At the end of the last quarter of the year, Mexico City remains the second most important industrial market in the country, managing to register 107 thousand square meters of lease during Q4 2023.

The industrial submarkets of Tultitlán, Ixtapaluca y Toluca dominated the quarterly demand with shares of 30%, 23% and 21%, respectively. Cuautitlán and Vallejo participate in a smaller proportion with 14.3% and 7.6%, respectively.

Check here: 2023, a historic year for industrial construction in the country

What has not managed to stop the decline is the vacancy in the country's capital, which reports 0.7% at the end of December 2023, the lowest level since 6 years ago when the Solili platform began monitoring this market.

As a result of this indicator, developers are activated and start during this last quarter of the year 480 thousand square meters of new industrial works, surpassing Monterrey where 366 thousand square meters started in the same period.

The constructions that began during Q4 2023 are entirely speculative and incorporate a surface area from 3,000 to 99,000 square meters, the latter a Class A industrial warehouse located in Cuautitlan.

Also during the period from October to December 2023, 210 thousand square meters of industrial buildings were completed that feed the industrial inventories of the country's capital and that, together with the projects that began, leave a balance of 676 thousand square meters of warehouses that They continue to advance as the new year 2024 begins.

Another direct consequence of the dynamics generated by low vacancy and a supply that is strongly activated towards the end of the year is the increase in industrial rental prices, which reach an average of $7.3 dollars per square meter per month.

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

Submarkets like Vallejo skyrocket in terms of rental prices, reaching double digits with $12 dollars per square meter per month. The submarkets of Naucalpan, Cuautitlán and Tlalnepantla also exceed $8 dollars per square meter monthly, which places them above the market average.

Towards the beginning of 2024, this important industrial market will continue to face a scenario of more constructions that will be in the expansion plans of various portfolios and fibers that compete here seeking to meet demand in a timely manner in order to take advantage of the opportunities that are coming with high rental prices.