Industrial Real Estate: El Bajio
Industrial real estate has remained in strong demand in El Bajío, a region in north-central-western Mexico.
There, inventory registered 13.4 million square meters, representing an increase of 2.2 percent, while the vacancy rate closed the third quarter of the current year at 4.2 percent.
According to Intercam Banco, the commercialization of space is concentrated in light manufacturing and the automotive sector with more than 70% of the demand, while the figure is expected to remain stable going forward due to the current negotiations.
In terms of rent, the price per square meter amounts to US$4.87, increasing 17% in the last 12 months.
Most of the projects are BTS (Built to suit) and 52% are pre-leased.
Industrial real estate
During the second quarter of 2023, Vesta‘s business continued to see the favorable impact of strong market trends on its results as Mexico benefits from the nearshoring trend, led by strengthening manufacturing ecosystems.
Industrial real estate is at full occupancy, particularly northern Mexico, with continued demand from global clients for Vesta’s premium industrial parks and facilities and new clients entering during the second quarter.
Vesta noted that it is also seeing this resonate in the El Bajio market, particularly in light manufacturing, automotive and logistics.
Intercam Banco exposed that the trade war between the United States and China that started with Donald Trump, has not been reversed with Joe Biden, and it would seem that, leaving dependence on Chinese manufacturing is a priority of both political ideologies.
For geopolitical reasons, Intercam Banco added, two main promoters outside Mexico (Vladimir Putin and Xi Jinping) have put Mexico in the spotlight, triggering interest at a global level.
In the year 2023, Mexico became the main trading partner of the United States, surpassing China.
According to data from the U.S. trade balance, U.S. imports from Mexico in September totaled 356,000 million dollars and represented 15.3% of market share.
