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Logistics Real Estate Fundamentals¹
DEMAND (T12M) VS SUPPLY PIPELINE
(MSF)
Mexico City
Monterrey
DEMAND VS SUPPLY
(MSF)
VACANCY
•
(%)
Mkt Vacancy
36
1.7%
32
8
1.5%
28
24
1.8%
Guadalajara
6
20
FIBRA
PROLOGIS
10
2
Market vacancy of 1.1%,
historical lows
• We expect increasing
demand due to supply
chain reconfigurations
and limited supply
caused by enhanced
supply barriers to
continue driving high
occupancies and rent
growth
•
Rent Growth in 2022
was 16%
• Nearshoring in Northern
Mexico and e-commerce
adoption are the main
drivers of demand
Juarez
0.0%
16
4
•
Reynosa
Tijuana
0
5
10
10
Net Absorption L12M
BTS
Spec
1.0%
12
0.4%
8
00
4
15
20
0
2013
14
Completions
18
19
Net Absorption
21
22
2023F
Vacancy Rate
Sources: Prologis Research
1. Note: Defined as modern logistics market, inclusive of only those facilities with advanced functional
features and/or superior locations, deemed to be competitive with Prologis.
Data as of March 31, 2023
Sources: Prologis Research
Note: Completions equate to supply while net absorption is equivalent to
demand
0
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