2023: Record-breaking year for industrial space deliveries in México
- After a remarkable growth in the industrial market in 2022, 2023 continues to astonish us by setting a record for the delivery of new industrial inventory.
According to SiiLA Market Analytics, the industrial sector in Mexico experienced a remarkable increase in 2023, setting a record with the delivery of 5.6 million square meters of new inventory in the country's industrial markets. This impressive growth surpassed the previous year's figure by one million square meters, consolidating an upward trend that has persisted over the last five years, with a total increase nearing 20 million square meters in this period.
The three markets where the highest growth was recorded were:
- Monterrey, where more than one and a half million square meters were added.
- Ciudad Juárez, where almost one million square meters of new space were introduced.
- Tijuana, a market in which over 600 thousand square meters were added during 2023.
As observed, the epicenter of this industrial expansion is located in northern Mexico. Monterrey, one of these markets, accounted for a quarter of the new inventory in 2023, followed by Ciudad Juárez and Tijuana. Together, the markets in the northern part of the country concentrated two-thirds of the new warehouses. Although Mexico City had a more modest year than the previous one, it follows the trend of the northern markets. On the other hand, the markets in the Bajío region incorporated 20% of the total new inventory.
Upon closer examination, the most dynamic submarkets were Apodaca (in Monterrey) and Southeast (in Ciudad Juárez), each incorporating nearly half a million square meters, closely followed by the CTT (the peripheral submarket of Mexico City). A bit lower, but with over 300,000 square meters added during 2023, are the submarkets of Ciénega de Flores (in Monterrey), Ramos Arizpe (in Saltillo), and South (again in Ciudad Juárez). Among the top ten submarkets that added the squarest meters, eight are in the north, one in Mexico City, and one in Querétaro, highlighting the effect of the relocation of some companies in Mexico.
Largest industrial warehouses delivered in 2023
Among the projects with the largest footprint (gross leasable area) delivered, we can highlight:
- A warehouse of over 100,000 square meters in the submarket of Santa Catarina (industrial market of Monterrey), developed by FINSA, called FINSA Santa Catarina 11.
- In the same market, but in Pesquería, Prologis delivered Prologis Apodaca East Park – 10, a warehouse of 61,000m2.
- In the South submarket of Ciudad Juárez, the Centro Industrial Juárez was incorporated, with over 42,000m2, built by Prologis.
- Another property developed by Prologis, but in Tijuana, is Prologis Prologis Park El Florido #3, with almost 40,000m2, within the Cuero de Venados submarket.
- Finally, with an area exceeding 34,000m2, FINSA delivered Inventory Building V, in the Tijuana-Rosarito submarket in the industrial market of Tijuana.
Alongside the geographical analysis of the new industrial inventory, it is crucial to highlight that, as in 2022, during the recently concluded year, the second half of the year showed a higher volume of spaces incorporated compared to the first half. Furthermore, the fourth quarter of 2023 stands out as the one with the highest number of deliveries in the history of the Mexican industrial real estate market, surpassing one and a half million. With the trends observed in recent years and the projected spaces in SiiLA Market Analytics, it is expected that the growing dynamism of the industrial markets in Mexico will continue in 2024.
