In Mexico's dynamic retail market, where occupancy in shopping centers has experienced steady growth over the past five years, reaching 91.5% in the second quarter of 2023, the delivery of new pre-leased or under-negotiation inventory is becoming increasingly common. This reflects the confidence of investors and businesses in the retail sector.

A prime example is Patio Martín Carrera, which will feature 84 commercial spaces in a gross leasable area of 24,000 square meters. This community center, located in the northeast of Mexico City and scheduled to open its doors in November 2023, will enter the market with at least 64% of its commercial spaces already pre-leased or under negotiation, according to data analyzed by SiiLA.

Currently, 30 spaces are available, 33 have signed contracts, 14 have been allocated to restaurants, four are in the contract signing process, and three more are being negotiated. Among the over 40 companies that have already confirmed their presence at Patio Martín Carrera are renowned firms such as Bimbo, Cinemex, Coppel, Sportium, and Walmart.

This significant negotiation and pre-leasing of commercial real estate spaces will have substantial consequences.

As more companies absorb commercial spaces in advance, competition could intensify, potentially increasing rental prices. However, competition would also bring significant benefits, including financial stability for investors, as pre-leasing would guarantee rental income even before the shopping center opens.

The success of commercial projects like Patio Martín Carrera could also stimulate more investments and real estate developments in Mexico, positively impacting the real estate market and offering consumers a diverse and comprehensive commercial space.

 CETRAM and Community Center

Patio Martín Carrera anticipates a high footfall due to its location above the Martín Carrera Modal Transfer Center (CETRAM), which sees a daily influx of 63,000 users, according to Mexico City's government. A CETRAM is a public transport facility designed to facilitate efficient passenger transfers between different modes of transportation, such as buses, trains, and subways, to improve urban mobility and reduce street congestion. Currently, the CETRAM Martín Carrera serves 64 public transportation routes.

The idea behind the Martín Carrera project is to combine three complementary developments: a shopping and entertainment center, offices and residences, as well as a new modal transfer center. In this way, Patio Martín Carrera will function as a community center strategically located to combine a variety of stores, services, and communal spaces in smaller formats than traditional shopping centers. The goal is to meet the daily needs of the local community in an environment that fosters social relationships and provides personalized shopping experiences.

For more information on retail, office, and industrial assets, explore SiiLA REsource or contact us at contacto@siila.com.mx.