Queretaro, Qro. Within the Bajío, the real estate market of Guanajuato and Querétaro stand out for their performance in the demand for industrial surface; however, this has been driven mainly by the requirements of custom spaces, according to studies by the real estate platform Solili.
This is demand generated by large companies that require spaces for their manufacturing processes, a phenomenon that affects the increase in industrial construction in these markets, explained Solili’s director of market research, Pablo López.
On the contrary, the leasing of speculative properties is still below the rate registered in previous years.
“Just all these projects are from large companies that demand space for a manufacturing process, which implies technical specificities for the development of their activities, which has the consequence that construction picks up,” said the specialist.
The particularity that combines both places, he explained, is related to the recovery of manufacturing, which has a wide presence in both states; in addition to the development of the logistics industry.
They have a more advanced process of maturation of market rent, there are already very important clusters in the area. And, additionally, they have infrastructure that allows them to develop logistics activity, so the fact that both activities are combined (…) has made these markets stand out above the rest, ”he explained.
States return to pre-pandemic levels
During the first quarter of the year, Guanajuato reported a gross demand of 208,247 square meters of industrial space, while in Querétaro it was 179,714 square meters, according to Solili records.
With these indicators, both states have returned to levels similar to 2019, however, in the case of Querétaro it is still far from years ago when they even had a better performance than the pre-pandemic level.
Particularly in Guanajuato, Pablo López said, although the industrial market resumed the demand of 2019, this was influenced by custom-made developments, without there being a balance between custom requirements and the demand for speculative spaces.
“(Guanajuato) resumed it (the level of 2019), but influenced by custom-made developments, there is still not that conjugation that we had in previous years, where the speculative part had the same preponderance, now there is much more preponderance of what has been done. to measure. He returned to the pre-pandemic level in volume ”, he exposed.
Therefore, the expert said that the behavior of the development of speculative spaces in future periods should still be observed, this being the point that is lagging behind.
Leasing activity up
According to studies by the Solili real estate platform, although industrial demand is growing throughout the national territory, some markets with greater leasing activity stand out, including Tijuana, Reynosa, Ciudad Juárez, Guadalajara and Saltillo, which bring growth rates above of the country average.
In the Bajío region, the states of Guanajuato and Querétaro continue to experience growing demand and are in the process of recovering, driven to a greater extent by demands concentrated on custom-made projects, not the leasing of speculative properties.