FIBRA Storage opens a new branch in Mexico City

FIBRA Storage recently announced the start of operations of its new "Condesa" branch in the Miguel Hidalgo district of Mexico City. The real estate trust, which specializes in developing and leasing mini-warehouses in Mexico, expands its portfolio of properties with this new space. "Both the land (formerly known as 'Vasconcelos') and the buildings are 100% owned by FIBRA Storage and represent property number 28 in operation," according to a statement from the trust dated March 3, 2023.

As of the end of last year, FIBRA Storage reported owning 34 properties, including eight plots of land "for future development," according to the trust's latest report to the Mexican Stock Exchange (BMV). About 85% of FIBRA Storage's properties are in the Mexico City market, with the rest of its portfolio distributed between the Guadalajara and San Luis Potosi markets, data from FIBRA Analytics indicate.

FIBRA Storage's constructed properties have a gross leasable area (GLA) of more than 156.6 thousand square meters, of which almost 95% are in operation. The trust also has 43.1 thousand square meters of GLA under development.

In the last two quarters of 2022, the occupancy of FIBRA Storage's properties had an upward trend. At the close of last year, its "occupancy ended at 79.8%, measured over the available GLA, which compares to 77.5% in the previous quarter," according to the trust. Last year, in addition to acquiring the "Vasconcelos" property, FIBRA Storage acquired another property called "Insurgentes Sur." Therefore, throughout 2023, the trust has the challenge of developing some of the previously acquired lands and managing its entire branch platform.

"We will continue with the consolidation of the asset class in the country and seek to create synergies to continue growing both in Mexico City and the rest of the country that will allow us to generate key locations for FIBRA Storage and extend the home or office of our clients," said the trust.

For more information and insights on Mexico's commercial real estate market, please visit SiiLA or write to contacto@siila.com.mx.