During the first two months of 2024, leasing activity nationwide registered a total of 883 thousand square meters. Highlighting first the industrial market of Mexico City, which closed with a gross demand of 292 thousand square meters, followed by Monterrey, which sold 241 thousand square meters during the period of January-February 2024.

Until February, the northern region of the country continues to lead in attracting industrial investments, with a total of 398 thousand square meters occupied, which represents 45% of leasing activity nationwide. The markets of Saltillo, Tijuana and Ciudad Juárez stand out, with an accumulated demand of 72 thousand, 34 thousand and 32 thousand square meters, respectively.

On the other hand, the Bajío region registered an accumulated demand of 194 thousand square meters until the month of February, which is equivalent to 25% of the total demand at the national level. The markets with the greatest activity in the region were Querétaro and Guanajuato, which reported 77 thousand and 50 thousand square meters leased, respectively.

Move out activity has remained moderate during the two-month period, with an accumulated figure of 170 thousand square meters, equivalent to one fifth of the space occupied during the period. The country's capital closes as the market with the highest move out activity, totaling 45 thousand square meters during January and February.

Construction activity nationwide amounts to 5.7 million square meters at the end of February, the Monterrey market accounts for 32% of the projects in the process of construction, followed by Mexico City, Saltillo and Tijuana with 14%, 9 % and 8% of the total at the national level.

During the first two months of 2024, a total of 705 thousand square meters began construction, giving birth to new projects, which increase the variety of offers in the industrial market. The number of construction starts reports an increase of 12% compared to the same period in 2023.

The markets that stand out the most as those that initiated the highest volume of industrial construction are Monterrey, Mexico City and Queretaro with 232 thousand, 173 thousand and 147 thousand square meters of new projects in the development process.

The upward trend in rental prices for industrial properties continues, highlighting the case of the border city of Tijuana, which is a market that is positioned with the highest rental price nationwide, reaching $8.16 dollars per square meter. , followed by Mexico City, which for the month of February reports a price of $7.92 dollars per square meter.

Likewise, the Bajío region reports the most competitive prices at the national level where for the month of February 2024 the industrial market of Guanajuato is positioned as the industrial market with the lowest rental price at the national level, with a price of rents $4.59 dollars per square meter, followed by the San Luis Potosí market, with $5.08 dollars per square meter.

For the second month of 2024, the markets that concentrate the highest vacancy rates are in the northern region of the country, with Ciudad Juárez and Mexicali being the highest percentages with 4.6% and 4.1%. The increase in vacant space in both border cities has occurred as a result of new speculative buildings that are added to the vacant inventory.

The markets that report the lowest vacancy percentages in the country are Puebla and Aguascalientes, where both markets register rates that are just above half a percentage point. It should be noted that the Guadalajara industrial market also reports a considerable drop in the indicator, closing the month of February with just 0.7% vacancy.

The shortage of industrial space remains a crucial challenge in the country. Despite progress in developments, some markets face low supply levels of industrial real estate, making it difficult for companies to find leasing space. This translates into unmet demand that faces obstacles to its continued growth.

The growing interest of companies in establishing themselves in Mexico is reflected in the flow of new investments by the country's institutional developers. The continued launch of projects shows solid performance, underlining the stability of the industrial real estate sector. This sector strives to meet the growing demand for space and continue to attract investment to drive industry growth.