects in process. All of these projects are developed under the speculative modality with surfaces ranging from 6.3 to 62 thousand square meters.

The El Salto corridor is where the largest number of projects and areas of these buildings are concentrated, which are estimated to be completed between the end of 2023 and during the third quarter of 2024.

Of interest: Industrial demand in Bajío reaches half a million m² in the last quarter of the year

Guadalajara is one of the industrial markets nationwide that has managed to maintain a rate of gross demand similar to that shown in 2022. 

On the other hand, the sustained pace of the start of construction throughout 2023 affects the slight recovery of vacancy which we saw registered during the first three quarters of the year, going from 0.5% in January 2023 to 2.62% in the middle of the year. However, demand pressure once again dominates and by the end of November 2023, industrial vacancy adjusts downward again to be slightly below 1%.

Developers have had to face a year where inflation has continued to grow, although at a slower pace, which undoubtedly impacts the construction costs of industrial buildings, so speed and compliance with the execution schedule becomes key. in maintaining the profitability of projects.

Another factor that is observed in this market is the adjustment in time that occurs between the arrival of demand and the start of construction, because practically the speculative projects that begin do not spend much time without being subject to closure or pre-leasing. 

Check here: Driven by demand, FIBRAS report growth during 2023

Guadalajara developers have evolved in their ability to know their industrial corridors, which allows them to compete when focusing on a particular niche based on competitive advantages such as connectivity and access to resources, where the hand of qualified work.

We see this situation reflected in industrial rental prices, which in the last year alone have managed to increase by 20% to close at $6 dollars per square meter at the end of November 2023, although the corridor where the greatest demand is generated and the Constructions such as El Salto reach a higher average price of $6.22 dollars per square meter per month.

An element in favor of Guadalajara continuing towards 2024 with the capacity to trigger new investments is support for infrastructure investment, such as the new runway at the Guadalajara International Airport, which with its 3.5 kilometers will allow segregated operations, where a plane lands and another one takes off.