Querétaro begins the first quarter of the year exceeding the gross demand registered in 1Q 2022 by more than double, accumulating 112 thousand square meters. Meanwhile, the net absorption almost reaches 160 thousand square meters and is made up of some industrial buildings that completed construction in the quarter but entered the inventory occupied.

The demanded areas range from 200 to 20 thousand square meters, with an important presence of class B warehouses that represent more than 60% of the number of transactions but 44% in terms of surfaces.

Consult here: Ramos Arizpe projects the greatest growth potential towards 2023

The México-Querétaro and Querétaro-San Luis Potosí submarkets account for 77% of the areas that were rented in the period and on them are located the largest industrial warehouses close to 20 thousand square meters. The logistics and warehousing sector largely dominate the figures in the quarter.

This important market in the shoal is characterized by the presence of expansions and the speculative demand that has been activated by the presence of this type of construction in the area. This market has not been immune to the increase in rental prices that is around 15% per year and that is due to the effects of inflation on inventory replacement costs.

However, Querétaro, like the rest of the markets in the shoal, have a significant number of industrial spaces available, exhibiting the highest vacancy rate nationwide. While Guanajuato and San Luis Potosí  registered vacancies of 4.10% at the end of 1Q 2023, Aguascalientes and Querétaro registered 3.6% and 2.5%.

In comparison, northern markets such as Monterrey and Reynosa closed with a 0.9% vacancy rate, while Saltillo, Tijuana and Ciudad Juárezreported vacancy rates of 1.9%, 1.4%, and 0.30%, respectively. This last percentage is the lowest nationwide.

This availability can meet the demand not met by some northern markets and in the case of sectors such as aerospace, manufacturing, automotive and data center, they bring great advantages due to connectivity and cluster development that are favored in the region.

Of interest: The impact of the low vacancy rate in Mexico City on industrial demand

At the end of 2022, the manufacturing industry managed to increase its production value by 14.2% and the sale value by 16.1%, according to the Secretariat for Sustainable Development (Sedesu), so this behavior will be replicable to 2023 due to the interest shown by various economic agents who want to invest in this entity. Other sectors that energize the market correspond to technology, as is the case of Microsoft, which will open its Data Centers for the second half of the year in the entity.

In turn, exports grew 16.6% in the state and in 2022 almost 17 billion dollars were exported, which represents 3.3% of the national total.

These elements anticipate that in the rest of 2023 we will see several projects activated as a result of relocations that could maintain the momentum that this market generates in the Mexican Bajio.