2023 was a year marked by the relocation of companies globally. In Mexico, this phenomenon was a trigger for the industrial real estate sector, which was reflected in construction indicators.

According to Solili, a real estate data platform, throughout 2023 the development of more than 350 industrial projects began in the various Mexican markets with pressure from the demand of companies that wanted to move their production centers to the country, with the aim to take advantage of the proximity to the United States.

Check here: Construction is reactivated in CDMX due to low industrial vacancies

Thus, by the end of December, a total of 5.6 million square meters of industrial warehouses under construction were reported nationwide. The three cities with the greatest activity were Monterrey, Mexico City and Saltillo with 1.7 million square meters and 767 and 583 thousand square meters, respectively.

Although construction did not stop throughout the year to satisfy the reconfiguration of supply chains, an analysis carried out by Banco Base highlights that nearshoring is “a golden opportunity that is not being taken full advantage of.” It is estimated that Mexico receives only between 10% and 20% of foreign investment flows due to company relocation.

“These investment flows are highly focused towards some states and manufacturing subsectors. In fact, there are entities where nearshoring remains a myth, as they have not received new investments. “This signals both the importance of workforce specialization and the particular efforts of their governments to bring new businesses to their states,” the bank’s report reads.

Among the markets in the north of the country, Ciudad Juárez and Chihuahua, also stands out, where 356 thousand square meters of warehouses are built and during the year that just ended, 22 industrial projects that total 458 thousand square meters began.

Of interest: Industrial demand in Bajío reaches half a million m² in the last quarter of the year

Meanwhile, in Bajío, Querétaro and Guanajuato achieved the start-up of 519 and 344 thousand square meters, respectively, throughout 2023. Towards 2024, infrastructure remains one of the main challenges for the industrial real estate sector, due to the possibility that there will not be enough water and electricity in the future for companies that migrate to the country. Likewise, the segment remains waiting for the electoral season and new trends among foreign companies.

At Solili you can consult industrial warehouses available in Reynosa and Tijuana

Original note