The market for commercial and industrial real estate in Mexico
A recent snapshot of the industrial real estate market in the last quarter of 2013 compares progress in three industrial regions in Mexico: Northern Mexico, Central Mexico and the Bajío Region. The snapshot comes from the report ‘Industrial Markets in México (Q4 2013)‘ by Jones Lang LaSalle, a global real estate services firm specializing in commercial property management, leasing, and investment management.
The pattern of commercial and industrial real estate in Mexico
The five main cities of the Bajío Region (Aguascalientes, Guadalajara, Guanajuato, Querétaro and San Luis Potosí) are booming in terms of commercial and industrial real estate. In the final quarter of 2013, the region added about 550,000 m2 of commercial and industrial space. This was more than double the additional space added in Central Mexico (Mexico City, Toluca and Puebla) and close to the total amount (614,000 m2) spread between 10 cities in northern Mexico (see map).
In the North Region, “Tijuana has been occupying vacant space… and Ciudad Juárez is on its way to recovering from low rents and high vacancy”, while the automotive sector is driving growth in Saltillo-Ramos Arizpe.
The Central Region is helped “by third party logistics companies that grow their business and footprint in Mexico City’s surroundings”, while “Toluca and Puebla grew mainly because of the car manufacturing demand for space.” Commercial rents rose in Mexico City and in Toluca. “Big Box requirements keep driving this market. Development has been very active at the Tepotzotlán toll booth surroundings.”
The Bajío Region has consolidated “with new industrial parks related not only to the new car manufacturing plants, but also for new investments related to aerospace, food and personal consumer” products.
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- Why Mexico is fast becoming a key player in aerospace manufacturing?
- Mexico’s shoe (footwear) manufacturing industry: regional clustering
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