9 August, 2023 | #DatozByDatoz
Given the limited supply of industrial spaces in Monterrey, attributed to the high uptake by companies aiming to relocate their manufacturing processes to Mexico in order to be closer to the world’s largest consumer, the United States, the initiation of construction has surged to historical highs.
During the first semester of 2023, the industrial real estate market in Monterrey saw the commencement of construction for a total of 7.9 million square feet (ft2) of gross leasable area (GLA). Out of this, 24% was developed by VYNMSA, according to data from Analytics 2.0 by Datoz.
As a result, the industrial parks and warehouses developer established itself as the leader in industrial space construction in Monterrey, amassing aproximately 1.7 million ft2 of GLA, surpassing developers such as Finsa, Stiva, Avante, and Vesta.
As previously mentioned, over the past three years, there has been a significant need for industrial spaces to meet the demand for nearshoring. As a result, industrial developers have increased their investments in industrial construction.
In this regard, VYNMSA also expanded its construction capacity, going from around 400,000 ft2 in 2020 to 1.7 million ft2 of GLA in the first two quarters of 2023. Consequently, between 2020 and June 2023, VYNMSA initiated the construction of approximately 4.5 million ft2 of industrial spaces.
In 2022 and 2023, the surge in industrial space construction by VYNMSA has been notably aggressive. In 2022, it recorded 1.6 million ft2 of GLA, whereas in the first six months of the year, it reached 1.7 million ft2, representing a 8% increase. Furthermore, given the strong uptake of spaces by the developer, it is highly likely that construction initiations will persist throughout the remainder of 2023.
With this accomplishment, the company founded in 1994 and which has undertaken over 450 projects across the country, has reached 10 million ft2 of GLA. This accounts for approximately 6% of the total inventory in Monterrey and the entire inventory in Mérida.