Corporate demand in Tijuana continues to grow despite the low supply
Solili | March 16, 2023 |

Gross corporate demand in Tijuana got off to a good start in 2023 and in the first two months that has elapsed has almost reached 10,000 square meters, so we can anticipate closing the first quarter of the year at a historic level for this office market.

This important border market accumulates almost 100,000 square meters in demand for industrial buildings, which is why they maintain the growth rate that it had since 2022, where it accumulates more than 390,000 square meters per year. The arrival of new companies as well as the expansions in Tijuana have been the cause of the movement that developers and builders perceived at the beginning of the year.

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Currently, vacancy registers one of its lowest levels with 4.2%, having decreased by more than 4 percentage points during the last year. The more traditional submarkets such as Zona Rio and Agua Caliente have very few spaces with 1.5% and 3.7% respectively. 

Further from the border, following the axis of Avenida Vía Rápida Poniente, the Vía Rápida submarket does have a little more than 6,000 square meters, which shows the lack of supply that this market would be facing in the coming quarters. Vacancy is mainly concentrated in existing buildings.

If a search is carried out on the Solili platform, we will find options from 100 to 6 thousand square meters. Many of these surfaces can contain smaller sizes from 30 to 100 square meters, which are the ones that most buildings maintain. In the Tiguan there is a preference for conditioned spaces, as we have observed in Monterrey and Guadalajara, which makes it possible to shorten the adaptation time and guarantee a quick entry for starting.

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Regarding the buildings under construction, 42,000 square meters are still under development, a figure that has not changed since mid-2021, due to the fact that no buildings have been completed or new projects started. Half a dozen buildings make up this figure with projects from 4 to 14 thousand square meters. This last building with the largest footage is located on the Agua Caliente submarket and corresponds to a mixed-use project under construction.

The fact stands out that of the 42,000 meters under construction, only less than 10% would be available, since the rest did not begin to be marketed, and they did not maintain public information on their availability.

This panorama defined in the previous points allows us to anticipate that in the coming quarters the information on the offer under construction will be released to the market, adjusting prices, terms and conditions based on the indicators dictated by demand.

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