Increased demand in the industrial real estate market of CDMX and its Metropolitan Area


The commercial vocation and the logistical commitment in the midst of the pandemic allowed Mexico City and its Metropolitan Area in the first quarter of 2022 to register more than 246,000 square meters (m2) of gross absorption, this is 46% higher than the figure registered during January -March 2021, unveiled CBRE Group.

Through a report, the largest commercial real estate services and investment firm in the world reported that the net absorption of the region registered more than 256,000 m², this is 140% higher than the absorption of the same period in 2021.

The dynamism was motivated by the delivery of Built To Suit projects, which concluded their construction, as well as the high activity of the Tepotzotlán, Cuautitlán and Tultitlán (CTT) corridors”, he assured in his publication.

Precisely, in the gross absorption of the first quarter of 2022, more than 102,000 m² were sold for the logistics sector. At the corridor level, Tepotzotlán obtained 52% of the absorption by logistics tenants, followed by Cuautitlán (with 26%), Tultitlán (with 19%) and Tlalnepantla (with 3 percent).

In general terms, Tepotzotlán also obtained 52% of the gross absorption of Mexico City and its Metropolitan Zone in the first quarter of 2022, while Cuautitlán registered 20%, Tlalnepantla 13%, Tultitlán with 12% and the interior corridors of the capital of the country with 4 percent.

At the end of the first quarter of 2022, there is a construction pipeline with more than 467,000 m², concentrated mostly in the CTT, with the following distribution, 49% in Cuautitlán, 29% in Tepotzotlán and 17% in Tultitlán, while 5 % of the rest are in suburban corridors of Mexico City.

Meanwhile, according to the firm’s analysis, the vacancy rate closed at 3.9%, this is the lowest rate recorded in the last 3 years.

“It represents 372 m² vacant and with an annual decrease of 3 percentage points compared to the first quarter of 2021. Almost 27% of the new offer of the quarter entered vacant. In terms of surface, Cuautitlán has the largest number of vacant meters (122,000 m²), while Iztapalapa-Tláhuac continues without vacancy”, the document referred.

To understand the panorama, the company deepened, it is necessary to start from the dynamism that the commercial sector is having in the region and the consumer market that exists.

For example, according to preliminary figures from the Ministry of Economyfrom January to December 2021, Mexico City accumulated a total of 5,056.9 million dollars for FDI, positioning itself as the largest recipient of investment at the national level with a 16% share.

Precisely, the new investments of 2021 in the city grew by 28.1% compared to the accumulated figure of 2020 and it was the commerce sector that received the most investment during 2021.

The total income of wholesale and retail trade during January 2022 has shown recovery, with a variation of 11.8% and 18.3% respectively compared to the same month of 2021, which is why what the logistics process has boosted demand in the industrial sector significantly in recent years.

Demand

CBRE Group announced that during the first quarter of 2022 the new demand for industrial spaces was concentrated in Tepotzotlán with more than 102,000 m²; the required area range was from 2,000 to 20,000 m², immediately taking care of the new products in the corridor.

The logistics sector predominated in the net absorption of the corridor during the quarter (more than 53,000 m² of absorption), followed by manufacturing and technology.

Tlalnepantla, Tultitlán and Cuautitlán registered a net demand of 30,000, as well as 28,000 and 20,000 m², respectively, in their transactions of the first quarter of 2022.

The sectors that presented the greatest activity in these corridors were logistics (48%), followed by manufacturing (10%) and e-commerce (5 percent).

Inventory

In terms of inventory, only taking into account Mexico City, it closed with 9.59 million m2, which meant an annual increase of 4.6 percent.

“More than 127,000 m² of new industrial spaces were delivered during the first quarter of the year. It is expected that for the second quarter of 2022 the new offer will be approximately 200,000 m², which could help the vacancy rate”, the company underlined.

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