During 2023, the level of absorption or new tenant entries in Mexico's industrial markets remained steady, totaling over 8.5 million square meters, excluding tenant exits. The markets that absorbed the squarest meters, excluding exits, were:

1. Monterrey, where nearly 2 million square meters were occupied.

2. Mexico City, a market that saw over 1.3 million square meters taken up.

3. Ciudad Juárez, where spaces totaling almost a million square meters were occupied.

In 2022, both Monterrey and Mexico City were among the top three markets with the highest absorption. However, in that instance, Querétaro was highlighted instead of Ciudad Juárez, being one of the most dynamic markets in the Bajío region.

With the year concluded, we can now compare the most recent performance of industrial markets over the past few years. The absorption figures for Monterrey, besides surpassing any other market in 2023, are the largest in its history. This figure has grown consistently every year since 2019, exceeding the previous year each time. Since 2020, the minimum square meters absorbed have been one million.

The performance of the industrial market in Mexico City in 2022 was better than that of 2023, as it occupied 1.9 million square meters. However, this is not a setback. According to Market Analytics, there were years when growth was slower, followed by faster growth compared to any previous year. In other words, its performance has been fluctuating but with an upward trend. A supporting fact is that, on average, more than 1.2 million square meters have been absorbed since 2019, and this trend seems to be continuing.

For the border market of Ciudad Juárez, the story is different, as practically the same square meters were absorbed as in the two previous years (2021 and 2022). Additionally, there were quarters where absorption was limited due to the limited availability of new spaces and the few exits that occurred.

To further understand why these markets, record the highest entry levels in the Mexican industrial market, it is essential to note that being close to the country's largest consumption center (Mexico City) or the world's largest market (the United States for Monterrey and Ciudad Juárez) makes them attractive to certain types of tenants.

For example, in Monterrey, the majority of tenants opting to settle in this northeastern market belong to the Vehicles and Parts industry (25%), Manufacturing (10%), and Capital Goods (10%).

Regarding Mexico City, the industries that have preferred this central space are Transportation and Logistics (20%), Vehicles and Parts (13%), and Food, Pharmacies, and Convenience Stores (10%).

Finally, the companies that chose to occupy spaces in this northwestern market are from the Electronics industry (23%), Capital Goods (16%), and Transportation and Logistics (12%).

It is essential to mention that entry into each of these markets is not uniform throughout their entire space. SiiLA Market Analytics has identified areas that have benefited more than others from these new entries.

Within Monterrey, the most dynamic markets were Apodaca and Ciénaga de Flores, where 55% of the new arrivals were concentrated. In Mexico City, the spaces that received the newest tenants were CTT and Toluca-Lerma, where over 90% of them arrived. Meanwhile, in Ciudad Juárez, in the South and Southeast markets, 70% of the new tenants settled.