In the first quarter of the year, Monterrey, Nuevo León, recorded a historic figure of construction of industrial buildings, according to data from CBRE Mexico.
During the first months of 2022, the Monterrey market reached a historical maximum of more than 913,000 square meters in constructionin 43 projects.
“64% of this area corresponds to ships BTS (Built to measure), leaving only 330,000 square meters to the speculative market”, detailed the real estate company.
It is expected that at least 350,000 square meters will be incorporated into the inventory next quarter, that is, the equivalent of 38% of the works in process.
A robust inventory
At the end of the first quarter, the Monterrey market reported a Inventory from industrial properties of 11.5 million square meters, with an availability rate of 2.4%, a significant reduction, compared to 7% registered in the same period of 2021.
In addition, according to CBRE Mexico, in the quarter more than 102,000 square meters were added, due to the conclusion of works in seven properties.
According to the firm, 77% corresponds to spaces Build to Suit (BTS). “The submarkets of Guadalupe and Salinas Victoria were the ones that showed the greatest growth, with 38 and 26% of the total new supply, respectively.”
“More than 548,000 square meters of new industrial spaces were delivered during the last year.”
Only 40% of the region’s inventory is concentrated in the Apodaca submarket, it was detailed.
Manufacturing: an industry hand in hand with neighboring investments
Of the nearly 309,000 square meters absorbed in the first quarter of the year, the manufacturing and automotive segments were the ones that boosted the demand for industrial space.
“This situation has driven increases in the starting prices in the market, which together with the rise in construction costs could maintain adjustments during the year,” explained CBRE.
According to data from the Ministry of Economy, cited by the real estate company, last year Nuevo León closed with an accumulated Foreign Direct Investment (FDI) above 4,026 million dollars.
“The United States remains the main place of origin of these investments, with more than 76% of the total. The State closes in second place at the national level, only behind Mexico City”, was limited in the information.
“The new investments translate to more than 106,000 new jobs in the annual comparison at the end of February, according to figures reported by the Mexican Institute of Social Security (IMSS)”.
Hand in hand with industrial growth, the creation of jobs also points to growth.