FIBRA Prologis Industrial Corridors Presentation
Mexico Logistics Real Estate Fundamentals¹
DEMAND (T12M) VS SUPPLY PIPELINE
(MSF)
Mexico City
DEMAND VS SUPPLY
(MSF)
Mkt Vacancy
48
44
1.2%
40
VACANCY
(%)
8
36
Monterrey
1.1%
32
6
1.3%
28
Guadalajara
Juarez
2.6%
Reynosa
Tijuana
0
5
10
15
20
Net absorption LTM BTS
Spec
1.3%
24
16
12
2222220 +
4
8
0.8%
0
2013
14
Completions
Net Absorption
22
2023F
Vacancy Rate
Sources: Prologis Research with information from Solili, CBRE.
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 September 30, 2023
Sources: Prologis Research
Note: Completions equate to supply while net absorption is equivalent to
demand
2
4
10
FIBRA
PROLOGIS
•
•
•
Market vacancy of 1.3%, near
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
Market rent growth in 2023
will reach +15%; we now
forecast +10% rent growth
for 2024 given the rapid rise
in replacement costs.
Nearshoring in Northern
Mexico and e-commerce
adoption are the main drivers
of demand
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