The Puerta La Victoria shopping center in Querétaro has been awarded the prestigious EDGE sustainable certification. This recognition is a testament to the center's remarkable savings in energy (21%), water (52%), and construction materials (64%). Alongside La Perla Plaza in Jalisco, which also received this esteemed certification in the first quarter of 2023, FIBRA Shop has now certified 23% of its gross leasable area (GLA) and 38% of the total built area of its portfolio.

According to data analyzed by SiiLA, La Perla and Puerta La Victoria have a combined GLA of 174,424 square meters and a built area of 533,357 square meters. At the same time, FIBRA Shop's portfolio, consisting of 17 retail properties, encompasses 739,494 square meters of GLA and 1,400,112 square meters of built area.

Last year, FIBRA Shop initiated Puerta La Victoria's certification process. In June this year, following a rigorous audit, the International Finance Corporation (IFC) of the World Bank awarded it the sustainable certification focused on real estate design efficiency.

The FIBRA, which specializes in "life centers"—shopping centers that promote community interaction, well-being, and sustainability—aims to achieve sustainability goals and add value to its operations through more efficient practices and technologies.

Notably, for the first quarter of 2024, FIBRA Shop reported a robust consolidated net operating income (NOI) of 430.41 million pesos (approximately $24 million), a 4.3% increase compared to the same period in 2023. This growth, a reflection of higher property profitability after deducting operating expenses, underscores the efficiency and stability of FIBRA Shop's financial performance.

Additionally, the trust reported an NOI margin of 76.9% and a property-level NOI margin of 85.3% during the first quarter of 2024. This means that more than two-thirds of the income generated by FIBRA Shop's properties translates into operating profits, indicative of efficient and profitable property management.

Environmental certifications are not just about recognition; they play a crucial role in fostering the sustainable development of the retail market. By driving down operating costs, enhancing property competitiveness, and attracting environmentally committed tenants, these certifications are instrumental in increasing asset value and shaping a more sustainable and competitive retail industry. They serve as a beacon of hope for a market that is both environmentally responsible and economically viable.

As of 2023, an analysis by SiiLA REsource revealed that only 3% of the retail sector's GLA in Mexico had sustainable features. While this proportion is limited, the data indicates a promising trend. For instance, the growth of LEED-certified properties nationwide: between 2013 and 2023, the number of LEED-certified retail properties in Mexico increased 9.5 times, according to data from the U.S. Green Building Council (USGBC) analyzed by SiiLA.

The adoption of environmental certifications in the retail sector is an indicator of progress toward more sustainable urban development. These certifications optimize resource use, reduce ecological footprints, and increase long-term asset value. In a global context where sustainability is becoming an essential criterion for investors and users, incorporating green practices translates into a more resilient and attractive market, ensuring better profitability and a positive community impact.

For more information on the performance and development of Mexico's retail market, access SiiLA Market Analytics or contact us at contacto@siila.com.mx.