Chinese Company Invests in Queretaro, Mexico

This week, the Chinese conglomerate CIMC, the parent company of WeTrans and Delfin announced the opening of its new headquarters in the Queretaro, Mexico. CIMC stands for China International Marine Containers, since 1980 the company has been dedicated to supplying equipment and services for the logistics sector between Asia and Americas. With the opening of the new headquarters in Mexico, CIMC is seeking a competitive advantage with nearshoring.

According to SiiLA Market Analytics, the occupancy of office space (class A+, A, and B) in Queretaro by tenants in the transportation and logistics sector has increased by 40% over the past three years, now accounting for over 65% of the occupied office space in the region. Recently Kerry Logistics based in Hong Kong, executed a lease for more than 11,000 m2 at Queretaro Park IV Nave. Other global industry players with a presence in the region include CR England, C.H. Robinson, DB Schenker and now CIMC.

In the post pandemic era Made in China is becoming Made in Mexico, Chinese Companies have invested billions in Mexico according to the New York Times. The Government of Queretaro has taken note of this trend, indicating USD$11.3 million dollars has been invested in the region in 2022, representing 73% YoY growth. Making China the state’s 8th strongest trade partner. During the opening of the CIMC headquarters in Queretaro Secretary of Sustainable Development, Marco Antonio Del Prete Tercero, indicated that the Government of Queretaro welcomes the relocation of Chinese companies hoping to take advantage of nearshoring manufacturing in the state “which currently has the presence of 14 companies of Chinese origin, which are mainly dedicated to the machinery and equipment trade sector for the manufacturing industry".

The SiiLA research team will be following the impact of Chinese investment into the Mexican market. If you want more information and insights about the Mexican commercial real estate market, please visit SiiLA.com or contact us at contacto@siila.com.mx.