More than a year after the effects of the Covid-19 pandemic in the industrial real estate market, Querétaro closed the second quarter of the year with some signs of recovery.

The mood in the demand for industrial land is related to the increase in transactions in this segment, said Pablo López, director of Market Research for the real estate platform Solili.

At the end of the April-June period of 2021, this market reports a gross absorption close to 122 thousand square meters, a figure that doubles the 50 thousand square meters of a year ago.

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To make a comparison of the prepandemic levels, he explained, two contexts must be considered: that in the last five to six years in the Bajío region there was a real estate boom in the industrial segment; meanwhile, if compared with the levels of the years 2018 to 2019, the behavior of April-June 2021 was similar to that of these years.

For this reason, in terms of gross demand there is already a record of pre-pandemic levels, but not in relation to net demand, due to the fact that there is still unemployment in this segment.

The balance of the second quarter shows that in the main indicators of the industrial market, such as inventory, there is an increase, adding around 40 thousand square meters.

Querétaro continues among the states with the highest vacancy level, the second highest nationwide with 7%, ranking only below Guanajuato, which registered a rate of 8.6% in the second quarter. However, it still shows healthy levels of vacancy, accounting for 355 thousand square meters.

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In terms of the average rental price, the market is stable, at around four dollars per square meter, thus remaining within the national average. Construction continues, totaling 171 thousand square meters under construction at the end of June.

According to reports from Solili, the Bajío states added 92,000 square meters of new supply, which represented 12% of the national supply. Querétaro and Guanajuato highlight 40 thousand and 36 thousand square meters of new industrial buildings, respectively.

The real estate platform highlights as positive factors the perception in the market after the electoral results and where there do not seem to be relevant changes in the macroeconomic variables, in the short term; in addition to the consolidation of Mexico as the first supplier to the United States, displacing China. These variables of the political-economic environment have a direct reflection on the industrial real estate market of the country.

In Solili you can consult the National industrial report as of July 2021

Original note