At the end of the first month of 2024, an encouraging panorama is seen in various indicators of the industrial segment, marked by the continuous phenomenon of business relocation to Mexican soil. This effect continues to be a key catalyst for the dynamism observed in the economic environment of the industrial real estate market.

Gross absorption, the first month of the year, ends with a total of 534 thousand square meters leased nationwide, representing an increase of 6% compared to the same period in 2023. However, it is relevant to highlight that during January, the industrial market of Mexico City regained the leadership of this indicator at the national level. Gross absorption in the country's capital reached 191 thousand leased square meters, consolidating itself as the highest figure in the period, representing 35% of national demand.

In the northern region of the country, markets such as Monterrey and Saltillo stand out, ranking second and third, respectively, in terms of gross demand at the national level. These markets cover areas of 124 thousand and 50 thousand square meters, each, during the first month of the year, evidencing their impact as axes of industrial growth in the northeast region.

The dynamism of Monterrey and Saltillo is enhanced by their strategic location close to the border with Texas. This geographical proximity stands as a key factor that gives them a competitive advantage, allowing them to effectively capitalize on the arrival of new investments.

It is also relevant to mention the positive performance evidenced in the shoal markets, particularly Guanajuato and Querétaro. Both markets registered a demand that exceeds 41 thousand and 33 thousand square meters, respectively. These figures are an indicator that this region maintains its attractiveness as a robust market, and with the capacity to efficiently take advantage of the unsatisfied demand in the northern region of the country.

Regarding the border cities of Ciudad Juárez and Tijuana, a solid performance in gross demand stands out during January, with records of 26 thousand and 20 thousand square meters, respectively. These figures reflect positive behavior in both markets, being especially notable in the case of Ciudad Juárez. This market has faced significant challenges recently, particularly in terms of electrical energy supply, which has resulted in a decline in the pace of industrial investments over recent quarters.

During the month of January, an increase in industrial move outs was observed, with a total of 108 thousand square meters. Although the figure is four times higher than that reported in the same period in 2023, it is important to note that the departure of companies has been more pronounced in markets where demand in recent quarters has exceeded current supply.

This phenomenon was especially evident in markets such as Mexico City, Reynosa and Tijuana, where 33 thousand, 22 thousand and 15 thousand square meters of vacancy were registered, respectively. Therefore, the increase in industrial supply given unemployment is presented as an opportunity for the arrival of new investments.

Construction starts during January began the year strongly, registering 484 thousand square meters of new industrial warehouses nationwide, which represents an increase of 45% compared to the beginning of the same period in 2023. Monterrey leads the construction of new works with 155 thousand square meters, which represents a quarter of the new projects that began construction during the month of January.

The industrial market of Querétaro reported a notable volume of construction starts during the period with the start of 135 thousand square meters, positioning itself in second place nationally, even above Mexico City, which for the first month of the year registered 125 thousand square meters.

National construction closes January with 5.6 million square meters and continues with a strong performance where Monterrey and Mexico City are the main markets that concentrate the largest volume of projects in development. The northern region of the country continues to position itself as an expansion axis for developers, accounting for 60% of construction nationwide.

The current market situation shows encouraging signs with increases in vacancy, especially in markets such as Mexicali, Ciudad Juárez and Tecate, where vacancy rates slightly exceed 4.0% by January 2024. On the other hand, in the Bajío region, the industrial markets of Guanajuato and Querétaro exhibit vacancy figures of 3.8% and 3.6%, respectively.

Additionally, Reynosa, which is a market of interest for companies looking for locations in the northeast region of the country and which at the end of January reported an increase in its vacancy rate reaching 3.0%, an increase that diversifies the current offer From the market.

The markets with the lowest rates nationwide during the period are Aguascalientes and Puebla, markets whose vacancy rates have been gradually decreasing and for the month of January they report 0.6% and 0.4% for each of said industrial markets.

The start of 2024 presents an auspicious start for the industry in Mexico. The persistent trend of nearshoring and the expansion of investments continue to be a determining factor, evidenced by the continuous increase in industrial demand and a positive performance in other industrial market indicators. These signals generate growth expectations for the rest of the year, suggesting a promising outlook for the development of Mexico's real estate sector by 2024.