The economy of the Querétaro market has registered a significant boost driven by the investments that arrive in its territory. In mid-2023, the Querétaro Secretariat for Sustainable Development announced that 28 investment projects materialized, worth 15,443 million pesos.

The expansion of productive capacities in companies already established in this market concentrates about 45% of the portfolio of 62 projects under negotiation that involve about 87 billion pesos, which confirms the confidence in this entity of the Bajío. Companies from the automotive, aerospace and logistics sectors concentrate part of these projects.

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For example, in mid-August 2023, the Canadian company Magna announced an investment of 20 million dollars to expand in Querétaro. The company will strengthen its presence in the Mexican automotive industry by manufacturing high-quality lighting systems through its Magna Lighting division, with experience in headlights, taillights, and small lights.

Another sector that continues to bet on Querétaro is the manufacture of aerospace equipment, which registered during 2022 more than 132 economic units that generate close to 5.51 billion Mexican pesos, with an increase of 18%, according to figures reported by the National Statistical Directory of Economic Units.

This industry will have an impact on the demand for industrial warehouses in Querétaro by promoting the development of regional supply, which generally requires warehouse spaces of less than 10,000 square meters. In mid-June, Safran announced the expansion of two of its plants for an estimated investment amount of 80 million dollars.

Logistics activity has been another great demand for spaces and developers know the sizes, formats and characteristics that they incorporate into real estate products.

When consulting the Solili real estate platform in mid-August 2023, and starting a search for available industrial buildings, we found 40 options with surfaces ranging from 250 square meters to 36 thousand square meters.

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Only a dozen spaces are under construction with surfaces between 900 and 36 thousand square meters. This availability is reflected in the vacancy that as of July 2023 reports 2.6%, one of the lowest historical percentages in the entity. The Mexico-Querétaro and Airport submarkets concentrate the majority of the available industrial buildings.

The local authorities continue working to show the competitive advantages of the entity outside of Mexico, the transmission of energy is a key point for industrial development. For this, the state administration is advancing with the construction of a substation of the State Energy Agency, the expansion of the QPM electrical substation and repowering works.

Looking towards the second half of the year, we can see reflected the identification of these tenants who are still advancing in their negotiations with the main industrial developers in the region.