Vesta, the leading company in industrial parks in Mexico, reported a solid first quarter of 2023, this result being driven by the restricted supply of industrial real estate properties and by the strong demand for spaces thanks to the Nearshoring trend.

Check here: Are you looking for industrial properties for rent? Solili provides all the availability in Mexico

The company exceeded expectations in both results and earnings before interest, taxes, depreciation and amortization (EBITDA), but due to a much higher than expected tax burden, mainly related to the impacts of the type change, did not meet the final results.

On the operational side, Vesta registered strong volumes of new rentals and an increase in occupancy, which even reached 100% in the northern region of Mexico.

Of interest: Speculative development, key to boosting the growing industrial demand in Mexico City

Vesta reported 2.2 million sf leasing activity, 1.2 million sf of new ventures and 1 million sf of renovations.

Rental income increased 20% y/y to US$50mn, of which US$6mn is explained by new contracts and US$2mn by inflation adjustments, leading to a 3% increase compared to Vesta's estimates.

In Solili you can consult industrial warehouses available in Tijuana, Monterrey, Ciudad Juárez and Reynosa

Original note