The Largest FIBRAs by Asset: Analyzing the Commercial Real Estate Landscape in Mexico

FIBRAs in Mexico, are financial instruments designed to invest in real estate projects, allowing investors to participate in the real estate market without directly owning physical properties. 

Out of the existing 16 FIBRAs, nine hold properties with multiple uses, while seven exclusively focus on a single segment, be it offices, industrial, or retail. Diversifying property usage not only provides resilience against unforeseen events, such as the closure of hotels and shopping centers during the pandemic, but also introduces challenges in terms of potential performance. 

The pandemic significantly impacted FIBRA Hotel and FIBRA Inn, witnessing a decline in revenues due to mandatory closures, while operational costs persisted. In contrast, industrial spaces experienced accelerated growth since 2020, surpassing other sectors. This trend was reflected in the increased value of industrial FIBRAs, manifested in a higher price per certificate or CBFI. 

According to data from SiiLA Market Analytics, the total inventory in the three monitored segments (industrial, offices, and retail) exceeds 27 million square meters. 75% belongs to industrial spaces, 18% to commercial spaces, and the remaining 7% to offices. 

In the industrial sector, FIBRA Uno leads with 30% of gross leasable area, followed by FIBRA Prologis (20%), Terrafina  (19%), and FIBRA Macquaire (14%). In offices, FUNO stands out with 57%, followed by SOMA  (17%) and DANHOS (13%). In the retail sector, FIBRA Uno again leads with 62%, followed by FIBRA Shop (16%), FIBRA Macquaire and SOMA, both with 9%. 

It is worth noting that FIBRA Uno's industrial portion will be managed independently, giving rise to a new FIBRA called Next, which will also expand its portfolio to capitalize on opportunities arising from nearshoring. This strategic change reflects the adaptability of FIBRAs to capitalize on market trends, further solidifying their essential role in the Mexican commercial real estate sector.

For more information on this and other topics related to the commercial real estate market, explore SiiLA REsource or reach out to us at contacto@siila.com.mx.